Types of GDP CDS Questions

CDS Economy

Types of GDP MCQ Questions


1.
What is Real GDP adjusted for?
A.
Inflation
B.
Deflation
C.
Currency exchange
D.
Population growth
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ANSWER :
A. Inflation
2.
Which GDP represents the market value of goods and services at current prices?
A.
Real GDP
B.
Nominal GDP
C.
GDP at Factor Cost
D.
GDP at Constant Prices
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ANSWER :
B. Nominal GDP
3.
What is the key difference between GDP at Factor Cost and GDP at Market Prices?
A.
GDP at Market Prices includes taxes and excludes subsidies
B.
GDP at Factor Cost includes taxes and excludes subsidies
C.
GDP at Market Prices includes imports
D.
GDP at Factor Cost measures at current prices
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ANSWER :
A. GDP at Market Prices includes taxes and excludes subsidies
4.
Which component is added to GDP at Factor Cost to calculate GDP at Market Prices?
A.
Depreciation
B.
Indirect Taxes
C.
Net Exports
D.
Savings
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ANSWER :
B. Indirect Taxes
5.
What is Nominal GDP NOT adjusted for?
A.
Changes in output
B.
Changes in price level
C.
Inflation
D.
Deflation
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ANSWER :
B. Changes in price level
6.

Match the following:

List I List II
a) Real GDP 1.) Constant prices
b) Nominal GDP 2.) Excludes taxes
c) GDP at Market Prices 3.) Includes taxes
d) GDP at Factor Cost 4.) Current prices
A.

a-1, b-2, c-3, d-4

B.

a-4, b-1, c-2, d-3

C.

a-3, b-4, c-1, d-2

D.

a-1, b-4, c-3, d-2

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ANSWER :

D. a-1, b-4, c-3, d-2