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2. What is GDP?

  • GDP is the total output produced by the economy, measured in money terms.
  • GDP is the total input produced by the economy, measured in money terms.

3. How can GDP be measured?

  • Income method, Output method, Expenditure method
  • Input method, Output method, Expenditure method
  • Tax method, Output method, Expenditure method

4. What is the output method?

  • The output method is a measure of the value of what firms produce
  • The output method is a measure of how much people spend

5. What is the expenditure method?

  • The expenditure method is the amount that people spend
  • The expenditure method is a measure of the amount that firms spend on labour
  • The expenditure method is how much people are taxed
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