Introduction to GDP and Macroeconomics

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

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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 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 Total household income in an economy

Q2 Beginner 1 pts

Used goods and second-hand 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 Population approach

Q4 Advanced 3 pts

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

GDP is based on location of production while GNP is based on citizenship of producers GDP includes services while GNP doesn't GNP is always larger than GDP They are exactly the same thing

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 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 Unemployment Money and banking Individual firm pricing

Q7 Advanced 3 pts

What is value-added in the context of GDP? Video Reference:
"Value-added is the increase in the market value at each stage of production..."

The increase in market value at each stage of production The final retail price of a good The cost of raw materials The total sum of all production stages

Q8 Beginner 1 pts

Public transfer payments like welfare and unemployment benefits are included in GDP. 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 Macroeconomics

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 and second-hand 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 difference between GDP and GNP? Video Reference: "Whereas GDP is defined based on where the production takes place, GNP is based on who produces the g..."

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

What is value-added in the context of GDP? Video Reference: "Value-added is the increase in the market value at each stage of production..."

Public transfer payments like welfare and unemployment benefits are included in GDP. Video Reference: "Public transfer payments (e.g. welfare, unemployment benefit, social security)... do not contribute ..."

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 and second-hand 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 difference between GDP and GNP? Video Reference:
"Whereas GDP is defined based on where the production takes place, GNP is based on who produces the g..."

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

What is value-added in the context of GDP? Video Reference:
"Value-added is the increase in the market value at each stage of production..."

Public transfer payments like welfare and unemployment benefits are included in GDP. Video Reference:
"Public transfer payments (e.g. welfare, unemployment benefit, social security)... do not contribute ..."