National Income and Product Accounting Quiz

The GDP is the:

monetary value of all final goods and services produced within a nation in a particular year.

Refer to the national income accounts below. Gross Domestic Product (GDP) in this economy is:

6,230

Refer to the national income accounts below. Household consumption expenditure accounts for approximately:

72 percent of the economy

Suppose the total market value of all final goods and services produced in a particular country in 2018 is $20 trillion and the total market value of final goods and services sold is $19.5 trillion. We can conclude that:

GDP in 2018 is $20 trillion.

In calculating GDP, governmental transfer payments, such as social security or unemployment compensation, are:

Not counted

Final goods and services refer to sources of value purchased by ultimate users, rather than for resale or further processing:

True

In calculating GDP, consumption expenditures include:

consumer durable goods, consumer nondurable goods, and services.

By summing the dollar value of all goods and services produced in the economy, the result would:

equal a sum substantially larger than the GDP.

Net exports equal:

exports less imports.

Which of the following is an intermediate good?

fresh hamburger meat ordered by McDonalds.

The largest component of Gross Domestic Product is

household consumption expenditure

The largest expenditure component of Gross Domestic Product is:

household consumption expenditure

Gross domestic product (GDP) is measured:

in monetary amounts.

Which of the following is included in gross private investment?

the purchase of a new house

The largest income component of Gross Domestic Product is:

wage income