Question : If we sum the gross value added of all the firms of the economy in a year, we get a measure of the value of the aggregate amount of goods and services produced by the economy in a year. Such an estimate is called ______.

Option 1: Net national product

Option 2: National income at factor price

Option 3: Net value added

Option 4: Gross domestic product

Question : Which of the following formulas is correct for Gross Value Added(GVA)?

Option 1: (GVA) = Gross National Product – Subsidies + Taxes

Option 2: GVA= Gross Domestic Product – Subsidies + Taxes

Option 3: GVA = Gross National Product + Subsidies – Taxes

Option 4: GVA = Gross Domestic Product + Subsidies – Taxes

Question : If we deduct depreciation from GNP the measure of aggregate income that we obtain is called _____.

Option 1: Gross domestic product

Option 2: National income

Option 3: Private income

Option 4: Net national product

Question : The product method used to calculate the annual value of goods and services produced is also called___________.

Option 1: value added method

Option 2: income method

Option 3: expenditure method

Option 4: depreciation method

Question : GDP calculated at some constant set of prices is called ____________.

Option 1: real GDP

Option 2: domestic GDP

Option 3: current GDP

Option 4: nominal GDP