Welcome to your Grade 11 Economics chapter 3
After carefully reading the following 30 questions, choose the correct answer.
1.
What is the market value of all final goods and services produced within a country's borders in a year?
2.
Which approach to measuring GDP sums up the market value of all final products?
3.
Gross National Product (GNP) is calculated as:
4.
Nominal GDP measures output using:
5.
Real GDP measures output using:
6.
The ratio of Nominal GDP to Real GDP is called the:
7.
Which of the following is NOT included in GDP?
8.
The average income of an individual in the economy is represented by:
9.
In the expenditure approach, GDP is the sum of Consumption, Investment, Government Spending, and:
10.
The difference between Gross National Product and Net National Product is:
11.
Value-added is calculated as the value of output minus:
12.
Which index shows the price of a fixed basket of goods purchased by a typical consumer?
13.
National Income (NI) equals:
14.
The circular flow model shows the flow of income and expenditure between:
15.
Personal Disposable Income is Personal Income minus:
16.
Which of the following is a "stock" variable?
17.
Which of the following is a "flow" variable?
18.
GDP at factor cost is GDP at market price minus:
19.
Double counting in GDP measurement is avoided by using:
20.
Net Factor Income from Abroad (NFIA) is:
21.
If Nominal GDP is 500 and the GDP Deflator is 125, what is the Real GDP?
22.
GDP measurement excludes "non-market" transactions because:
23.
Net National Product (NNP) at market price is GNP at market price minus:
24.
The income approach to GDP adds up Wages, Rent, Interest, and:
25.
Transfer payments (like pensions) are excluded from GDP because:
26.
If Real GDP increases but Nominal GDP remains constant, the price level must have:
27.
Which of the following is a limitation of using GDP as a welfare measure?
28.
"Intermediate goods" are goods that are:
29.
Gross Domestic Product at factor cost equals:
30.
In a two-sector economy (households and firms), GDP is equal to:
