ECON 203 Lecture Notes - Lecture 1: Gdp Deflator, Seasonal Adjustment, Pension

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champagnewasp169

27 Mar 2018

School

University of Calgary

Department

Economics

Course

ECON 203

Professor

Aamir Hashmi

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ECON 203 Full Course Notes

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The eco(cid:374)o(cid:373)(cid:455)"s i(cid:374)co(cid:373)e a(cid:374)d e(cid:454)pe(cid:374)diture: people with higher incomes enjoy higher standards of living. Gdp measures two things at once: the total income of everyone in the economy and the total expenditure on the e(cid:272)o(cid:374)o(cid:373)y"s output of goods a(cid:374)d servi(cid:272)es, total income and expenditures are the same. Gross domestic product(gdp): the market value of all final goods and services produced within a country in a given period of time. Of all: gdp try to be comprehensive . Goods and services: gdp includes both tangible and intangible services. Produced: gdp includes goods and services currently produced, no include transaction involving items produced in the past. Within a country: gdp measure the value of production within the geographic confines of a country, when a british citizen works temporarily in canada, his production is part of. Consumption: spending by households on goods and services, with the exception of purchases of new housing, household spending on postsecondary education also included in consumption of services.

Related Questions

Which of the following statements about GDP is correct

A) Money continuously flows from households to firms and then back to households, and GDP measures this flow of money

B) GDP measures two things at once: the total income of everyone in the economy and the total expenditure on the economy’s output of goods and services.

C) While not perfect, GDP is generally regarded as the best single measure of a society’s economic well-being.

D) All of the above are correct.

emeraldmarten620

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

If an economy's GDP falls, then it must be the case that the economy's

A. Income and saving fall

B. Income and market value of all products both fall.

C. Income falls and the market value of all production rises.

d.Income rises and the market value of all production falls.

2. Gross Domestic product measures

a. Income and expenditure.

B. Income

c. Expenditure.

d. Neither.

3. If all quantities produced in the united states rise by 13.4% and all prices fall by 13.4% which of the following occurs?

Does Real GDP rise or fall? Does the nominal GDP rise or fall?

4. Which of the following does not add to US GDP?

a. The federal gov. Sends a social security check to your grandmother.

b. CIty of new york pays a salary to policemen.

c. Air France buys a plane from Boeing, the US aircraft manufacturer.

5. IS the best single measure of a society's economic well-being the unemployment rate or the GDP?

6. Keynesian economics was developed by John Keynes in response to:

A. The great recession.

b. The great depression.

C. Out of control gov. spending.

17. For an economy as a whole,

a. Wages must equal profit.

b. consumption must equal income.

c. Income must equal expenditure.

d. Consumption must equal saving.

8. As in the case f Ireland, Keynesian economics does not tend to work in countries that:

a. Are large and self-sustaining.

b. Are small and insulated.

c. Are medium-sized with good governments.

d. Are smaller and are open to free (ish) trade.

e. Are large and have free trade.

Thanks! Please be as detailed as you can.!

coralmoose18

ECON 203 Lecture Notes - Lecture 1: Gdp Deflator, Seasonal Adjustment, Pension

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