Wisdom Gateway Academy

1. Which term describes the sum of all consumption, investment, government spending, and net exports?

Gross Domestic Product
Net National Product
Gross National Product
Net Domestic Product

2. What does the 'Production Approach' to GDP calculation focus on?

Total value of output
Total income earned by factors
Total expenditures
Total consumption

3. Which of the following is not a method for calculating national income?

Income Method
Expenditure Method
Production Method
Consumption Method

4. What is the purpose of calculating GDP?

To measure the economic performance of a country
To estimate future inflation
To predict population growth
To calculate government tax revenues

5. Which of the following is considered an indirect tax in national income accounting?

Sales tax
Income tax
Property tax
Estate tax

6. What is the main difference between GDP and Net Domestic Product (NDP)?

NDP accounts for depreciation, GDP does not
GDP includes net income from abroad, NDP does not
NDP measures output within a country, GDP measures output by nationals
There is no difference

7. Which of the following does not directly contribute to GDP?

Illegal market transactions
Government spending
Consumer spending
Investment spending

8. What is 'Gross Domestic Product at Market Prices'?

GDP including indirect taxes and excluding subsidies
GDP excluding indirect taxes and including subsidies
GDP including subsidies and excluding indirect taxes
GDP at factor cost

9. Which measure of national income includes all income received by residents of a country, including from abroad?

Gross National Product
Gross Domestic Product
Net National Product
Net Domestic Product

10. What does 'Net Domestic Product at Factor Cost' exclude?

Indirect taxes
Subsidies
Depreciation
Net income from abroad

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