GDP and its Factors

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Questions and Answers

Which of the following can cause an increase in GDP?

  • A decrease in both production and prices
  • A decrease in the prices of goods and services
  • An increase in the prices of goods and services
  • An increase in production of goods and services (correct)

What is the formula for calculating GDP?

  • $GDP = \Sigma (P_i \div Q_i)$
  • $GDP = \Sigma (P_i \times Q_i)$ (correct)
  • $GDP = \Sigma (P_i + Q_i)$
  • $GDP = \Sigma (P_i - Q_i)$

What does the equation $\Delta GDP = f (\Delta P_i , \Delta Q_i)$ represent?

  • The change in GDP due to changes in taxes and government spending
  • The change in GDP due to changes in both prices and quantity produced (correct)
  • The change in GDP due to changes in quantity produced only
  • The change in GDP due to changes in prices only

Which approach is used to measure domestic output and national income?

<p>The Expenditures Approach (B)</p> Signup and view all the answers

Who compiles the National Income and Product Accounts in the U.S.?

<p>Bureau of Economic Analysis (D)</p> Signup and view all the answers

What is the difference between Nominal GDP and Real GDP?

<p>Nominal GDP includes inflation, while Real GDP adjusts for inflation (D)</p> Signup and view all the answers

What is the main purpose of national income accounting?

<p>To measure the economy's overall performance (A)</p> Signup and view all the answers

Which organization is responsible for compiling National Income and Product Accounts in Bahrain?

<p>The Information &amp; eGovernment (A)</p> Signup and view all the answers

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