Advanced: Introduction to GDP and Macroeconomics

Advanced version: Test your knowledge of GDP definitions, measurement approaches, and key macroeconomic concepts

Education advanced 8 Questions

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Q1 Beginner 1 pts

What is GDP? Video Reference:
"GDP is short for Gross Domestic Product. It's the market value of all the final goods and services p..."

Gross Domestic Profit Gross Domestic Product Global Domestic Product General Domestic Production

Q2 Intermediate 2 pts

Which of the following are valid approaches to calculating GDP? Video Reference:
"There are three generally accepted ways to calculate GDP: Product approach, Expenditure approach, In..."

Select all correct answers

Product approach Expenditure approach Income approach Population approach

Q3 Beginner 1 pts

Used goods and second-hand sales are included in GDP calculations. Video Reference:
"Used goods, or second hand sales - These goods were part of GDP in the period when they were produce..."

True

False

Q4 Intermediate 2 pts

In the expenditure approach, GDP is calculated as: Video Reference:
"GDP = C + I + G + NX..."

C + I + G - NX C + I + G + NX C - I + G + NX I + G + NX

Q5 Intermediate 2 pts

Which of the following are major topics in macroeconomics? Video Reference:
"Major Topics in Macroeconomics: Economic growth, Economic stability, (Un)employment, Money and banki..."

Select all correct answers

Economic growth Money and banking Individual firm pricing Unemployment

Q6 Beginner 1 pts

Financial assets like stocks and bonds are included in GDP calculations. Video Reference:
"When households buy financial assets such as bonds and stocks, they are making loans, not buying goo..."

True

False

Q7 Advanced 3 pts

What distinguishes GNP from GDP? Video Reference:
"Whereas GDP is defined based on where the production takes place, GNP is based on who produces the g..."

Time period of measurement Geographic location of production Citizenship of producers Type of goods counted

Q8 Advanced 3 pts

Which components are included in the income approach to GDP? Video Reference:
"GDP = wage (income for labor) + rent (income for land) + interest (income for capital) + profit (inc..."

Select all correct answers

Wages Rent Interest Profit

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Advanced: Introduction to GDP and Macroeconomics

What is GDP? Video Reference: "GDP is short for Gross Domestic Product. It's the market value of all the final goods and services p..."

Which of the following are valid approaches to calculating GDP? Video Reference: "There are three generally accepted ways to calculate GDP: Product approach, Expenditure approach, In..."

Used goods and second-hand sales are included in GDP calculations. Video Reference: "Used goods, or second hand sales - These goods were part of GDP in the period when they were produce..."

In the expenditure approach, GDP is calculated as: Video Reference: "GDP = C + I + G + NX..."

Which of the following are major topics in macroeconomics? Video Reference: "Major Topics in Macroeconomics: Economic growth, Economic stability, (Un)employment, Money and banki..."

Financial assets like stocks and bonds are included in GDP calculations. Video Reference: "When households buy financial assets such as bonds and stocks, they are making loans, not buying goo..."

What distinguishes GNP from GDP? Video Reference: "Whereas GDP is defined based on where the production takes place, GNP is based on who produces the g..."

Which components are included in the income approach to GDP? Video Reference: "GDP = wage (income for labor) + rent (income for land) + interest (income for capital) + profit (inc..."

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Calculating Your Results...

What is GDP? Video Reference:
"GDP is short for Gross Domestic Product. It's the market value of all the final goods and services p..."

Which of the following are valid approaches to calculating GDP? Video Reference:
"There are three generally accepted ways to calculate GDP: Product approach, Expenditure approach, In..."

Used goods and second-hand sales are included in GDP calculations. Video Reference:
"Used goods, or second hand sales - These goods were part of GDP in the period when they were produce..."

In the expenditure approach, GDP is calculated as: Video Reference:
"GDP = C + I + G + NX..."

Which of the following are major topics in macroeconomics? Video Reference:
"Major Topics in Macroeconomics: Economic growth, Economic stability, (Un)employment, Money and banki..."

Financial assets like stocks and bonds are included in GDP calculations. Video Reference:
"When households buy financial assets such as bonds and stocks, they are making loans, not buying goo..."

What distinguishes GNP from GDP? Video Reference:
"Whereas GDP is defined based on where the production takes place, GNP is based on who produces the g..."

Which components are included in the income approach to GDP? Video Reference:
"GDP = wage (income for labor) + rent (income for land) + interest (income for capital) + profit (inc..."