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GDP
GDP
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StudBud Administration
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The basics of GDP and measurement of economic growth
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
The value of GDP includes 2nd hand goods and intermediate goods
False
True
2
Leakages from the economy include
Government spending, investment and exports
Savings, taxes and imports
Investment, imports and savings
Savings, government spending and taxes
3
GDP only includes the market value of domestically produced goods and services
True
False
4
GDP is a measure of
economic growth of a nation
economic performance of an economy
both answers are correct
5
Ralph bought a parcel of NAB shares on the stock market
This would not be included in the calculation of GDP
This would be included in the calculation of GDP
6
Alessandra bought an established apartment in Hawthorn
This would be included in the calculation of GDP
This would not be included in the calculation of GDP
7
To measure the growth of the economy, we use
Nominal GDP
Real GDP
8
Under the expenditure approach to measuring GDP
GDP = Aggregate Expenditure (Total spending in the economy )
GDP = Total incomes in the economy
9
Monique bought a brand new warehouse in Keysborough
This would not be included in the calculation of GDP
This would be included in the calculation of GDP
10
Exports can be described as
foreign goods purchased by Australians
domestic goods purchased by foreigners
11
Injections into the economy include
Investment, government spending and exports
Savings, investment and government spending
Savings, taxes and imports
Taxes and government spending
12
The expenditure approach to measuring GDP is expressed as
GDP = C + I + G + (X+M)
GDP = C + I + G + (X-M)
GDP = C + I + G
GDP = C - I - G + (X-M)
13
Real GDP
is calculated at current prices
is adjusted for inflation
14
Nominal GDP is calculated at
prices adjusted for inflation
current prices
15
Total spending in the economy is equal to
Total demand in the economy (AD)
C + I + G + (X-M)
Total expenditure in the economy (AE)
all answers are correct
