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Gillespie: Foundations of Economics

Unit 21

Instructions

Choose your answers from a-d by clicking the radio button next to each choice and then press 'Submit' to get your score.

Question 1

Gross National Product equals:

a) Net National Product adjusted for inflation

b) Gross Domestic Product adjusted for inflation

c) Gross Domestic Product plus net property income from abroad

d) Net National Product plus net property income from abroad

Question 2

Net National Product equals:

a) Gross National Product adjusted for inflation

b) Gross Domestic Product adjusted for inflation

c) Gross Domestic Product plus net property income from abroad

d) Gross National Product minus depreciation

Question 3

The standard of living is often measured by:

a) Real GDP per capita

b) Real GDP

c) Real GDP * population

d) Real GDP plus depreciation

Question 4

In a recession:

a) Unemployment is likely to be low

b) Prices are likely to increase

c) Growth is negative

d) Growth is slow

Question 5

In a boom:

a) Surpluses are likely to occur

b) Prices are likely to fall

c) Supply will increase immediately to match demand

d) Shortages may occur

Question 6

GDP plus net property income from abroad equals what?

a) GNP

b) NNP

c) Depreciation

d) Real GDP

Question 7

To adjust GDP from market prices to factor cost:

a) Add indirect taxes

b) Subtract subsidies

c) Deduct indirect taxes and subsidies

d) Deduct indirect taxes and add subsidies

Question 8

To adjust from Gross National Product to Net National Product:

a) Deduct depreciation

b) Deduct indirect taxes

c) Deduct subsidies

d) Add inflation

Question 9

In a recession a government:

a) Is likely to want to increase demand in the economy

b) Is likely to want to decrease demand in the economy

c) Is likely to want to stabilise demand in the economy

d) Is likely to want to increase supply in the economy

Question 10

A higher GDP per capita may not mean that the quality of life has really improved because:

a) It measures wealth not income

b) It measures Gross Domestic Product

c) It does not measure the quality of the items produced

d) It is only measured every five years

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Oxford University Press, Online Resource Centre, Unit 21.