Econ 2 Quiz - week 9 - GDP,GNI, NI , real,nominal and pote

National income is used to measure _______ in an economy?

• economic activity

• economic growth

• inflation

• income

C+I+G+(X-M) = ? What is this formula used to calculate ?

• National Income

• GNP

• GDP

• inflation

Cars, TVs, computers belong in which part of the GDP formula?

GDP = C+I+G+(X-M)

• Investment Expenditures

• Government Expenditures

• Net Imports

• Consumption Expenditures

An airline buying a plane belong in which part of the GDP formula?

GDP = C+I+G+(X-M)

• Government Expenditures

• Investment Expenditures

• Net Imports

• Consumption Expenditures

Tanks and roads belong in which part of the GDP formula?

GDP = C+I+G+(X-M)

• Consumption Expenditures

• Investment Expenditures

• Government Expenditures

• Net Imports

What does X represent in calculating net imports?

X-M

• Imports

• Exports

• Expenditures

• None of the Above

What does M represent in calculating net imports?

X-M

• Imports

• Expenditures

• Exports

• None of the above

The U.S. Government hired 10 Chinese-language experts, from a Chinese company based in China, to train U.S. Workers.

• GDP increases

• GDP decreases

• No change

What type of GDP is calculated with the current year's prices?

• GDP per Capita

• Nominal GDP

• Real GDP

What type of output is calculated with the current year's prices?

• Real output

• Potential output

• Normal output

• Nominal output