#1
Which of the following is included in the calculation of GDP?
Government transfers
Unreported income
Social security payments
Value of final goods and services produced within a country's borders
#2
Which component of GDP represents consumer spending on goods and services?
Government expenditure
Investment
Personal consumption expenditure
Net exports
#3
What does GDP stand for?
Global Domestic Product
Gross Domestic Production
Gross Domestic Product
Global Domestic Production
#4
Which of the following is NOT a component of GDP?
Government expenditure
Net exports
Unemployment benefits
Personal consumption expenditure
#5
Which component of GDP includes business spending on equipment and structures?
Government expenditure
Investment
Net exports
Consumption
#6
Which of the following is an example of an investment in the context of GDP?
Buying stocks and bonds
Purchasing a new car
Government spending on infrastructure
Buying groceries
#7
What is the formula 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
#8
Which of the following would be considered in the calculation of GDP?
Value of illegal drug sales
Value of volunteer work
Value of used goods sold
Value of foreign aid received
#9
How does an increase in imports affect GDP?
It increases GDP
It decreases GDP
It has no effect on GDP
It depends on the value of exports
#10
Which of the following is NOT a limitation of GDP as a measure of economic welfare?
Excludes non-market transactions
Doesn't account for income distribution
Ignores environmental degradation
Includes government spending
#11
What is the difference between nominal GDP and real GDP?
Nominal GDP is adjusted for inflation, while real GDP is not.
Real GDP is adjusted for inflation, while nominal GDP is not.
Both nominal GDP and real GDP are adjusted for inflation.
There is no difference between nominal GDP and real GDP.
#12
What does the expenditure approach to calculating GDP focus on?
Income generated within the economy
Spending on goods and services produced within the economy
Value added at each stage of production
Value of exports minus imports
#13
In the income approach to calculating GDP, which of the following is NOT considered?
Wages and salaries
Rents
Government transfer payments
Corporate profits
#14
Which of the following is NOT a method for calculating GDP?
Production approach
Income approach
Consumption approach
Expenditure approach
#15
Which of the following would NOT be considered in the calculation of GDP using the income approach?
Wages and salaries
Corporate profits
Unemployment benefits
Rent income