
Economic Concepts and GDP Analysis

Interactive Video
•
Business, Social Studies, Other
•
10th - 12th Grade
•
Hard

Patricia Brown
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the principle of market clearing in the circular flow of income?
The seller receives more than the buyer spends.
Goods and services flow in both directions.
The seller receives exactly what the buyer spends.
Money payments flow in the same direction as goods.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are profits considered a cost of production?
They are a fixed cost in production.
They are only relevant in non-market transactions.
They are not related to production.
They are the return for risk taken by entrepreneurs.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What defines a final good in GDP calculations?
Goods that are imported.
Goods at their final stage of production.
Goods that are resold.
Goods used in the production of other goods.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the concept of value added in production?
The total sales value of an industry.
The profit margin of a company.
The difference between sales and intermediate goods' value.
The cost of raw materials.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT included in GDP calculations?
Consumption expenditures
Transfer of secondhand goods
Net exports
Government expenditures
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a limitation of GDP as a measure of well-being?
It is a perfect measure of national happiness.
It measures economic activity but not welfare.
It includes non-market production.
It accounts for underground transactions.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is GDP calculated using the expenditure approach?
By calculating the total value of intermediate goods.
By subtracting imports from exports.
By adding up all final goods and services at market prices.
By adding up all income components.
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