ECN 204 Lecture Notes - Keynesian Economics, Aggregate Demand, National Research Universal Reactor

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burgundymole270

26 Oct 2012

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Increase exports (have a positive balance in trade). It leads to debt most of the time, plus we pay interest. If net exports > 0, then exports > imports. If net exports > 0, then imports > exports. Gdp: gross domestic product: gdp is the market value of all final goods and services produced in the economy within one year; it is always measured in monetary terms. Gdp is used for an international comparison of how we are doing, but it is not an adequate measure. 8 reasons are: barter transactions ignored, unpaid work ignored, underground transactions ignored, quality and composition of goods ignored, environmental costs ignored, gdp ignores population size, per capita gdp ignores distribution of income. leisure is ignored. Per capita gdp: gdp/population. better indicator of how the country is doing. Nominal gdp: current q x current p ex: gdp 2009 = q2009 x p2009. If nominal gdp increases that means, q or p have increased.

Related Questions

Net exports of goods and services increase when:

A. exports of goods and services decrease but imports of goods and services decrease by more than exports

B. exports of goods and services decrease and imports of goods and services increase

C. consumption expenditure decreases

D. consumption expenditure increases

turquoisesalmon794

Goods and services purchased from international sources are

A. Exports.

B. Imports.

C. Net exports.

D. Net imports.

harlequinbadger952

I need help right now, please

1- Goods that are not sold during the year are included as part of that year's investment in calculating GDP.
A- True
B- False

2- When the nominal GDP has increased in the United States, we know that:

A- the U.S. price level has increased
B- the U.S. price level has decreased.
C- U.S. output of goods and services has increased.
D- Either the U.S. output of goods and services or the price level has increased.
E- Both the U.S. output of goods and services and the price level have increased.

3- Fill in the blank: GDP is the total value of ________ produced for the marketplace during a given year, within the nation's borders

A- all goods
B- all goods and services
C- all final goods
D- all final goods and services
E- all final and intermediate goods and services

4- Structural unemployment is considered a microeconomic problem.

A- True
B- False

5- The unemployment rate in the United States is defined as the number of unemployed divided by _____.
A- the U.S. population
B- the number of employed plus the number of unemployed
C- the U.S. population over the age of 16
D- the number of employed
E- the number of employed minus the number of unemployed

6- If Americans buy $500 billion worth of foreign goods and services, and foreigners buy $200 billion worth of American goods and services, then net exports for the United States are equal to _____.
A. $100 billion
B. $200 billion
C. -$300 billion
D. $500 billion
E. $700 billion

7- Discouraged workers are people who used to work, but no longer want a job.

A- True
B- False

8- In the expenditure approach, GDP is equal to _____.

A. C + I + G + exports - imports

B. C + I + G

C. C + I + G + exports

D. C + I + G + imports

E. C + I + G + exports + imports

9- U.S. GDP measures the production of goods and services by Americans, regardless of which country they reside in when they produce those goods and services.

A- True
B- False

taneagle172

ECN 204 Lecture Notes - Keynesian Economics, Aggregate Demand, National Research Universal Reactor

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