GDP
What does the acronym GDP stand for?
Gross Domestic Product
What is the difference between nominal and real GDP?
Real GDP is adjusted for inflation.
What do taxes raise money for?
Government Services
Government spending is represented by what letter in the formula for calculating GDP?
G
What is the current win-loss record of the Kansas City Chiefs?
4 wins 0 losses
What does GDP measure?
The total spending in a country's economy.
What does the acronym CPI stand for?
Consumer Price Index
What is the difference between a progressive tax and a regressive tax?
A progressive tax impacts the wealthy more, a regressive tax impacts the less wealthy more.
What is a subsidy?
When the government pays someone to encourage them to do something.
What were the three "ingredients" that you bought to run your lemonade stand in the lemonade stand game?
Lemons, Sugar, and Cups
What is the formula for finding GDP?
C + I + G + NX = GDP
(Consumer Spending + Investments + Government Spending + Net Exports = GDP)
What does the CPI calculate?
The inflation on common consumer goods from year to year.
Give an example of a regressive tax.
Sales Tax, License Fees, etc
What is a public good?
A good that can be used by everyone, but owned by no one
Greenland is officially part of what European country?
Denmark
What is the largest contributor to GDP in the United States?
Consumer Spending
Inflation
Give an example of a progressive tax
Luxury Tax, Income Taxes, etc
What is an externality?
A cost or benefit that impacts an unrelated third party
The tradition of Jack-O-Lantern carving began in Ireland with what vegetable?
Turnips
What kind of goods are not included in a country's GDP?
Intermediate Goods - goods that are used to make another good
If the price of milk in 1995 was $2.48 and the CPI was 131, what would the price of milk be in 2023 dollars if the CPI for that year was 254?
$4.82
Give an example of a proportional tax
Flat Tax, etc.
Give an example of an externality.
Pollution, education, etc.
What is the highest point in Kansas?
Mount Sunflower