National Income and GDP Quiz

True or false: GDP is the total sum of goods and services produced in a country within a specific time period, usually a year, valued at the market price?

True or false: The Final Product method for measuring GDP involves the calculation of GDP as the value of goods plus the value of services?

True or false: According to the text, the sum of returns on factors of production method for measuring GDP depends on adding up the sum of returns on all factors of production, such as land, capital, labor, and entrepreneur?

True or false: The Total Spending Method for measuring GDP includes components such as consumption, investment, government expenses, and net exports?

True or false: If Consumption= 150,000, Investment=250,000, Government spending=100,000, Export=100,000, and Import=250, the GDP can be calculated using the Total Spending Method as GDP = C + I + G + NE?

In the context of measuring GDP, which method involves calculating the value added at each stage of production and then summing them up?

Which factor is not included in the sum of returns on factors of production method for measuring GDP?

If the value of goods and services produced in a country within a specific time period is $500,000 and the value of intermediate goods used in production is $100,000, what is the GDP using the Final Product method?

If Consumption= $150,000, Investment= $250,000, Government spending= $100,000, Export= $100,000, and Import= $250,000, what is the Net Export (NE)?

If GDP = Consumption + Investment + Government spending + Net Export (NE), and given Consumption= $150,000, Investment= $250,000,Government spending= $100,000 , Export = $100,000, Import = $250,000; what is the GDP?