Good day, can someone help me in answering the following questions? I'm having difficulty in answering them and I would like to learn from these questions. Thank you so much! P.S If possible, can you also add an explanation. Thank you once again!

Question 1.

If the Philippines will legalize the selling of marijuana and other illegal activities, this would

Select the correct response:

a. increase the size of the underground economy and reduce measured GDP

b. reduce both the underground economy and measured GDP

c. increase measured GDP

d. reduce measured GDP

Question 2.

If GNP is Php 800 billion, receipts of factor income from the rest of the world are Php 100 billion, and payments of factor income to the rest of the world are Php 70 billion, then GDP is:

Select the correct response:

a. Php 730 billion

b. Php 770 billion

c. Php 700 billion

d. Php 870 billion

Question 3

Which of the following would increase GDP?

Select the correct response:

a. Your house is damaged by a flood and you hired a carpenter to repair it

b. You buy 100 shares of Meralco stock

c. Your house is damaged by a flood and you repaired it by yourself

d. Your house is damaged by a flood and you bought another old house.

Question 4

If the Philippines does not allow any more foreign companies to operate in the country, but some of the country's companies like SM, Jolibee, etc. are operating abroad then

Select the correct response:

a. the Philippines' GNP will tend to exceed its GDP

b. the Philippines' GDP will tend to exceed its GNP

c. the Philippines' GDP will tend to be equal to its domestic income

d. the Philippines' GNP and GDP will tend to be equal

Question 5

If depreciation equals zero and retained earnings equal Php 50 billion, then

Select the correct response:

a. GNP is greater than GDP by Php 50 billion

b. GNP equals net national product

c. GNP is less than net national product by Php 5 billion

d. Net national product is less than GNP by Php 50 billion

Question 6

The fixed-weight indexes

Select the correct response

a. account for response to demand shifts

b. account for responses to supply shifts

c. generally become less accurate the farther in time they are from the base year

d. generally become less accurate the closer in time they are to the base year

Question 7

The Philippines produces coconuts and pineapples. In 2020, the country produced 8,000 coconuts and 5,000 pineapples. In 2020 the Philippines produced 6,000 coconuts and 7,000 pineapples. This suggests that

Select the correct response:

a. Nominal GDP may have increased, but the real GDP has definitely decreased

b. Nominal GDP has increased

c. None of the above

d. Real GDP has increased

e. Nominal GDP may have increased, but the real GDP is the same.

Question 8

Given the following information for the Philippine economy in 2020 (figures in billion pesos)

Personal Consumption 7,761

Gross private consumption 1,666

Government consumption and gross investment 2,075

Net Exports -498

Indirect business taxes 339

Depreciation 1,380

Self-employment income 834

The GDP is equal to:

Select the correct response

a. 14,055

b. 7,761

c. 13,557

d. 11,004