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National Income and Aggregate Concepts Quiz

3 Questions

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National Income and Aggregate Concepts Quiz

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Questions and Answers

Which of the following is a component of national income?

Foreign Exchange Rate

Consumer Price Index (CPI)

Stock Market Index

Gross Domestic Product (GDP) (correct)

What is the formula to calculate Gross Domestic Product (GDP)?

GDP = Consumption + Investment - Government Spending

GDP = Consumption + Investment + Government Spending

GDP = Consumption + Investment + Government Spending + Exports - Imports (correct)

GDP = Consumption + Investment - Government Spending + Exports - Imports

Which of the following is a measure of the average price level of goods and services in an economy?

Consumer Price Index (CPI) (correct)

Gross Domestic Product (GDP)

Stock Market Index

Foreign Exchange Rate

Study Notes

Components of National Income

National income includes compensation of employees, operating surplus, and mixed income.

Calculating Gross Domestic Product (GDP)

The formula to calculate GDP is: GDP = Consumer Expenditure + Investment + Government Expenditure + (Exports - Imports)

Measure of Average Price Level

Inflation rate or Consumer Price Index (CPI) is a measure of the average price level of goods and services in an economy.

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Description

Test your knowledge on national income and related aggregate concepts with this quiz! Explore components of national income, learn the formula to calculate Gross Domestic Product (GDP), and discover a measure of the average price level in an economy. Challenge yourself and enhance your understanding of these important economic concepts.