ECO 201 Chapter 6 Exam Questions
and Answers 100% Pass
GNP counts production by the economy's citizens wherever they are in the world -
✔✔What part of the definition of GDP is critical to distinguish the GDP from the GNP
Takes into account only final goods and services - ✔✔To avoid the "double counting"
problem, GDP
It will count in this year's GDP as part of investment - ✔✔Corn produced this year that
was not sold Will it count in the GDP?
corporate profits - ✔✔Which of the following is not a component of when GDP is
broken down by "expenditure approach"
It is adjusted for price changes - ✔✔What is the distinguishing feature of Real GDP
Government transfer payments are included in - ✔✔Personal income
Disposable income equals - ✔✔Personal income minus personal taxes
To obtain "per capita" GDP we take GDP and - ✔✔Divide by population
A small economy produces just two goods, A and B in year 1 the quantity of those
goods and their market prices are (300 units, 700 units), ($40, $6). In year 2 they are (350
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and Answers 100% Pass
GNP counts production by the economy's citizens wherever they are in the world -
✔✔What part of the definition of GDP is critical to distinguish the GDP from the GNP
Takes into account only final goods and services - ✔✔To avoid the "double counting"
problem, GDP
It will count in this year's GDP as part of investment - ✔✔Corn produced this year that
was not sold Will it count in the GDP?
corporate profits - ✔✔Which of the following is not a component of when GDP is
broken down by "expenditure approach"
It is adjusted for price changes - ✔✔What is the distinguishing feature of Real GDP
Government transfer payments are included in - ✔✔Personal income
Disposable income equals - ✔✔Personal income minus personal taxes
To obtain "per capita" GDP we take GDP and - ✔✔Divide by population
A small economy produces just two goods, A and B in year 1 the quantity of those
goods and their market prices are (300 units, 700 units), ($40, $6). In year 2 they are (350
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 1
