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Questions and Answers
What is the formula for calculating Gross Domestic Product (GDP) using the industrial origin approach?
What is the formula for calculating Gross Domestic Product (GDP) using the industrial origin approach?
Which sector contributes the highest value to the GDP in the provided figures for the year 2022 at current prices?
Which sector contributes the highest value to the GDP in the provided figures for the year 2022 at current prices?
In the GDP analysis by industry sector, which of the following industries shows a decrease from 2020 to 2022 when looking at constant prices?
In the GDP analysis by industry sector, which of the following industries shows a decrease from 2020 to 2022 when looking at constant prices?
What economic indicators are reflected in the provided table for years 2020 to 2022?
What economic indicators are reflected in the provided table for years 2020 to 2022?
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Which industry among the following had the lowest contribution to the GDP in 2021 at current prices?
Which industry among the following had the lowest contribution to the GDP in 2021 at current prices?
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Which components contribute to the Expenditure Approach of GDP measurement?
Which components contribute to the Expenditure Approach of GDP measurement?
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How is Net National Product (NNP) calculated?
How is Net National Product (NNP) calculated?
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What is the formula to compute National Income (NI)?
What is the formula to compute National Income (NI)?
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What does Gross National Product (GNP) measure?
What does Gross National Product (GNP) measure?
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Which of the following statements about Gross Domestic Product (GDP) is accurate?
Which of the following statements about Gross Domestic Product (GDP) is accurate?
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Which of the following is NOT a component of the Income Approach to GDP measurement?
Which of the following is NOT a component of the Income Approach to GDP measurement?
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What variable represents the change in physical output in the economy adjusted for price changes?
What variable represents the change in physical output in the economy adjusted for price changes?
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Which characteristic applies to both GNP and GDP?
Which characteristic applies to both GNP and GDP?
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Which sectors are included in the computation of final expenditures in the Expenditure Approach?
Which sectors are included in the computation of final expenditures in the Expenditure Approach?
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What does nominal GNP/GDP indicate?
What does nominal GNP/GDP indicate?
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What is the formula for calculating GDP using the Expenditure Approach?
What is the formula for calculating GDP using the Expenditure Approach?
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Which of the following is NOT included in GNP/GDP measurement?
Which of the following is NOT included in GNP/GDP measurement?
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Why is GDP an important economic indicator?
Why is GDP an important economic indicator?
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Which element is used to calculate indirect business taxes and adjustment discrepancies in the Income Approach?
Which element is used to calculate indirect business taxes and adjustment discrepancies in the Income Approach?
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What types of goods are included in GNP/GDP?
What types of goods are included in GNP/GDP?
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Which factor does NOT directly impact GDP calculations?
Which factor does NOT directly impact GDP calculations?
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Study Notes
Gross National Income and Gross Domestic Product (GDP)
- GDP can be calculated using the Industrial Origin Approach: GDP = AS + IS + SS (Agricultural Sector, Industrial Sector, Services Sector)
- GDP figures are presented at both current and constant prices.
- In 2022, the agricultural sector contributed over 2 Billion Pesos to the GDP at constant prices.
- Manufacturing accounts for the largest share of the industrial sector, contributing over 3.7 Billion Pesos to the GDP in 2022.
Gross National Product (GNP)
- GNP/GDP at constant prices measures changes in output over time.
- Nominal GNP/GDP measures the value of output in a given period, using the prices of that period.
Per Capita Income
- Per capita income is calculated by dividing the GDP by the population.
National Income Accounting
- Net National Product (NNP): GNP minus Depreciation.
- National Income (NI): NNP minus indirect taxes.
Approaches to GDP Measurement
-
Expenditure Approach: GDP = C + I + G + (X - M), where:
- C = Personal Consumption Expenditure
- I = Private Domestic Investment
- G = Government Consumption Expenditures
- X = Exports
- M = Imports
-
Income Approach: GDP = W + R + i + P + IBT + D, where:
- W = Wages, Salaries, and Supplements
- R = Rental Income
- i = Net Interest
- P = Corporate Profits + Income of Unincorporated Enterprises
- IBT = Indirect Business Taxes
- D = Depreciation
Gross Domestic Product (GDP)
- Measures the total market value of all final goods and services produced within a country's borders in a given period.
- Only final goods and services produced in the current year are included in the GDP.
Gross National Product (GNP)
- Measures the total value of all goods and services produced by a nation's residents, both domestically and abroad, in a given period.
- It includes the value of production by foreign nationals employed within the country.
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Description
Explore key concepts related to Gross National Income, Gross Domestic Product, and various measurement approaches in this quiz. Understand how different sectors contribute to GDP, the significance of nominal versus constant prices, and the calculations behind per capita income. Test your knowledge on national income accounting and GDP measurement methods.
