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    5-Item Test Questions

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    Royce Ann Ellema
    The document discusses GDP and related economic concepts. It provides definitions for GDP, intermediate goods, the difference between GDP and NDP, and defines final goods and services. It also includes a question about calculating GDP using data on total market value of final goods and services produced and sold.

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    5-Item Test Questions

    Uploaded by

    Royce Ann Ellema
    6 views1 page
    The document discusses GDP and related economic concepts. It provides definitions for GDP, intermediate goods, the difference between GDP and NDP, and defines final goods and services. It also includes a question about calculating GDP using data on total market value of final goods and services produced and sold.

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    5-ITEM TEST QUESTIONS

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    The document discusses GDP and related economic concepts. It provides definitions for GDP, intermediate goods, the difference between GDP and NDP, and defines final goods and services. It also includes a question about calculating GDP using data on total market value of final goods and services produced and sold.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    6 views1 page

    5-Item Test Questions

    Uploaded by

    Royce Ann Ellema
    The document discusses GDP and related economic concepts. It provides definitions for GDP, intermediate goods, the difference between GDP and NDP, and defines final goods and services. It also includes a question about calculating GDP using data on total market value of final goods and services produced and sold.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Ellema, Royce Ann D.

    BSED Social Studies

    Topic: Gross Domestic Product (GDP)

    1. Select the best statement that defines GDP. (EVALUATE)


    A) monetary value of all final goods and services produced within a nation in a particular year.
    B) national income minus all non-income charges against output.
    C) monetary value of all economic resources used in producing a year's output.
    D) monetary value of all goods and services, final and intermediate, produced in a specific year.
    Answer: A

    2. Which of the following is an intermediate good? (APPLY)


    A) the purchase of gasoline for a ski trip to Colorado
    B) the purchase of a pizza by a college student.
    C) the purchase of baseball uniforms by a professional baseball team.
    D) the purchase of jogging shoes by a professor
    Answer: C

    3. GDP differs from NDP in that: (ANALYZE)


    A) GDP is based on gross exports, while NDP is based on net exports.
    B) GDP includes, but NDP excludes, indirect business taxes.
    C) net investment is used in calculating GDP and gross investment is used in calculating NDP.
    D) gross investment is used in calculating GDP and net investment is used in calculating NDP.
    Answer: D

    4. Final goods and services refer to: (REMEMBER)


    A) goods and services that are unsold and therefore added to inventories.
    B) goods and services whose value has been adjusted for changes in the price level.
    C) goods and services purchased by ultimate users, rather than for resale or further processing.
    D) the excess of U.S. exports over U.S. imports.
    Answer: C

    5. Suppose the total market value of all final goods and services produced in a particular
    country in 2004 is $500 billion and the total market value of final goods and services sold is
    $450 billion. We can conclude that: (CREATE)
    A) GDP in 2004 is $450 billion.
    B) NDP in 2004 is $450 billion.
    C) GDP in 2004 is $500 billion.
    D) inventories in 2004 fell by $50 billion.
    Answer: C

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