Unit 22: Economic Growth Part A

GDP minus indirect taxes + subsidies is...

• GDP

• GNI/GNP

• NNI

• GVA

GDP + earnings from overseas is...

• GDP

• GNP/GNI

• NNI

• GVA

The total market value of goods and services produced is...

• GDP

• GNP/GNI

• NNI

• GVA

Wealth of a nation, minus depreciation is...

• GDP

• GNP/GNI

• NNI

• GVA

When something loses its value, we call this...

• salaries

• depreciation

• inflation

• subsidy

When prices are compared without adjusting them for inflation, this is called...

• Real comparison
• Adjusted comparison
• Inflated comparison
• Nominal comparison

Comparing prices adjusted for inflation is shows the....

• nominal value

• real value

• deflated value

• contraction

depreciation is when...

• the value of an asset decreases over time
• the value of an asset remains constant over time
• the value of an asset is not affected by time
• the value of an asset increases over time

An economic recession is defined as...

• two consecutive quarters of economic contraction

• two consecutive weeks of economic contraction

• two consecutive months of economic contraction

• two consecutive years of economic contraction

Consecutive means

• Randomly scattered
• Opposite in order
• Skipping in order
• Following in order