National Income Statistics

What GDP does NOT measure?

• Population adjustments

• The sale of used goods

• Transfer payments

• Investment

Which of the following measures the dollar value of all final goods and services produced within a nation during a year?

• GNP

• Nominal GDP

• GDP

• Real GDP

GDP increasing every year means that more goods are being produced.

• True

• False

How much inflation is typically targetted?

• 2%

• 7%

• 5%

• 9%

______ measures the dollar value of all final goods and services produced within a nation during a year.

Write down an approach that can be used to calculate GDP using this formula: GDP = wages + rent + profits + interest

Roberto the barber cuts his own son's hair at home

• Included in GDP

• Not included in GDP

GDP Per Capita Leaders in 2023

• Luxembourg

• USA

• Russia

• Singapore

_______ is a measure of the price of specific goods in different countries and is used to compare the absolute purchasing power of the countries' currencies.