Adv Macro 2021 Quiz 1

1. GDP measures the additional value of goods and services newly created in an
economy for a given period of time.
○ FALSE
2. National income accounts measure (primary, intermediate, final) output in the
economy.
○ TRUE
3. One good attribute of national income accounts is the availability of time series
data.
○ TRUE
4. The share of Agriculture in total GDP has been steady in the last 30 years
○ FALSE
5. By expenditures shares, Exports accounts for the largest share of GDP.
○ FALSE
6. Gross National Product/Income are those earned by Filipinos wherever they are.
○ TRUE
7. Incomes or sales of unregistered businesses are not included in the GDP.
○ TRUE
8. The share of Government in the GDP in the last 30 has been generally
increasing.
○ FALSE
9. Over the last 20 years, net exports of the Philippines in positive.
○ FALSE
10. Remittances of OFWs account for about US$15-billion and less in 2020.
○ FALSE
11. Average growth rate of GDP has been higher in the 80s versus the 2000s.
○ FALSE
12. Importers are considered “winners” in a devaluation.
○ FALSE
13. The 3 strategic variables are inflation rate, tax rate and exchange rate.
○ FALSE
14. The Philippines experienced a recession right after the onset of COVID19.
○ TRUE
15. Vaccines are still considered scarce upto this time.
○ TRUE