Which of the following is true of gross domestic product?

1. Which of the following is true of gross domestic product?

A. It only measures output.
B. It only measures income.
C. It is an exact measure of output.
D. It can give us guidance on the living standards of a nation.
E. It can be used to measure a firm’s output.
F. It measures price inflation.

2. If you wanted to compare economic well-being over time and across countries, the data you would use is:

A. per capita GDP
B. real GDP
C. inflation
D. real per capita GDP

3. Many goods and services are illegally sold or legally sold but not reported to the government. If we increased efforts to count those goods and services, GDP would _____________.

A. stay the same
B. rise
C. fall

Answer

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