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ECON 200 Lecture Notes - Lecture 24: Xm Satellite Radio

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ivorysea-lion839
30 Aug 2018
School
University of Arizona
Department
Economics
Course
ECON 200
Professor
ALL

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ECON 200 Full Course Notes
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ECON 200 Full Course Notes
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Document Summary

Government purchases are spending by all levels of the government (federal, state, and local) on goods and services. Does not include transfer payments since those are not a result of current production. Net exports are defined as the value of exports minus the value of imports. This difference might be positive or negative; in recent years, this has been negative in the. Nx is positive: x > m trade surplus. Nx is negative: x < m trade deficit. Nominal gdp (ngdp): the value of final goods and services evaluated at current-year prices. An increase in ngdp could reflect an increase in prices or an increase in production. Real gdp (rgdp): the value of final goods and services evaluated at base-year prices. An increase in rgdp reflects an increase in production only. Rgdp is the better method because it is adjusted to inflation. An increase in rgdp reflects in increase in production only.

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Related Questions

Why do economists include only final goods and services in measuring GDP for a particular year? Why don't they include the value of used goods, i.e. cars, furniture, etc., bought and sold? Define net exports. Explain how US exports and imports each affect domestic production. How are net exports determined? Explain how net exports might be a negative amount.

Why do economists include only final goods and services in measuring GDP for a particular year? Why don't they include the value of used goods, i.e. cars, furniture, etc., bought and sold?

Define net exports. Explain how US exports and imports each affect domestic production. How are net exports determined? Explain how net exports might be a negative amount.

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