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Gross Domestic Product: Definition and Components

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What does the word domestic in Gross Domestic Product refer to?

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1. If you needed to increase the GDP, why might you focus on consumption to do this?

2. Which of the following would NOT be included in consumption?

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About This Quiz & Worksheet

This quiz and corresponding worksheet will help you gauge your understanding of the components that make up GDP. Topics you'll need to know to pass the quiz include knowing what the word 'domestic' in gross domestic product means, as well as the formula for GDP.

Quiz & Worksheet Goals

Use these assessment tools to assess your knowledge of:

  • The meaning of the word 'domestic' in GDP
  • The characteristic of the economy not included in consumption
  • What GDP stands for
  • What the formula for GDP includes
  • Which component within GDP is the largest

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Defining key concepts - ensure that you can accurately define main phrases, such as GDP and net exports
  • Reading comprehension - ensure that you draw the most important information from the related lesson on the components that make up GDP
  • Interpreting information - verify that you can read information regarding the impact of households consumption and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about consumption

Additional Learning

To learn more about all the different factors composing GDP, review the corresponding lesson on Components that Make Up GDP. This lesson covers the following objectives:

  • Define GDP
  • Understand what consumption represents
  • Know what government spending includes
  • Review examples of investment
  • Differentiate between imports and exports
  • Define net exports
  • Review the formula for GDP
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