Introduction to GDP

What does Gross Domestic Product (GDP) measure?

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

• The total value of all goods and services produced within a country's borders.

• The total amount of money spent by consumers in a country.

• The total government revenue from taxes and fees.

Which of the following is the correct equation for calculating GDP?

• GDP = Consumption + Investment + Government Spending - Net Exports

• GDP = Consumption + Investment + Government Spending + Net Exports

• GDP = Consumption - Investment + Government Spending + Net Exports

• GDP = Consumption + Investment - Government Spending + Net Exports

In the GDP equation (GDP = C + I + G + NX), what does 'C' represent?

• Capital expenditure

• Consumer spending

• Country's exports

• Corporate profits

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Which of the following is a criticism of GDP as a measure of an economy's full picture?

• It overemphasizes the digital economy.

• It includes illegal activities.

• It doesn't account for unpaid work like volunteering or childcare.

• It only measures the production of goods, not services.