Measures of Economic Activity

The national income accounts show the total levels of ___ and ___ in a country's economy.

• revenue, expenses

• profit, net loss

• income, spending

• income, expenditure

Statistics Canada is responsible for finding the total dollar value at current prices of all final goods and services produced in Canada over a given period. How long is the period?

• 6 months

• 12 months

• 18 months

• 24 months

The inner loop shows the flow of ___. The outer loop shows the flow of ___.

• payments, products and resources

• products and resources, payments

True or false: GDP found by the income approach is NOT equal to GDP found by the expenditure approach.

• True

• False

Which is the largest income category?

• interest income

• corporate profits

• wages and salaries

• indirect taxes

GDP found by the income approach is the sum of ___.

• wages and salaries, corporate profits, interest income, proprietors' incomes and rents, indirect taxes, depreciation, statistical discrepancy

• wages, rent, profit, interest, taxes, depreciation, discrepancy

• wages and salaries, corporate profits, total revenue, total expenses, interest, retained earnings, provincial sales taxes, depreciation, statistical discrepancy

• personal consumption, gross investment, government purchases, net exports

How is statistical discrepancy found?

• by finding how many faulty records there were in the 7 accounts

• dividing the difference of the sums of the GDPs found by the two approaches by 2

• finding the difference of the sums of the GDPs found by the two approaches

• dividing the difference of the sums of the GDPs found by the two approaches by 2 then adding 1

Hardy buys 25 $50 packs of robux. What is the GDP of this economy? (assuming that Hardy is the only person who bought robux in the past year)

• $1500

• $1250

• $75

• 0