ECON 1010 Lecture Notes - Social Security, Final Good, Income Approach

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yellowgoldfish852

26 Apr 2013

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Chapter 20 measuring gdp and economic growth. Macroeconomics: the study of the national economy and the global economy. Macroecon issues: 1) unemployment 2)recessions 3) budget deficiet 4) inflation. Gdp (gross domestic product) the total market value of all the final goods and services produced within a country in a given time period. Final goods and services produced in canada by foreigners are part of canadas gdp. In measuring gdp, economisits: 1) use final goods and services only. The value of intermediate goods is not counted in gdp. - intermediate goods are produced by one firm, bought by another firm, and used as a component of a final good or service. An alternate concept in measuring a nations output is gnp (gross national product). Gnp is the total value of all final goods and services produced by labour, capital, and other resources of a country, regardless of where production occurred.

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.

greenyak981

What does Gross domestic product (GDP) include?

A. All intermediate goods and services produced in the economy in a given year

B. All final goods and services produced in the economy in a given year

C. All goods and services imported from abroad

D. All goods and services produced by the government

E. All of the above

lemonscorpion281

7. The difference between nominal GDP and real GDP is that nominal GDP:

	A.	measures a country's production of final goods and services at current market prices, whereas real GDP measures a country's production of final goods and services at the same prices in all years.
	B.	is measured in dollar terms, whereas real GDP is measured in terms of numbers of goods and services produced
	C.	measures the total value of only final goods and services, whereas real GDP measures the value of all goods and services, both intermediate and final
	D.	measures a country's production of final goods and services at fixed prices, whereas real GDP measures a country's production of all final goods and services at current market prices

carminekoala560

ECON 1010 Lecture Notes - Social Security, Final Good, Income Approach

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