WorksheetsEcon G9 Q3
Total questions: 15
Worksheet time: 8mins
What is the indicator used to summarize economic transactions in the circular flow diagram?
Gross Domestic Product
Gross National Income
Circular Flow of Economy
Market Value
Which of the following is portrayed as owners of resources or factors of production in the circular flow diagram?
Household
Firm
Foreigners
Government
What is the difference between Gross Domestic Product (GDP) and Gross National Income (GNI)?
GDP refers to the value of the production regardless of who makes the goods and services, while GNI refers to the value of the production regardless of where the output was made.
GDP is used as an indicator of the overall output, while GNI is used as an indicator of the overall income.
GDP is calculated using the expenditure approach, while GNI is calculated using the income approach.
GDP includes the values of final goods produced by an economy, while GNI includes the values of final goods produced by a country.
Which approach for measuring GDP involves adding up the spending on final goods and services?
Income Approach
Value Added Approach
Expenditure Approach
Market Value Approach
What is the Net Primary Income (NPI) in the context of Gross National Income (GNI)?
The difference between the earnings of Filipinos from activities in the Philippines and the earnings of foreigners from activities in other countries.
The total earnings of Filipinos from activities in the Philippines.
The difference between the earnings of Filipinos from activities in other countries and the earnings of foreigners from activities in the Philippines.
The total earnings of foreigners from activities in the Philippines.
Which of the following is an indicator of the health of the economy of a country?
Temperature
Vitals
Height and Weight
Price Indicators
In the circular flow diagram, who purchases or hires resources from households in order to produce goods and services?
Firm
Household
Government
Foreigners
What is the market value of a good?
The total cost incurred in producing the good.
The total revenue generated from selling the good.
The price of the good multiplied by its quantity.
The quantity of the good produced in the market.
Which of the following is excluded in GDP to avoid double-counting?
Imports
Services
Final goods
Intermediate goods
What is the value added approach for measuring GDP based on?
The total revenue generated by the firms.
The total cost incurred in production.
The total profit earned by the firms.
The value added of the different firms or activities in an economy.
Which of the following is an example of a final good in GDP calculation?
Flour purchased by a bakery for making bread.
Bread purchased by a household for consumption.
Machinery purchased by a factory for production.
Raw materials purchased by a manufacturer for processing.
What does Gross National Income (GNI) refer to?
The value of the production in a country regardless of who makes the goods and services.
The value of the production in a country regardless of where the output was made.
The total income earned by the foreigners in a country.
The total income earned by the citizens of a country.
Which of the following is an approach for measuring GDP based on payments for factors of production?
Market Value Approach
Value Added Approach
Income Approach
Expenditure Approach
What is the circular flow diagram of an economy composed of?
Household and Government
Firm and Foreigners
Household and Firm
Government and Foreigners
What is the GDP of the Philippines for 2020 according to the text?
Php 17.9 trillion
Php 19.3 trillion
Php 1.4 trillion
Php 85,000
