National Income: Accounting - Question Bank

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Question Bank - Economics

National Income: Accounting

Q1. Suppose that in the country of Betania, the real gross national product in 1987 was £1483 billion (1972 equals 100). In 1988, real gross national product is £1510 billion (1972 equals 100). In Betania, real gross national product grew by (Select one answer) (a) -2.4 percent. (b) 4.6 percent. (c) 1.8 percent. (d) -3.5 percent.

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Q2. Real gross national product is best defined as (Select one answer) (a) the pound value of all final goods and services produced in the economy during a particular time period and measured in current prices. (b) the pound value of all goods produced for final consumption by households in a particular year and measured in constant prices. (c) the current pound value of all new and used goods produced and sold in the economy during a particular time period. (d) the market value of all final goods and services produced by the economy during a given time period, with prices held constant relative to some base period.

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Q3. The total market value of all final goods and services produced within a given period by factors of production located within a country is (Select one answer) (a) gross national product. (b) gross domestic product. (c) net national product. (d) net national income.

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Q4. Real GDP is gross domestic product measured (Select one answer) (a) in the prices of a base year. (b) in current dollars. (c) at a constant output level but at current prices. (d) as the difference between the current year's GDP and last year's GDP

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Q5. Gross national product can serve as a measure of happiness only if (Select one answer) (a) material goods directly make people happy (b) tax policies leave disposable income unaffected (c) new goods are not produced in the economy (d) all nonmonetary transactions are excluded from GNP

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