National Income Quiz

What does GDP stand for?

• Gross Domestic Product

• General Development Product

• General Domestic Product

• Gross Development Product

What does GDP measure?

• Total market value of imports only

• Total market value of used goods

• Total market value of all final goods and services

• Total market value of intermediate goods

Which of the following is included in GDP?

• Used cars

• New cars

• Used furniture

• Used clothing

What is the formula for calculating GDP using the Expenditure Approach?

• GDP = C + I + G + (X - M)

• GDP = C + I + G + M

• GDP = C + I + G - (X + M)

• GDP = C - I + G + (X + M)

What does NNP stand for?

• New Nominal Product

• Net Nominal Product

• New National Product

• Net National Product

What is Real GDP adjusted for?

• Population growth

• Government spending

• Natural resources

• Inflation or deflation

Which of the following is a limitation of GDP measurement?

• Exclusion of non-market activities

• Inclusion of all market activities

• Measurement of only government spending

• Focus on only foreign income

What does GDP per capita measure?

• Government spending per person

• Economic output per person

• Total economic output

• Population growth rate

What is the purpose of the Income Approach to GDP?

• To measure only household spending

• To focus on foreign investments

• To calculate only government income

• To sum all incomes earned in production

What is the Human Development Index (HDI) used for?

• Measuring education, life expectancy, and income

• Assessing environmental impact

• Calculating GDP only

• Measuring only economic growth