GDP and its Factors
8 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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</p> Signup and view all the answers

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

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

    What is the main purpose of national income accounting?

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

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser