True or false: measuring output

Exercise and reference answers

Questions

1. Statement is true

   Yes

   Statement

   GDP counts only final goods and services.

2. Statement is true

   Yes

   Statement

   Real GDP is adjusted for inflation.

3. Statement is true

   No

   Statement

   The trough is the high point of the cycle.

4. Statement is true

   Yes

   Statement

   GDP per capita divides GDP by population.

5. Statement is true

   No

   Statement

   Services belong to the manufacturing sector.

Instructions

Tap True or False for each statement.

Explanation