Question 1

In the Philippines, national income accounting is done and maintained by what office/agency:

Accepted Answer

National Economic Development Authority (NEDA)

Answer

Department of Trade & Industry

Answer

Department of Finance

Answer

Department of Budget and Management

Question 2

GNP represents the:

Accepted Answer

market value of all final goods and services produced by theeconomy within the year

Answer

market value of all final and intermediate goods and services produced by the economy within the year

Answer

all of the above

Answer

market value of all intermediate goods and services produced by the economy within the year

Question 3

GNP & GDP are closely related measures of aggregate output or income, but GDP does not take into account:

Accepted Answer

remittances from overseas workers

Answer

business investments

Answer

exports and imports

Answer

government spending

Question 4

An approach to GNP (or GDP) measurements which sums up all final sales to end‐users is:

Accepted Answer

Expenditure approach

Answer

Value‐added approach

Answer

Industrial Origin approach

Answer

Income approach

Question 5

Economists prefer to use real GNP than current or nominal GNP as a measure of aggregate output because

Accepted Answer

Real GNP adjusts current GNP for inflation

Answer

Current GNP always understates actual output changes

Answer

Real GNP adjusts for the unequal distribution of income

Answer

All of the above

Related quizzes