[ECON 102] - Final Exam Guide - Ultimate 93 pages long Study Guide!

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magentaporcupine258

29 Nov 2016

School

University of Waterloo

Department

Economics

Course

ECON102

Professor

Joseph Dejuan

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ECON102 Full Course Notes

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Gross domestic product (gdp) is the market value of all nal goods and service produces in a country in a given time period. This de nition has 4 parts: market value goods and services are valued at their market prices. The price is a way to value and compare all goods/services: final goods and services a nal good or service is an item bought by is nal user during a speci ed time period. A nal good contrasts with an intermediate good, which is an item that is produced by one rm, bought by another, and used as a component of a nal good or service. Does not matter the nationality of the person who produced it. If it is produced in canada, it goes into our gdp: in a given time period normally a year or a quarter of a year. Gdp measures the value of production, which also equals total expenditure on nal goods and total income.

Related Questions

Gross domestic product is officially measured by adding together the:

a. quantity of each good and service produced by US residents

b. market value of all final goods and services produced within a nation's borders.

c. quantity of all goods and services produced by US-owned citizens.

d. None of the above answers are correct

sapphirehare17

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

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

[ECON 102] - Final Exam Guide - Ultimate 93 pages long Study Guide!

ECON102 Full Course Notes

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