ECON 1001 Study Guide - Fractional-Reserve Banking, Gdp Deflator, Labour Force Survey
Document Summary
Measuring national income: gdp: value of all __________________ produced ____________ a country in a given period of time, nominal gdp, real gdp, gdp deflator: ________________ prices and quantities index of ___________ level increases: gdp deflator = A p r i l 2 0 1 3 e x am: Suppose that nova scotia produces cheese and fish. In 2010, 20 units of cheese are sold at each and 8 units of fish are sold at each. In 2006, the base year, the price of cheese was. per unit, and the price of fish was per unit. Real gdp in 2010, using 2006 as the base year: Shortcomings of gdp as a measure of well-being. Overall cost of the g&s of a typical ___________________________________ Determine the _______________: ____________ consumers to find out the ________ of g&s the _____________ Find the ______________: for each good in the basket at each point in time.
