Understanding Gross Domestic Product (GDP)

Test your knowledge of the key concepts and definitions related to GDP based on the video transcript.

Business mixed 8 Questions Video Quiz
Progress 0 / 8
Q1 Beginner 1 pts

What does the 'D' in GDP stand for? Video Reference:
"Gross means total, domestic means within a country's borders, and product means the value of all goo..."

Timestamp: 0:15

Q2 Intermediate 2 pts

Which of the following are considered 'final goods' for the purpose of calculating GDP? Video Reference:
"There are also goods that are used to make other goods but are still considered final goods. These a..."

Timestamp: 0:45

Select all correct answers
Q3 Beginner 1 pts

True or False: GDP only counts the production of goods and services within a country's borders. Video Reference:
"For example, if you are in the United States and buy a shirt imported from Vietnam, that adds to Vie..."

Timestamp: 1:15

Q4 Advanced 3 pts

Which of the following are limitations of using GDP as a measure of economic health? Video Reference:
"GDP also doesn't measure unintended negative externalities. For example, a power plant that creates ..."

Timestamp: 2:00

Select all correct answers
Q5 Beginner 1 pts

True or False: GDP per capita is calculated by dividing a country's GDP by its population. Video Reference:
"To get GDP per capita you just take a country's GDP and divide by its population...."

Timestamp: 2:30

Q6 Intermediate 2 pts

Which of the following is NOT a reason why GDP may not accurately reflect the health of an economy? Video Reference:
"GDP counts goods and services even when those goods and services are created after disasters. For ex..."

Timestamp: 2:15

Q7 Intermediate 2 pts

What is the difference between nominal GDP and real GDP? Video Reference:
"There is also nominal GDP and real GDP. Nominal GDP is measured in current prices. Real GDP is measu..."

Timestamp: 2:45

Q8 Beginner 1 pts

Which of the following are considered 'final goods' for the purpose of calculating GDP? Video Reference:
"A final good is one that will not be sold again as part of some other good. If a baker buys flour, s..."

Timestamp: 0:30

Select all correct answers
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