Advanced: Introduction to GDP and Macroeconomics

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

Education advanced 8 Questions
Progress 0 / 8
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..."

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..."

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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..."

Q4 Intermediate 2 pts

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

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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..."

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..."

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..."

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