National Income Accounting Fundamentals
Test your knowledge of key concepts in measuring and analyzing national income and economic output.
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Quiz Questions & Answers
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Question 1: Which of the following is NOT included in GDP calculations?
Used car sales
New car sales
Government spending
Business investments
Question 2: What is the difference between real GDP and nominal GDP?
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
Question 3: In the circular flow model, what do households provide to firms?
Government subsidies
Tax revenue
Factors of production
Goods and services
Question 4: What is the expenditure approach to calculating GDP?
GDP = Total Output - Intermediate Goods
GDP = C + I + G + (X-M)
GDP = Wages + Rent + Interest + Profit
GDP = Total Revenue - Total Costs
Question 5: Which economic measure represents the total income earned by a country's residents regardless of where it was earned?
Gross National Product
National Income
Net National Product
Gross Domestic Product
Question 6: What is the term for the decrease in value of capital goods over time?
Inflation
Deflation
Depreciation
Appreciation
Question 7: Which of these transactions would NOT be included in this year's GDP?
Purchase of a new house
Purchase of new manufacturing equipment
Purchase of corporate stocks
Hiring of new teachers by schools
Question 8: What is the primary limitation of using GDP as a measure of economic well-being?
It includes illegal activities
It changes too frequently
It doesn't measure quality of life
It's too difficult to calculate