Economic Measurement Quiz

• 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

• 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

• 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)

<p>Location (C)</p> Signup and view all the answers

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