Gross Domestic Production

Question 1

The easiest and most accessible measure of economic well-being of a nation that can be associated with the standard of living of its people.

Answer 1

Gross Domestic Product

Question 2

This is the sum of all the finished goods and services produced by the citizens of the country overseas and domestically.

Answer 2

Gross National Product

Question 3

This is the sum of all the finished goods and service produced by the citizens of the country overseas and domestically less depreciation.

Answer 3

Net National Product

Question 4

This is part of the national budget of a country that is composed of all revenue sources to be used in national expenditures.

Answer 4

National Revenue

Question 5

This is the sum of an individuals or citizen’s earnings from salary, wages, and investment during a period of time.

Answer 5

Personal Revenue

Question 6

This is the sum of an individual’s or citizen’s earnings from salary, wages and investment during a period of time less current individual taxes

Answer 6

Disposable Personal Revenue

Question 7

Domains of GNH

Answer 7

Psychological well-being
Health
Education
Time use
Cultural Diversity and Resilience
Good Governance
Community Vitality
Ecological Diversity and Resilience
Living Standards

Question 8

This is founded on the index of sustainable economic welfare and growth.

Answer 8

Genuine Progess Indicator

Question 9

Is a metric used by economists to understand the changes in prices of products that are produced in one country.

Answer 9

GDP Deflator

Question 10

2 methods of computing GDP

Answer 10

Expenditure Approach
Income Approach

Question 11

The Kingdom of Bhutan is known for its application of a unique metric for the nation’s wealth and well-being the _____________.

Answer 11

Gross National Happiness (GNH)