Measuring the Size of the Economy - Gross Domestic Product

Measuring the Size of the Economy - Gross Domestic Product

University

32 Qs

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Measuring the Size of the Economy - Gross Domestic Product

Measuring the Size of the Economy - Gross Domestic Product

Assessment

Quiz

Social Studies

University

Practice Problem

Hard

Created by

John Zamen

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32 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Income Approach of Calculating GDP includes...

All spending on final products in the year.
All Income made from selling all final goods.
All costs on all products.
The amount of people involved in production.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Expenditures Approach of Calculating GDP includes...

All spending on final products in the year.
All Income made from selling all final goods.
All costs on all products.
The amount of people involved in production.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of Consumption in the context of Gross Domestic Product (GDP)?

Building Construction

Roads and Bridges

Purchase of groceries

Exported domestically produced goods

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does Investment refer to in the Gross Domestic Product (GDP)?

Purchase of groceries

Exported domestically produced goods

Building Construction

Roads and Bridges

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a Government expenditure in the Gross Domestic Product (GDP)?

Building Construction

Purchase of groceries

Exported domestically produced goods

Roads and Bridges

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Net Exports in the context of Gross Domestic Product (GDP) is calculated as:

Purchase of groceries minus goods imported from foreign countries

Exported domestically produced goods minus goods imported from foreign countries

Building Construction minus goods imported from foreign countries

Roads and Bridges minus goods imported from foreign countries

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Gross Domestic Product (GDP)?

The total market value of all final goods and services produced by a country's citizens.

The total market value of all final goods and services produced within a country's borders in a given period of time.

The total market value of all imported goods and services.

The total market value of all exported goods and services.

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