6. Macroeconomic Fundamentals

Measuring Gdp — Quiz

Test your understanding of measuring gdp with 5 practice questions.

Practice Questions

Question 1

Which of the following transactions would be included in the calculation of a country's GDP?

Question 2

If the price of goods and services increased by $5\%$ from one year to the next, and nominal GDP increased by $3\%$ during the same period, what can be concluded about real GDP?

Question 3

Which of the following would be considered an 'investment' component in the expenditure approach to GDP?

Question 4

When calculating GDP using the income approach, which of the following is NOT typically included?

Question 5

A farmer sells wheat to a miller for $100$. The miller processes the wheat into flour and sells it to a baker for $150$. The baker bakes bread and sells it to consumers for $200$. What is the contribution to GDP using the production (value-added) approach?