ECON 1202 Lecture Notes - Lecture 9: Gross Domestic Product, Negative Number, Transfer Payment

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ECON 1202 Lecture 8: Demand:Supply for Bonds & Calculating GDP

ECON 1202 Lecture Notes - Lecture 9: Gross Domestic Product, Negative Number, Transfer Payment

ECON 1202 Lecture Notes - Lecture 10: Time 100, Deflation, Federal Open Market Committee

Document Summary

Total value of the output of goods and services produced equals total expenditure of or on those goods and services equals total incomes earned from the production of or on those. Gdp: measures market value of nal goods and services produced: adding up p x q"s. Gnp: measures the value of the total output (and thus income) of a country"s citizens regardless of the location of the output/ income received. Gdp: measures the value of the output (thus income) produced in the economy. Angola: large proportion of the domestic production of natural resources by foreign companies: high gdp, low gnp. Pakistan: many pakistan citizens live abroad and a large proportion of their income earned is sent back to their families living there: low gdp, high gnp. Y = gdp = total or aggregate expenditures. Consumption (c; pce): services, durable and nondurable goods: personal consumption, durable (good with useful life expectancy of three years) vs nondurable.

Related Questions

Gross Domestic Product (GDP) only measures the value of marketed goods and services for a country during a given period of time.

Is the GDP measure underestimating or overestimating national production and total income in the economy? Why?

What are the limitations of the GDP in measuring total output and national welfare? What products (services) are excluded from the GDP computation?

ambergnu461

The Gross National Product (GNP) of the United States is equal to

A. the value of the total income received by all of the residents of the United States.

B. the value of final goods and services produced within the United States.

C. the value of the total income received by all households in the United States, after taxes are paid.

D. the value of final goods and services produced by U.S. factors of production.

If a large amount of production within a country takes place at foreign-owned facilities, then it is likely that the country's GDP will be (larger than/smaller than) GNP.

greenyak981

An improvement in technology causes the production possibilities frontier (PPF) to

	shift to the right.
	pivot upward.
	shift to the left.
	pivot downward.

(7)

Which of the following is not shown by the circular flow model?

	The flow of resources in one direction and money in the other
	The equality of aggregate spending and aggregate income
	The interaction of households, firms, and the government
	The total amount of goods and services the economy can produce

(8)

Gross domestic product (GDP) is defined as

	the market value of all final goods and services produced in an economy in a given period of time.
	the market value of all consumption goods and services produced in an economy in a given period of time.
	the market value of all investment goods and services produced in an economy in a given period of time.
	the real value of all investment goods and services produced in an economy in a given period of time.

(9)

Real GDP

	includes all domestic and foreign transactions.
	includes the dollar value of domestic transactions only.
	tries to isolate the effect of changing output, holding prices constant.
	measures GDP in terms of prices of goods and services produced.

(10)

When economists talk about economic growth, they are usually referring to

	the percentage change in nominal GDP.
	the percentage change in real GDP.
	the percentage change in nominal investment.
	the percentage change in real investment.

chocolateant769

ECON 1202 Lecture Notes - Lecture 9: Gross Domestic Product, Negative Number, Transfer Payment

ECON 1202 Lecture 8: Demand:Supply for Bonds & Calculating GDP

ECON 1202 Lecture Notes - Lecture 9: Gross Domestic Product, Negative Number, Transfer Payment

ECON 1202 Lecture Notes - Lecture 10: Time 100, Deflation, Federal Open Market Committee

Document Summary

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