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GDP Study Guide Quiz

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Questions and Answers

Which of the following is NOT included in the calculation of Gross Domestic Product (GDP)?

Intermediate goods (correct)

Government spending

Exports

Final goods

What is the difference between real and nominal GDP?

Real GDP is measured quarterly, while nominal GDP is measured annually

Real GDP includes government spending, while nominal GDP does not

Real GDP is adjusted for inflation, while nominal GDP is not (correct)

Real GDP only considers domestic transactions, while nominal GDP includes international transactions

What does the term 'value added' mean in the context of GDP?

The difference between real and nominal GDP

The value of imports subtracted from the value of exports

The total value of all goods and services produced in a country

The additional value created at each stage of production (correct)

What does the spending category 'NX' represent in GDP calculation?

Net exports Signup and view all the answers

What does a trade surplus represent in the context of GDP?

When a country's exports exceed its imports Signup and view all the answers

Which one of the following transactions would NOT be counted in the calculation of GDP?

A purchase of a used car by a consumer Signup and view all the answers

Which of the following accurately describes the concept of value added in the context of GDP?

The difference between the value of a firm's output and the value of the inputs it purchases from other firms Signup and view all the answers

Which of the following spending categories of GDP represents government spending?

G Signup and view all the answers

Which one of the following accurately describes the difference between real and nominal GDP?

Real GDP is adjusted for inflation, while nominal GDP is not Signup and view all the answers

What does the term 'investment' mean in the context of GDP?

The purchase of capital goods by businesses Signup and view all the answers