CHAPTER 5: National Income Accounting
Quiz
•
Other
•
1st - 12th Grade
•
Medium
Zeela Zainol
Used 79+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The GDP is
C+I+G+(X-M)
The sum of value added at every stage of the production process
The total market value of final goods and services
All of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Net exports of a country are the value of
goods and services imported minus the goods and services exported
goods and services exported minus goods and services imported
goods exported minus goods imported
goods imported minus goods exported
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Manchester United, an England football team, hired Park JS, a South Korean footballer, to play for them in the England football league. Which of the following is true?
Park JS’s services are part of England GDP.
Park JS’s purchase of a secondhand car in England is part of England GDP.
Park JS’s investment in South Korean bonds is part of South Korea’s GNP.
Park JS’s salary is not a part of South Korea’s GNP.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An open economy GDP is given by
Y=C+I+G
Y=C+I+G+NX
Y=C+I+G+T
Y=C+I+G+S
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following will be added in the calculation of GDP by using the income approach?
Rental income
Gross private domestic investment
Government spending
Net export
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is excluded in the calculation of GDP
Value of the services of your mother who cook dinner for you.
Value of the food that you buy from your university.
Value of the goods that you buy for your sister to consume.
Value of the services that repaired your air-conditioner.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why GDP is different from GNP?
GDP excludes net income earned by own factors of production located abroad.
GDP excludes depreciation.
GDP excludes gross private investment abroad.
GDP excludes net export.
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