#1
Which of the following is NOT included in the calculation of Gross Domestic Product (GDP)?
Government spending
Investments
Transfer payments
Exports minus imports
#2
Which of the following is a component of Gross National Product (GNP)?
Imports
Government spending
Remittances from abroad
Corporate profits tax
#3
Which of the following is an example of an economic indicator used to measure the health of the labor market?
Consumer Price Index (CPI)
Gross Domestic Product (GDP)
Unemployment Rate
Producer Price Index (PPI)
#4
What does the term 'Income Approach' refer to in calculating GDP?
Calculating GDP by adding up the value of all goods and services produced
Calculating GDP by summing up all incomes earned by individuals and businesses
Calculating GDP by measuring the expenditures of households, businesses, and government
Calculating GDP by adjusting for inflation
#5
Which of the following is NOT a component of Gross Domestic Product (GDP)?
Consumption
Government spending
Investment
Imports
#6
What does the term 'per capita income' represent?
Total income earned by a country
Average income earned by each individual in a country
Income earned by corporations
Income earned by the government
#7
Which of the following is an economic indicator used to measure inflation?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Unemployment Rate
Producer Price Index (PPI)
#8
Which of the following is an example of a leading economic indicator?
Unemployment rate
Consumer Price Index (CPI)
Stock market performance
Gross Domestic Product (GDP)
#9
What does the term 'Real GDP' refer to?
Gross Domestic Product adjusted for inflation
Gross Domestic Product adjusted for population growth
Gross Domestic Product adjusted for exchange rates
Gross Domestic Product adjusted for government spending
#10
What is the main difference between nominal GDP and real GDP?
Nominal GDP is adjusted for inflation, while real GDP is not.
Nominal GDP is not adjusted for inflation, while real GDP is.
Nominal GDP includes government spending, while real GDP does not.
Nominal GDP includes exports, while real GDP does not.
#11
What is the formula for calculating Net National Product (NNP)?
Gross National Product (GNP) minus Depreciation
Gross Domestic Product (GDP) minus Depreciation
Gross National Product (GNP) minus Net Foreign Factor Income
Gross Domestic Product (GDP) minus Net Foreign Factor Income
#12
Which of the following is a limitation of using GDP as a measure of economic welfare?
GDP does not account for income inequality
GDP does not reflect changes in the quality of life
GDP does not consider environmental degradation
All of the above
#13
Which of the following best describes the 'Phillips Curve'?
A curve illustrating the relationship between unemployment and inflation
A curve illustrating the relationship between GDP and inflation
A curve illustrating the relationship between interest rates and inflation
A curve illustrating the relationship between government spending and inflation
#14
Which of the following measures is used to calculate the Human Development Index (HDI)?
Life expectancy at birth
Income per capita
Educational attainment
All of the above
#15
Which of the following measures is used to calculate the Gross National Happiness (GNH) index?
Economic growth
Gross Domestic Product (GDP)
Income inequality
Quality of life indicators