ECON 1010 Chapter Notes - Chapter 20 - 22(1-3), 23: Gdp Deflator, Frictional Unemployment, Labour Force Survey

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scarletfrog416

10 Dec 2016

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Gross domestic product (gdp): the market value of the final goods and services produced within a country in a given time period. Market value: the prices at which items are traded in markets. Gdp values items at their market value. Final good (or service): an item that is bought by its final user during a specified time period. To calculate gdp, we find the value of the final goods and services produced. Intermediate good (or service): an item that is produced by one firm, bought by another firm, and used as a component of a final good or service. If we add the value of intermediate goods and services produced to the value of final goods and services, we are double counting. Depends on what it"s used for and not what it is, something can be an intermediate in one situation and a final in another.

Related Questions

_____ good is an item that is bought by its final user during a specified time period. ____good is an item that is produced by one firm, bought by another firm, and used as a component of a final good or service.

A. A finished; An incomplete

B.A final; An intermediate

C. A specified; A component

D.A specific; A nonspecific

burgundyserval986

Gross domestic product is officially measured by adding together the:

a. quantity of each good and service produced by US residents

b. market value of all final goods and services produced within a nation's borders.

c. quantity of all goods and services produced by US-owned citizens.

d. None of the above answers are correct

sapphirehare17

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 1010 Chapter Notes - Chapter 20 - 22(1-3), 23: Gdp Deflator, Frictional Unemployment, Labour Force Survey

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