Section 1

Question 0

Gross domestic product (GDP)

Answer 0

Is the market value of all final goods and services produced within a nation in a given time period.

Question 1

National income accounting

Answer 1

Is a way of evaluating a country’s economy using statistical measures of its income, spending, and output.

Question 2

Nominal GDP

Answer 2

States GDP in terms of the current value of goods and services.

Question 3

Real GDP

Answer 3

States GDP corrected for changes in prices from year to year.

Question 4

Non market activities

Answer 4

Are services that have potential economic value but are performed without charge.

Question 5

Underground economy

Answer 5

Describes market activities that go unreported because they are illegal or because those involved want to avoid taxation.

Question 6

Gross national product (GNP)

Answer 6

Is the market value of all final goods and services produced by a country.

Question 7

Net national product (NNP)

Answer 7

Is the value of final goods and services less the value of capital goods that have become worn out.

Question 8

National income (NI)

Answer 8

Is the total income earned in a nation from the production of goods and services.

Question 9

Personal income (PI)

Answer 9

Is the income received by a country’s people from all sources.

Question 10

Disposable personal income (DPI)

Answer 10

Is personal income minus taxes.