Introduction to GDP and Economic Measurements

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

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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..."

Market value of all intermediate goods produced in a country Market value of all final goods and services produced within a country in a given time period Total value of all goods sold in a country Sum of all government spending in an economy

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..."

True

False

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..."

Select all correct answers

Product approach Expenditure approach Income approach Asset valuation approach

Q4 Intermediate 2 pts

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

GDP = Consumption + Investment GDP = Consumption + Government Spending GDP = Consumption + Investment + Government Purchases + Net Exports GDP = Total Revenue - Total Costs

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..."

True

False

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..."

Select all correct answers

Studies individual firm behavior Focuses on entire country's income Examines single market prices Analyzes national unemployment rates

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..."

Select all correct answers

Wages Rent Interest Profit

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 ..."

True

False

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Introduction to GDP and Economic Measurements

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..."

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..."

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..."

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

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..."

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..."

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..."

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

Advanced Features

Share This Quiz

Calculating Your Results...

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..."

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..."

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..."

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

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..."

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..."

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..."

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