U2 Module 1 Topic 1

U2 Module 1 Topic 1

12th Grade

20 Qs

quiz-placeholder

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U2 Module 1 Topic 1

U2 Module 1 Topic 1

Assessment

Quiz

Business

12th Grade

Practice Problem

Hard

Created by

Carissa Ramnarine

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a measure of calculating GDP?

Output approach

Income approach

Exports approach

Expenditure approach

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following states the formula for calculating national income using the Expenditure approach?

National Income = C + G + (X - M)
National Income = C + I + G + (X - M)
National Income = C + I + G + M
National Income = C + I + G + X

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The income approach method of calculating national income is

The income approach focuses solely on government spending.

The income approach sums all incomes earned by the factors of production used in creating goods and services

The income approach calculates national income based on population size.
The income approach only considers profits from businesses.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does GDP stand for?

Gross National Product
Global Development Plan
General Domestic Product
Gross Domestic Product

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do you calculate Gross National Product?

GNP = C + G + Net income from abroad
GNP = C + I - G + (X + M)
GNP = C + I + G + (X - M) + Net income from abroad
GNP = C + I + G

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital consumption can be defined as

the depreciation of physical assets over time
the cost of acquiring new assets
the increase in asset value over time
the total value of all assets

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GDP at market prices and GDP at factor costs differ as a result of

the calculation of depreciation in GDP at market prices.
the inclusion of foreign investments in GDP at factor costs.
the inclusion of taxes and exclusion of subsidies in GDP at market prices.
the use of different currencies for GDP at factor costs.

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