Measurement of Economic Performance [AP (Advanced Placement) Macroeconomics]: Questions 1 - 5 of 7
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Question 1
Question MCQ▾
If a country produced only two things suppose wheat & wheat flour. Wheat of worth $ 4000 and wheat flour of $ 6000. What will be the value of the national product if the cost of the sale is already added in it?
Choices
Choice (5) | Response | |
---|---|---|
a. | $ 10000 | |
b. | $ 2000 | |
c. | $ 4000 | |
d. | $ 6000 | |
e. | $ 3000 |
Question 2
Question MCQ▾
What is GNP?
Choices
Choice (5) | Response | |
---|---|---|
a. | GNP = GDP + Net factor Income from abroad | |
b. | GNP = C + I + G + (X-M) | |
c. | GNP = GDP + (X-M) | |
d. | GNP = GDP | |
e. | Question does not provide sufficient data or is vague |
Question 3
Question MCQ▾
GDP is $ 10 million, consumer spending is $ 6 million, government spending is $ 3 million, exports are $ 2 million, and imports are $ 3 million. How much is spent for investments?
Choices
Choice (5) | Response | |
---|---|---|
a. | $ 2 million | |
b. | $ 4 million | |
c. | $ 0 million | |
d. | $ 3 million | |
e. | $ 1 million |
Question 4
Question MCQ▾
What are the final goods?
Choices
Choice (5) | Response | |
---|---|---|
a. | The goods that are for resale | |
b. | The goods which are used for final use | |
c. | Intermediate goods | |
d. | Primary goods | |
e. | Question does not provide sufficient data or is vague |
Question 5
Question MCQ▾
Which of the following transactions would be counted in GDP?
Choices
Choice (5) | Response | |
---|---|---|
a. | The resale of a sweater you received from your great aunt at Christmas that you never wore on eBay. | |
b. | The sale of a pound of tomatoes at a supermarket. | |
c. | The wage you receive from babysitting your neighbor՚s kids. | |
d. | The sale of illegal drugs. | |
e. | The sale of cucumbers to a pickle manufacturer. |