1. Which of the following is true about GDP a) GDP is often seasonally adjusted

Question

1. Which of the following is true about GDP a) GDP is often seasonally adjusted

b) There is nothing called real GDP

c) GDP is the total employment in an economy

d) There is nothing called nominal GDP

2. Which of the following is not a method of calculating GDP

a) Adding all income in the economy

b) Adding all value added in the economy

c) Adding all imports into an economy.

d) Adding all expenditure in the economy

3. Real GDP is the value of goods and services measured in

a) Current prices

b) Real prices

c) Inflated prices

d) Constant prices

4)Paragraph 1: A baker buys flour worth $5000 and manufactures bread he sells in the market for $10000. 4. In Paragraph 1, $5000 is the

a) Value added

b) Input cost

c) Profit

d) Output by the baker  

Explanation / Answer

a) "C"

Gdp is the total employment in the economy is the correct statement in the correct real Gdp and nominal GDP are a real thing and GDP is not adjusted every season but after a gap of few years.

b) "C"

Adding all the imports in the economy.

c) "D"

Constant price or the price taken at the base year which doesn't change.

d) "B"

It is the input cost of the baker.  

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