Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Which one of the following does NOT represent a key macroeconomic variable?
Questions (a) and (b) are based on the table below, which describes the process by which a loaf of
bread is made available to a consumer as a final good.
Price (R) of a
loaf of bread
Question (a)
The total value of a loaf of bread is:
A. R7,00
B. R12,00
C. R4,00
D. R33,00
E. R10,00
Question (b)
The value added by the grocer equals:
A. R12,00
B. R10,00
C. R2,00
D. R5,00
E. R4,00
Nominal GDP calculated at market prices differs from nominal GDP at factor cost. Which of the
following items would account for the difference?
GDP at ________ prices will usually be greater than GDP at ________ prices because of ________.
If South Africas GDP is greater than its GNI, then the income earned by foreign investors and foreign
workers in South Africa is ________ the income earned by South Africans who have invested, or who
are working, abroad.
A. greater than
B. added to
C. subtracted from
D. less than
E. deflated by
To derive GDP at market prices from Gross Domestic Expenditure, we must:
A. 15 900
B. 15 200
C. 15 400
D. 18 400
E. 15 700
In a country with a population of 50 million people, there are 20 million children under the age of 15
years, 16 million employed, 9 million pensioners, 4 million unemployed and 1 million people who are
physically unable to work. The unemployment rate in this country equals:
A. 8%
B. 10%
C. 13,3%
D. 20%
E. 25%
The inflation rate is measured by:
A. all sales and purchases of goods and services as well as income flows to and from the rest
of the world.
B. the value of exports, but not imports.
C. the change in the countrys gold reserves.
D. all purely financial flows in and out of the country.
E. all of the above.
Discussion Questions
Define gross domestic product (GDP) and briefly explain the significance of each element of the
definition
Mention two ways in which the national accountants try to avoid double counting.
List and briefly explain the three different approaches to estimating total production and income in
the economy
Briefly explain the differences between measurement at market prices, basic prices and factor cost
(or income)
Explain the difference between nominal values and real values. How does this relate to purchasing
power?
Explain the difference between gross national income (GNI) and gross domestic product (GDP).
Explain the difference between expenditure on gross domestic product (GDP) and gross domestic
expenditure (GDE).
List and briefly explain three possible measures of the equality or inequality of the distribution of
income
List and briefly explain the key elements of the financial account of the balance of payments