State GDP and Economic Indicators

What does a five-year ACS income estimate use?

• Survey data pooled across multiple years
• Only the decennial population count
• Only a single business tax form
• One individual paycheck from one month

Which amount approximated New Jersey’s revised 2023 nominal GDP?

• $7.9 trillion
• $2.8 trillion
• $97.9 billion
• $797.9 billion

How much did New Jersey’s revised nominal GDP grow from 2024 to 2025?

• About 49 percent
• About 24 percent
• About 4.9 percent
• About 0.49 percent

What was New Jersey’s revised 2025 real GDP in chained 2017 dollars?

• About $1.69 trillion
• About $688.8 billion
• About $68.8 million
• About $887.8 trillion

What was New Jersey’s revised 2024 real GDP in chained 2017 dollars?

• About $675.2 billion
• About $1.675 trillion
• About $75.2 billion
• About $875.2 trillion

Approximately how much did New Jersey’s revised real GDP grow from 2024 to 2025?

• 20 percent
• 50 percent
• 9 percent
• 2.0 percent

Why can nominal GDP and real GDP grow at different rates?

• Only nominal GDP can include manufacturing
• Real GDP counts residents while nominal GDP counts counties
• Prices and measurement adjustments affect the comparison
• Both measure only wages

How is state GDP per capita calculated?

• Payroll jobs multiplied by GDP
• Total state GDP divided by a defined population
• Median income divided by total land area
• Unemployment divided by household count

Approximately what was New Jersey’s GDP per resident using revised 2025 GDP and July 2025 population?

• $93,000
• $930
• $930,000
• $9,300

What does New Jersey’s GDP per capita not directly reveal?

• A per-person output statistic
• A ratio based on GDP
• Output divided by population
• Typical resident take-home income

What median household income did Census QuickFacts report for New Jersey in 2020-2024, in 2024 dollars?

• $13,556
• $303,556
• $103,556
• $203,556

In state economic accounts, what does GDP primarily measure?

• Only state-government tax revenue
• Value added by production within the state during a period
• The number of employed residents
• Money in all resident bank accounts

What is the median household income?

• The sum of all households’ incomes
• The middle value when households are ordered by income
• The maximum income of any household
• The average GDP of nearby states

How is current-dollar GDP valued?

• At prices prevailing during the reference year
• At an exchange rate chosen by students
• At a fixed base year’s prices only
• Only at farm-gate prices

Why do economists use real GDP when studying New Jersey’s economic growth?

• It excludes all services
• It counts only international exports
• It equals every resident’s income
• It adjusts for price changes to track production volume

What distinguishes an annual GDP total from quarterly GDP reported at an annual rate?

• Annual GDP counts only January
• Quarterly GDP is a household-income statistic
• They cover different reporting periods and annualization methods
• Both always describe identical three-month production

About how much was New Jersey’s revised current-dollar GDP for calendar 2025?

• $1.89 trillion
• $887.8 billion
• $8.9 trillion
• $88.8 billion

What was New Jersey’s revised calendar-year nominal GDP in 2024?

• About $846.6 billion
• About $68.8 billion
• About $200 billion
• About $1.4 trillion