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Questions and Answers
Which of the following can cause an increase in GDP?
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?
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?
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?
Which approach is used to measure domestic output and national income?
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Who compiles the National Income and Product Accounts in the U.S.?
Who compiles the National Income and Product Accounts in the U.S.?
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What is the difference between Nominal GDP and Real GDP?
What is the difference between Nominal GDP and Real GDP?
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What is the main purpose of national income accounting?
What is the main purpose of national income accounting?
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Which organization is responsible for compiling National Income and Product Accounts in Bahrain?
Which organization is responsible for compiling National Income and Product Accounts in Bahrain?
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