CHAPTER 5: National Income Accounting

CHAPTER 5: National Income Accounting

1st - 12th Grade

20 Qs

quiz-placeholder

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CHAPTER 5: National Income Accounting

CHAPTER 5: National Income Accounting

Assessment

Quiz

Other

1st - 12th Grade

Medium

Created by

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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