Economics 1022A/B- Final Exam Guide - Comprehensive Notes for the exam ( 106 pages long!)

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29 Mar 2018

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ECON 1022A/B Full Course Notes

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Gdp defined: gdp, or gross domestic product, is the market value of the final goods and services produced within a country in a given time period. This definition has 4 parts: market value, to measure total production, we add together the production of apples and ora(cid:374)ges. Just (cid:272)ou(cid:374)ti(cid:374)g the ite(cid:373)s does(cid:374)"t (cid:449)ork: which situation has greater value, 100 apples and 50 oranges or vice versa. If the price of an apple is 10cents, then the market value of 50 apples is . They are two aspects of the same phenomenon: increasing productivity. If net exports are positive, the net flow of goods and services is from us firms to rest of the world. It also includes expenditures on new homes by households: government expenditure on goods and services is the expenditure by all levels of government on goods and services such as national defense and garbage collection. Airways (a us export) and japanese dvd players that circuit.

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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

MACROECONOMIC PRINCIPLES Gross Domestic Product (GDP) is the market value of all final goods and services produced within a country in a given period of time.

A) Name the contents of the four components of expenditure.

B) What is meant by nominal GDP; how does it differ from real GDP and how is the latter calculated?

C) The government portion of expenditures in the GDP does not include spending on transfer payments such as Social Security. Why are they excluded? (See page 202 in the textbook, 7th edition; 8th edition page196)

D) Give reasons as to why a higher GDP can be assumed to engender greater well-being in the people whose endeavors attained this elevation. Alternatively, explain why a larger GDP appears not to make people any happier.

taupeduck969

Economics 1022A/B- Final Exam Guide - Comprehensive Notes for the exam ( 106 pages long!)

ECON 1022A/B Full Course Notes

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