Gross Domestic Product: Using the Income and Expenditure Approaches

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following is NOT a valid exchange medium for factors of production?

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1. When economists estimate Gross Domestic Product using the income approach, which types of income are included?

2. Which of the following statements is NOT true regarding the expenditure approach?

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About This Quiz & Worksheet

The quiz covers definitions related to income and expenditure and GDP. The questions will ask you to identify the answer that best describes the question. Other questions will ask you to choose the single false statement in the choices provided.

Quiz & Worksheet Goals

The quiz will cover the following definitions:

  • GDP
  • Factors of production
  • The income approach
  • The expenditure approach

Skills Practiced

The quiz will help you practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related GDP lesson
  • Defining key concepts- ensure that you can accurately define the income and expenditure approaches
  • Interpreting information - verify that you can read information regarding how to measure GDP and interpret it correctly

Additional Learning

Finish the quiz and head over to the related lesson titled Gross Domestic Product: Using the Income and Expenditure Approaches. The lesson will help you cover the following information:

  • Examining the role of GDP
  • Measuring GDP by income
  • Understanding GDP through expenditures
  • Exploring the factors of production
  • Defining economic decision makers
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