MCQ Academy - English

Why should historical Florida GDP figures be checked after BEA revisions?

• Official GDP data never change after first release
• All revisions eliminate inflation
• Previously reported levels and growth rates can change
• Revisions affect only state symbols

To calculate real GDP growth between two years, what figures are appropriate?

• One nominal GDP value and one unemployment percentage
• Two nominal figures in different currencies
• A state tax balance and a tourist count
• Price-adjusted output in compatible units for both years

Which factor can alter a published ranking of Florida’s economy?

• The number of hurricane names
• Changing the year or GDP measure being compared
• Using the same unit and year always produces different ranks
• Florida’s state flower changing color

What data are needed to calculate a Florida industry’s share of state GDP?

• Only the number of visitors to that industry
• Only total household savings
• Only the number of businesses
• Its value added and a compatible total GDP figure

Why doesn’t adding Florida businesses’ total sales give a valid GDP total?

• Intermediate transactions would be counted repeatedly
• GDP measures only tax receipts
• GDP excludes every service
• A state’s exports are always zero

If Florida’s nominal GDP rises, which interpretation is valid?

• Inflation must be zero
• Only physical output can have increased
• Prices, quantities produced, or both may have increased
• Household welfare must have improved equally

How should Florida’s chained-dollar real GDP be interpreted?

• As the number of visitors
• As the balance in state government accounts
• As literal cash paid in 2017 only
• As output adjusted for prices, not cash spending totals

What does GDP per resident in Florida measure?

• Economic output divided by the resident population
• Average income tax paid per household
• Median annual wage for every worker
• Median household savings

Using 2025 nominal GDP and July 2025 population, Florida’s GDP per resident was closest to what?

• $76,960
• $26,960
• $176,960
• $7,696

What was Florida’s approximate real GDP growth from 2024 to 2025 using revised annual data?

• 12.8%
• 28%
• -2.8%
• 2.8%

How did Florida rank by nominal state GDP in 2025?

• Fourth, after California, Texas and New York
• Seventh, behind Washington
• First, ahead of California
• Third, after Texas and New York

Which value is Florida’s revised 2024 real GDP in chained 2017 dollars?

• Approximately $1.339 trillion
• Approximately $1.706 trillion
• Approximately $339 billion
• Approximately $2.339 trillion

About how large was Florida’s real GDP in 2025 in chained 2017 dollars?

• $2.377 trillion
• $1.377 trillion
• $1.806 trillion
• $377 billion

Which estimate best represents Florida’s nominal GDP for 2024 in the September 2026 BEA revision?

• Approximately $706 billion
• Approximately $2.706 trillion
• Approximately $1.706 trillion
• Approximately $1.206 trillion

What was Florida’s revised nominal GDP for calendar year 2025 in BEA data released September 2026?

• Approximately $180.6 billion
• Approximately $3.806 trillion
• Approximately $1.006 trillion
• Approximately $1.806 trillion