Here are the various Solved MCQs especially of Gross Domestic Product. These MCQs will develop your concept and help to improvise your exams preparation. A soft copy of these MCQs is also available.
What is Gross Domestic Product?
- The economic value of homemaker services:
- Is included in GDP only for urban house holds
- Cannot be calculated because involves a non-market transaction
- Is zero because no transaction is involved
- May be as much as 15 percent of GDP
- Which of the following is a correct statement about economic “bads”?
- All economic bads are illegal
- Economic bads are excluded from the MEW concept
- The pollution created by business firms is an economic bad
- Economic bads can contribute to society’s well-being
- The most common way of controlling the money supply is:
- Changes in the required-reserve ratio
- Changes in the discount rate
- Moral suasion
- Open-market operations
- Gross domestic product is defined to equal the:
- Total output produced by U.S. factors of production no matter their location
- GNP less depreciation costs
- GNP less net exports
- Total output produced by factors of production in the U.S. irrespective of their ownership
- Which of the following transactions would be counted in the GDP?
- Purchase of chemicals by a videodisc producer
- Sale of 100 shares of GM stock
- Purchase of body building equipment by a health spa
- Sale of lumber to a housing contractor
Quiz with Answers
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