ECN 204 Study Guide - Gdp Deflator, Work Breakdown Structure, National Research Universal Reactor

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cerisetermite910

25 Apr 2011

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Microeconomics examines j individual units (household, firm/industry) & decision making process. Assumptions: full employment & productive efficiency, fixed resources, fixed technology, 2 goods (consumer & capital) Law of increasing opportunity costs j opportunity cost increases with amount produced, shape steeper. Optimal allocation when, marginal cost = marginal benefit, mc = mb. Gross national product (gnp) j measures total income earned by domestic citizens. Gnp = gdp + net income from abroad. Gross domestic product gdp j market value of final goods & services produced in country during given time period. Final j consumed by ultimate user, end products of production process, total final sales = gdp. Intermediate goods/services j used up in production of final goods/services. Gdp = c + i + g + nx. Nominal gdp j based on prices when output was produced. Real gdp j based on prices in some reference (base) year. Gdp deflator = nominal gdp / real gdp * 100.

Related Questions

Gross domestic product is best defined as
a. the total quantity of goods and services produced in a country during a period of time
b. the total value of all goods that can be found in a country.
c. the market value of all final goods and services produced in a country during a period of time.
d. the amount of all income earned by all citizens of a country, including those living overseas.

viridianmole204

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

grayhornet187

An improvement in technology causes the production possibilities frontier (PPF) to

	shift to the right.
	pivot upward.
	shift to the left.
	pivot downward.

(7)

Which of the following is not shown by the circular flow model?

	The flow of resources in one direction and money in the other
	The equality of aggregate spending and aggregate income
	The interaction of households, firms, and the government
	The total amount of goods and services the economy can produce

(8)

Gross domestic product (GDP) is defined as

	the market value of all final goods and services produced in an economy in a given period of time.
	the market value of all consumption goods and services produced in an economy in a given period of time.
	the market value of all investment goods and services produced in an economy in a given period of time.
	the real value of all investment goods and services produced in an economy in a given period of time.

(9)

Real GDP

	includes all domestic and foreign transactions.
	includes the dollar value of domestic transactions only.
	tries to isolate the effect of changing output, holding prices constant.
	measures GDP in terms of prices of goods and services produced.

(10)

When economists talk about economic growth, they are usually referring to

	the percentage change in nominal GDP.
	the percentage change in real GDP.
	the percentage change in nominal investment.
	the percentage change in real investment.

chocolateant769

ECN 204 Study Guide - Gdp Deflator, Work Breakdown Structure, National Research Universal Reactor

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