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ECON 1120 Chapter 6: Chapter 6 Outline

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orchidjackal488
27 Jun 2016
School
Cornell University
Department
Economics
Course
ECON 1120
Professor
Jennifer Wissink

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Document Summary

Gross domestic product (gdp) - the total market value of all final goods and services produced within a given period by factors of production located within a country. Gross national product (gnp) - the total market value of all final goods and services produced within a given period by factors of production owned by a country"s citizens, regardless of where the output is produced. Final goods and services - goods and services produced for final use. Intermediate goods - goods that are produced by a firm for use by another (eg. tires sold to car makers, hard drives sold to apple for ipods). Value added - the difference between the value of goods as they leave a stage of production and their value as they entered. Expenditure approach - a method of computing gdp that measures the total amount spent on final goods and services during a given period.

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Related Questions

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.

GDP can be calculated by summing

a. consumption, investment, and exports of all final goods and services produced within the borders of a given country during a specific period

b. the dollar value of all final goods and services produced within the borders of a given country during a specific period

c. government expenditures within the borders of a given country during a specific period

d. the quantity of all final goods and services produced within the borders of a given country during a specific period

Gross domestic product is calculated by summing up

A) the total quantity of goods and services in the economy.

B) the total quantity of goods and services produced in the economy during a period of time

C) the total market value of goods and services in the economy.

D) the total market value of final goods and services produced in the economy during a period of time