Podcast
Questions and Answers
Which measure is concerned with counting the total amount of goods and services produced within the economy?
Which measure is concerned with counting the total amount of goods and services produced within the economy?
- Adjusted National Income (NNI at factor cost)
- Gross Domestic Product (GDP) (correct)
- Net National Income (NNI)
- Gross National Product (GNP)
Which measure is defined as the total income of the nation and restricts the goods and services that are counted?
Which measure is defined as the total income of the nation and restricts the goods and services that are counted?
- Net National Income (NNI)
- Adjusted National Income (NNI at factor cost)
- Gross National Product (GNP) (correct)
- Gross Domestic Product (GDP)
Which measure is concerned with counting the total production of goods and services in a large region like a country?
Which measure is concerned with counting the total production of goods and services in a large region like a country?
- Net National Income (NNI)
- Gross National Product (GNP)
- Gross Domestic Product (GDP) (correct)
- Adjusted National Income (NNI at factor cost)
Which measure attempts to include bartered goods by imputing monetary values to them?
Which measure attempts to include bartered goods by imputing monetary values to them?
Which measure is specially concerned with counting the total amount of goods and services produced within the economy and by various sectors?
Which measure is specially concerned with counting the total amount of goods and services produced within the economy and by various sectors?
Study Notes
Measures of Economic Activity
- Gross Domestic Product (GDP) is concerned with counting the total amount of goods and services produced within the economy.
National Income
- National Income is defined as the total income of the nation and restricts the goods and services that are counted.
Gross National Product (GNP)
- GNP is concerned with counting the total production of goods and services in a large region like a country.
Imputed Values
- One measure attempts to include bartered goods by imputing monetary values to them.
Sectoral Output
- One measure is specially concerned with counting the total amount of goods and services produced within the economy and by various sectors.
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Description
Test your knowledge of national income and output measures with this quiz. Explore concepts such as GDP, GNP, NNI, and NNI adjusted for natural resource depletion. See how well you understand these essential economic indicators.
