Philippine GDP and National Income
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Questions and Answers

What is the formula for calculating Gross Domestic Product (GDP)?

  • C - I + G - (X + M) + SD
  • C + I + G - (X - M) + SD
  • C - I - G + (X + M) + SD
  • C + I + G + (X - M) + SD (correct)

    • What is the term for the income earned by Filipinos abroad minus the income earned by foreigners in the Philippines?

  • Gross Domestic Product (GDP)
  • Statistical Discrepancy (SD)
  • Net Factor Income from Abroad (NFIA) (correct)
  • Gross National Income (GNI)

    • Which of the following is NOT a component of Gross National Income (GNI)?

  • Government Expenditures
  • Investment
  • Statistical Discrepancy (correct)
  • Personal Consumption Expenditure

    • What is the term for the value of goods and services produced within a country, minus the value of goods and services imported?

    <p>Net Exports</p> Signup and view all the answers

    Which sector of the Philippine economy includes expenditures by households on goods and services?

    <p>Personal Consumption Expenditure</p> Signup and view all the answers

    What is the term for the value of goods and services produced within a country, without considering income earned abroad?

    <p>Gross Domestic Product (GDP)</p> Signup and view all the answers

    What does a high GDP not necessarily mean?

    <p>That the citizens of the country are wealthy</p> Signup and view all the answers

    What is not included in the calculation of GDP?

    <p>Illegal transactions in the black market</p> Signup and view all the answers

    What is the difference between GDP and GNI?

    <p>GDP measures production within the country, while GNI measures production by citizens</p> Signup and view all the answers

    What is the Expenditure Approach used to calculate?

    <p>Gross Domestic Product (GDP)</p> Signup and view all the answers

    What is the main concept of the Circular Flow of Economy?

    <p>The flow of money between households and businesses</p> Signup and view all the answers

    What is the Industrial Origin Approach used for?

    <p>To calculate the Gross Domestic Product (GDP)</p> Signup and view all the answers

    What is the formula for calculating Gross Domestic Product (GDP) according to the Industrial Origin Approach?

    <p>GDP = Agrikultura + Industriya + Serbisyo</p> Signup and view all the answers

    Which of the following is NOT a sector of the Philippine economy?

    <p>Healthcare</p> Signup and view all the answers

    What is the difference between Gross Domestic Product (GDP) and Gross National Income (GNI)?

    <p>GDP is the value of goods produced within a country, while GNI is the value of goods produced by a country's citizens</p> Signup and view all the answers

    What is the source of the data presented in the table?

    <p>Philippine Statistics Authority</p> Signup and view all the answers

    What is the unit of measurement used in the table?

    <p>Million Philippine Pesos</p> Signup and view all the answers

    What is the period covered by the data in the table?

    <p>Q1 2018 to Q4 2020</p> Signup and view all the answers

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