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Questions and Answers
What is the primary measure of economic performance and output?
What is the primary measure of economic performance and output?
- CPI (Consumer Price Index)
- NNP (Net National Product)
- GNP (Gross National Product)
- GDP (Gross Domestic Product) (correct)
Which of the following is included in the calculation of GDP?
Which of the following is included in the calculation of GDP?
- Raw materials
- Final goods (correct)
- Services from non-producers
- Intermediate goods
What does 'value added' refer to in GDP measurement?
What does 'value added' refer to in GDP measurement?
- Total inputs purchased by a firm
- Sales revenue of a firm
- Firm output minus purchased input from outside the firm (correct)
- Final goods prices inflated by demand
What types of transactions are excluded from GDP?
What types of transactions are excluded from GDP?
Which of the following describes intermediate goods?
Which of the following describes intermediate goods?
When an economy has gross investment equal to depreciation, what is it said to have?
When an economy has gross investment equal to depreciation, what is it said to have?
Which concept helps to avoid multiple measures in GDP calculation?
Which concept helps to avoid multiple measures in GDP calculation?
What does net export (Xn) represent in the GDP formula?
What does net export (Xn) represent in the GDP formula?
What type of investment is included in GDP calculations?
What type of investment is included in GDP calculations?
What must GDP calculation ignore to avoid double counting?
What must GDP calculation ignore to avoid double counting?
In the GDP formula represented as C + Ig + G + Xn, what does 'C' stand for?
In the GDP formula represented as C + Ig + G + Xn, what does 'C' stand for?
Final goods are defined as goods that are:
Final goods are defined as goods that are:
What does the concept of net domestic investment refer to?
What does the concept of net domestic investment refer to?
What are government purchases (G) primarily made up of?
What are government purchases (G) primarily made up of?
Which of the following components is NOT part of the GDP formula?
Which of the following components is NOT part of the GDP formula?
What is the relationship between gross domestic investment and net exports in GDP components?
What is the relationship between gross domestic investment and net exports in GDP components?
What are net exports calculated as?
What are net exports calculated as?
Which of the following is considered an economic investment?
Which of the following is considered an economic investment?
What is not counted as economic investment?
What is not counted as economic investment?
Which of the following would national income accountants classify as investment?
Which of the following would national income accountants classify as investment?
If GDP was $200 billion in year 1 and business inventories increased by $10 billion in year 2, what is GDP in year 2?
If GDP was $200 billion in year 1 and business inventories increased by $10 billion in year 2, what is GDP in year 2?
How are governmental transfer payments treated in GDP calculations?
How are governmental transfer payments treated in GDP calculations?
Which of the following increases net exports?
Which of the following increases net exports?
What happens when a country's imports exceed its exports?
What happens when a country's imports exceed its exports?
What is the national income?
What is the national income?
What is the value of personal income?
What is the value of personal income?
How does national income differ from personal income?
How does national income differ from personal income?
What is the measure of Gross Domestic Product (GDP) from the data?
What is the measure of Gross Domestic Product (GDP) from the data?
What is the national income according to the provided data figures?
What is the national income according to the provided data figures?
What is the difference between gross domestic product and net domestic product?
What is the difference between gross domestic product and net domestic product?
What do rents contribute to in the given data?
What do rents contribute to in the given data?
What is the total amount for proprietors' income listed in the data?
What is the total amount for proprietors' income listed in the data?
What is nominal GDP in year 3?
What is nominal GDP in year 3?
What is real GDP in year 3?
What is real GDP in year 3?
What is the price index for year 1 when year 3 is the base year?
What is the price index for year 1 when year 3 is the base year?
If nominal GDP rises, what can be concluded about real GDP?
If nominal GDP rises, what can be concluded about real GDP?
What does a price index of 120 in 1990 indicate?
What does a price index of 120 in 1990 indicate?
Between 1990 and 2000, what was the change in real GDP?
Between 1990 and 2000, what was the change in real GDP?
What can be inferred about a country producing a single product with changing unit prices over multiple years?
What can be inferred about a country producing a single product with changing unit prices over multiple years?
For year 2, what is the cost of the market basket if year 1 is the base year?
For year 2, what is the cost of the market basket if year 1 is the base year?
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