National Income Accounting Fundamentals
Test your knowledge of key concepts in measuring and analyzing national income and economic output.
Test your knowledge of key concepts in measuring and analyzing national income and economic output.
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Used car sales
New car sales
Government spending
Business investments
Real GDP includes services, nominal GDP doesn't
Real GDP accounts for inflation, nominal GDP doesn't
Real GDP excludes government spending
Nominal GDP is calculated quarterly, real GDP annually
Government subsidies
Tax revenue
Factors of production
Goods and services
GDP = Total Output - Intermediate Goods
GDP = C + I + G + (X-M)
GDP = Wages + Rent + Interest + Profit
GDP = Total Revenue - Total Costs
Gross National Product
National Income
Net National Product
Gross Domestic Product
Inflation
Deflation
Depreciation
Appreciation
Purchase of a new house
Purchase of new manufacturing equipment
Purchase of corporate stocks
Hiring of new teachers by schools
It includes illegal activities
It changes too frequently
It doesn't measure quality of life
It's too difficult to calculate
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