Introduction to GDP and Economic Measurements

Test your knowledge of GDP definitions, measurement approaches, and key economic concepts from the introductory economics lecture

Education mixed 8 Questions
Progress 0 / 8
Q1 Beginner 1 pts

What is GDP? Video Reference:
"GDP is the market value of all the final goods and services produced within a country in a given tim..."

Q2 Beginner 1 pts

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

Q3 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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Q4 Intermediate 2 pts

What is the correct formula for GDP using the expenditure approach? Video Reference:
"GDP = C + I + G + NX..."

Q5 Intermediate 2 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..."

Q6 Advanced 3 pts

Which of the following are characteristics of macroeconomics? Video Reference:
"Macroeconomics: income of an entire country or a national economy... job status of a country's popul..."

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Q7 Advanced 3 pts

What 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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Q8 Intermediate 2 pts

Public transfer payments contribute to GDP calculations. Video Reference:
"Public transfer payments (e.g. welfare, unemployment benefit, social security)... do not contribute ..."

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