GDP

Q.

The total money value of all final goods and services produced in a country in a year is known as:

1. GDP

2. GNP

3. NNP

4. None of the above

Q.

GDP is the total money value of all final goods and services produced in a country in a year.

1. True

2. False

Q.

Employment is an economic activity which enables a person to earn means of living.

1. True

2. False

Q.

Why is household work excluded from the estimation of GDP?

1. It is difficult to estimate the value of household work.

2. Household work doesn't involve production of goods.

3. Household work adds no value to the economy.

4. None of these

Q.

What does participation rate measure?

1. The participation rate measures the active portion of an economy's labor force.

2. The participation rate measures the number of people who are looking for work.

3. The participation rate measures the number of people in the age group of 15-39 years who are actively employed.

4. The participation rate measures the percentage of workforce engaged in economic activites.

Q.

Why do people work?

1. To support dependents

2. To get sense of self-worth

3. To earn living

4. All of the above

Q.

The activities which do not contribute to the gross domestic product are called economic activities.

1. True

2. False

Q.

Unemployment can rise from:

1. Introduction of technology

2. Employers not wanting to hire

3. Family issues

4. A fall in consumer spending which increases the demand of workers

Q. difference between cyclical and structural unemployment

Q.

GDP stands for