CAS EC 102 Lecture Notes - Lecture 1: Unemployment Benefits

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hahn

20 Mar 2022

School

Boston University

Department

Economics

Course

CAS EC 102

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CAS EC 102 Full Course Notes

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Gdp is the market value of all final goods and services produced within a country in a year. Market value: if it is not produced and sold in the market for money it doesn"t count as. Must be monetary transaction with a stated price. Ex: if you hire a friend to clean ur room = gdp. Ex: if you clean your own room = not gdp. Final: last time any part of the good is bought. Many steps to producing a loaf of bread. Wheat is produced and sold to a miller (cost of wheat to miller $. 50) Some business grinds the wheat into flour. Flour is sold to a baker (cost of flour to baker . 50) Loaf is sold to retailer (cost of loaf to retailer . 00) Customer buys the loaf (price of bread on shelf . 50) <= market value. Produced/in a year: used goods don"t count.

Related Questions

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

Gross domestic product is best defined as
a. the total quantity of goods and services produced in a country during a period of time
b. the total value of all goods that can be found in a country.
c. the market value of all final goods and services produced in a country during a period of time.
d. the amount of all income earned by all citizens of a country, including those living overseas.

viridianmole204

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

CAS EC 102 Lecture Notes - Lecture 1: Unemployment Benefits

CAS EC 102 Full Course Notes

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