10 Questions
Which transactions are excluded from the calculation of GDP?
Secondhand transactions and nonproductive financial transactions
What is the market value used for in the calculation of GDP?
To measure the total value of all final goods and services produced
What are transfer payments?
Government payments to individuals not in exchange for goods or services currently produced
What does GDP tell a country?
How well its economy is doing
What are final goods?
Finished goods and services produced for the ultimate user
National income accounting is the system used to measure the aggregate income and expenditures for a nation
True
Examples of nonproductive financial transactions include buying and selling stocks and bonds
True
GDP includes the market value of all intermediate goods produced in a nation during a period of time
False
Transfer payments are government payments to individuals in exchange for goods or services currently produced
False
Secondhand transactions, such as the sale of a used car, are included in the calculation of GDP
False
Test your knowledge of national income accounting and gross domestic product (GDP) with this interactive quiz. Explore the principles of economics and understand the importance of GDP in measuring a nation's economic performance.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
