Economic Measurement Quiz
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Questions and Answers

What does GNP measure?

  • The value of goods and services produced within a country's borders
  • The value of goods and services produced by a country's citizens, domestically and abroad (correct)
  • The value of goods and services imported by a country
  • The value of goods and services consumed by a country's citizens

    • What does Real GNP represent?

  • The value of goods and services expressed in terms of prices prevailing in the base year (correct)
  • The market value of goods and services produced by all citizens of a country
  • The value of goods and services at current prices
  • The value of goods and services at current year prices

    • How is Real GNP calculated?

  • Real GNP = Nominal GNP - Price Index
  • Real GNP = Nominal GNP + Price Index
  • Real GNP = Nominal GNP * Price Index
  • Real GNP = Nominal GNP/Price Index (correct)

    • What factors does GNP overlook?

    <p>Location</p> Signup and view all the answers

    When does Nominal GNP change?

    <p>When volume of product changes or price changes or when both changes</p> Signup and view all the answers

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