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Economics 101 Practice Test: Measuring a Nation's Income
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There are several ways to measure a nation's income, including: Gross domestic product (GDP): A measure of the monetary value of final goods and services produced in a country over a given period of time. GDP is the most commonly used measure of a nation's income. However, it has some limitations, such as not accounting for the costs to human health and the environment from the production and consumption of the nation's output. Gross national income (GNI): A statistic that measures the total value added claimed by residents of a country over a period of time. GNI is made up of GDP plus net... Show more
Economics 101 Practice Test: Measuring a Nation's Income
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25 Questions

1. If you buy a carton of chocolate chip cookie dough ice cream in your favorite grocery store
2. GDP is a good but not perfect measure of economic well-being because it leaves out each of the following EXCEPT
3. The best measure of a country’s production of goods and services is
4. In 1998, U.S. GDP was
5. An American company owns a fast-food store in Lima, Peru. The value of the goods and services produced in the store are included
6. If exports are smaller than imports, net exports
7. Macroeconomics is the study of
8. If the GDP deflator is 150 and nominal GDP is $9,000 billion, then real GDP is
9. International studies of the relationship between GDP per person and quality of life measures, such as life expectancy and literacy rates show that larger GDP per person is associated with
10. If we want to know the amount of expenditures for an average individual in a country, we should look at
11. Aaron and Adam, who are both full-time students, have each been doing work on their own cars. Then Adam decides to hire Aaron to do his oil changes, and in turn, Aaron hires Adam to keep his car clean. As a result of this change, GDP
12. Net exports will be positive when
13. The four components of GDP are consumption,
14. In 1998, U.S. GDP was about
15. Transfer payments are
16. If Hallmark builds a plant in Mexico, the production from that plant would be
17. Which of the following would be counted in the calculation of GDP?
18. It is especially difficult to measure GDP in Russia because
19. Transfer payments are
20. National income is defined as
21. If the value of intermediate goods were used to calculate GDP instead of final goods, then GDP would be
22. Real GDP is the production of goods and services valued at
23. GDP is used as the basic measure of a society’s economic well-being. A better measure of the economic well-being of individuals in society is
24. Which two of the following are considered measures of income for an economy?
25. Which of the following represents GDP?

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