GDP is Gross
Value of a Dollar
Measuring Up
Apply This
Miscellaneous
100
The market value of all finals goods and services produced over a given period.
What is Gross Domestic Product (GDP)?
100
The percentage increase in the price level from one year to the next.
What is inflation rate?
100
A good or service that is an input into another good or service, such as a tire on a truck.
What is intermediate?
100
What is exports minus imports?
What is net exports?
100
Calculated by dividing the value of GDP for a country by the country's population.
What is GDP per capita?
200
The value of final goods and services evaluated at base-year prices
What is Real GDP?
200
What is a measure of the average prices of goods and services?
What is Price-level?
200
Refers to the ability of an economy to produce increasing quantities of good and services.
What is economic growth?
200
Spending by households on good and services, and not including spending on new houses.
What is consumption?
200
Illustrates the flow of spending and money in the economy.
What is the circular-flow?
300
The symbol for GDP in the expenditure approach calculation
What ‘Y’?
300
The market value a firm adds to a product
What is Value added?
300
A period of a business cycle during which total production and total employment are increasing.
What is expansion?
300
Payments made by the government to households for which the government does not receive a new good or service in return.
What is a transfer payment?
300
Domestically produced goods and services, but sold in other countries.
What is exports?
400
All the market transactions that go unreported.
What is the underground economy?
400
What is the value of worn out machine and equipment called?
What is depreciation?
400
Alternating periods of economic expansion and economic recession.
What is the business cycle?
400
The period of a business cycle during which total production and total employment are decreasing?
What is Recession?
400
The labor, capital, natural resources, and entrepreneurship to produce goods and services.
What is factors of production?
500
A measure of the price level, calculated by dividing nominal GDP by real GDP and multiplying by 100.
What is GDP deflator?
500
What is personal income minus personal tax payments
What is disposable personal income?
500
In 1996 the BEA switched to __________ to make the calculation of real GDP more accurate
What is chain weighted prices?
500
Purchases of machinery, factories and houses, not shares of stock.
What is investment?
500
Consumption, investment, government purchases, and net exports.
What are the four major categories of expenditures?
M
e
n
u