National Income Accounting Quiz

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Questions and Answers

What does national income accounting refer to?

Studying the economic activity of a region
Calculating the GDP of a country
Measuring production and income of a country in a given time period (correct)
Managing the finances of individuals and organizations

Which term deals with the nation's economy as a whole?

Microeconomics
Market economics
Monetary economics
Macroeconomics (correct)

What does national income account for?

The sum of money value of all final goods and services produced in a country over a period of one year (correct)
The average income of individuals in a country
The total wealth of a country
The government's budget surplus or deficit

What does the level of national income determine?

Level of employment, per capita income, aggregate demand and supply of goods and services, and the level of production (B) Signup and view all the answers

What does the UK's nominal GDP in the April-June quarter indicate?

It was $763 billion (B) Signup and view all the answers

What is the primary purpose of national income accounting?

To measure the level of a country's economic activity in a given time period (C) Signup and view all the answers

Which branch of economics deals with the nation's economy as a whole?

Macroeconomics (C) Signup and view all the answers

What does national income account for?

The money value of all final goods and services produced in a country over a period of one year (D) Signup and view all the answers

What does the level of national income determine?

The level of employment, per capita income, aggregate demand and supply of goods and services, and the level of production (D) Signup and view all the answers