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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the Output Method used for?
💡 Hint: Think about how businesses create products from raw materials.
Question 2
Easy
Why do we exclude intermediate goods in the Output Method?
💡 Hint: What happens if we consider things more than once?
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the Output Method focus on when calculating National Income?
- Total sales value
- Value added at each production stage
- Raw material cost
💡 Hint: Think of how the product is enhanced through different stages.
Question 2
True or False: The Output Method includes intermediate goods in its calculation.
- True
- False
💡 Hint: What do we mean by counting something twice?
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Suppose a clothing manufacturer sources fabric for $10, uses $5 in labor, and sells the final product for $30. Compute the total value added using the Output Method.
💡 Hint: Focus on the final product's selling price and subtract all costs.
Question 2
Analyze how the Output Method would measure National Income for an economy primarily focused on IT services. Discuss the potential challenges and adaptations needed.
💡 Hint: Consider how services differ from physical products.
Challenge and get performance evaluation