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1.    Which of the following does not describe the definition of gross domestic product, GDP?

a)    Market value

b)   All final goods and services

c)    Produced within and outside a country

d)   In a given time period

2.    Which of the following statement is not true?

a)    Income side GDP is measured by factor markets

b)   Expenditure side GDP is measured by goods markets

c)    Labour, capital and land are the components of factor market

d)   GDP measured by income side can be different from GDP measured by expenditure side

3.    Which of the following is not included in expenditure side GDP?

a)    Firm’s purchase of intermediate goods

b)   Household consumption

c)    Net exports, which is exports minus imports

d)   Government expenditure

4.    Which of the following categories is not included in income side GDP??

a)    Firm’s investment

b)   Compensation of employees

c)    Gross operating surplus

d)   Gross mixed income

 

5.    Given the following information, calculate the amount for net exports, X-M.

Consumption expenditure

627

Gross mixed income

97

Compensation of employees

539

Gross operating surplus

374

Government expenditure

251

Investment

275

Indirect taxes less subsidies

122

Net exports, X - M

?

 

Ø Y = C + I + G + (X – M). So,

COE + GOS + GMI + (Indirect taxes – Subsidies) = C + I + G + Net exports (X-M)

That is, 539 + 374 + 97 + 122 = 627 + 275 + 251 + (X-M)

Therefore, (X – M) = –21

 

6.         Which of the following statement is not correct?

a)    Use of real GDP removes any influence that rising prices and a rising cost of living might have had on our comparison.

b)   Real GDP per person is defined as real GDP divided by the number of population.

c)    Real GDP per person is the value of goods and services at the market prices.

d)   The value of real GDP when all the economy’s labour, capital, and land are fully employed is called potential GDP.

 

7.         Given the information below, calculate Real GDP in 2009 at 2008 prices.

Item

Quantity (millions)

Price

(Dollars)

Expenditure

(millions of dollars)

C     T-shirts

40

1

40

I      Computer chips

10

2

20

G    Health services

20

2

40

Y     GDP in 2008

 

 

100

 

C     T-shirts

45

2

90

I      Computer chips

13

1

13

G    Health services

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