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WorksheetsUnderstanding National Income Concepts
Total questions: 9
Worksheet time: 5mins
Gross Domestic Product (GDP) is the gross market value of all final goods and services produced within the domestic territory of a country, during a period of one year. What is the formula for GDP?
GDP = C + I + G + (X - M)
GDP = NDP + Depreciation
GDP = GNP - Depreciation
GDP = NNP + Depreciation
Net Domestic Product (NDP) is the net market value of all final goods and services produced, within the territorial boundaries of a country, during a period of one year. What is the formula for NDP?
NDP = GDP - Depreciation
NDP = GNP - Depreciation
NDP = GDP + Depreciation
NDP = GNP + Depreciation
Gross National Product (GNP) means the gross value of final goods and services produced annually in a country, which is estimated according to the price prevailing in the market. What is the formula for GNP?
GNP = C + I + G + (X - M) + (R - P)
GNP = C + I + G + (X + M) + (R + P)
GNP = C + I + G + (X - M)
GNP = C + I + G + (R - P)
Net National Product (NNP) is the net market value of all final goods and services produced by the residents of a country, during a period of one year. What is the formula for NNP?
NNP = GNP - Depreciation
NNP = GDP - Depreciation
NNP = GNP + Depreciation
NNP = GDP + Depreciation
When domestic income is greater than national income
NFIA is 0
NFIA is +ve
NFIA is -ve
None of these
Define Net National Product (NNP).
Net National Product (NNP) is GNP plus depreciation.
Net National Product (NNP) is GNP minus depreciation.
Net National Product (NNP) is GDP minus taxes.
Net National Product (NNP) is the total income of a country.
What are the components of National Income Accounting?
Exports, Imports, Trade Balance, and Foreign Investment
CPI, PCE, NDP, GDI, and GDE
The components of National Income Accounting are GDP, GNP, NNP, NI, and PI.
Wages, Salaries, Rent, Interest, and Profits
How is GDP calculated?
GDP is calculated by summing consumption, investment, government spending, and net exports.
GDP is calculated by measuring the total hours worked by the labor force.
GDP is determined solely by the total number of businesses in a country.
GDP is calculated by averaging the income of all citizens.
What is Gross Domestic Product (GDP)?
Gross Domestic Product (GDP) measures a country's population size.
Gross Domestic Product (GDP) is the total number of businesses in a country.
Gross Domestic Product (GDP) is the total value of all goods and services produced in a country over a specific time period.
GDP is the total amount of money held by a country's government.
