Expenditure and Income Approach
This approach adds up all _________ to buy final goods and services produced in a country over a time period.
What is the Expenditure Approach?
This measures output that has been produced domestically.
GDP
This type of value is measured in terms of prices that prevail at the time of measurement.
Nominal Value
This iconic tower in Paris was originally a temporary structure for the 1889 World's Fair
Eiffel Tower
These sea creatures are known for migrating thousands of miles across the ocean to return to their birthplace.
sea turtles
The four categories of total spending include C, I, G, and X-M. What do these letters stand for?
What are Consumer spending, Investment spending, Government spending, Net exports?
This measures the income of a country’s residents, regardless of where the income comes from.
GNI
If your wage is $1000 your nominal wage would be...
$1000
Located in Egypt, this ancient structure is the only remaining wonder of the Seven Wonders of the Ancient World.
Pyramids of Giza
In this 1994 film, a man runs across the country to fulfill a promise.
Forest Gump
The formula for GDP based on the expenditure approach.
What is GDP = C + I + G + (X-M)?
If a guy is a resident of spain and operates a MNC in Ireland, where will his income be counted in GNI?
Spain
This value accounts for changes in prices over time, providing a more accurate economic measure.
Real value
This towering statue in Rio de Janeiro is known as one of the New Seven Wonders of the World.
What is Christ the Redeemer?
This 1985 film featured a DeLorean car that traveled through time.
Back to the Future
The income earned from land is referred to as this.
rent
If a woman lives in USA but has a MNC in Russia, her production of goods/services will be counted in what country for GDP?
Russia
This concept is used to compare the buying power of different currencies by eliminating price level differences.
PPP
This insect migrates up to 3,000 miles from Canada to Mexico every year.
Monarch butterfly
This gas makes up about 78% of the Earth's atmosphere.
Nitrogen
This is the income earned from labor in an economy.
wages
What is the key difference between GNI and GDP?
GNI is income from countries residents, GDP is value of goods/services in country produced.
GDP per capita is calculated by dividing GDP by...
population
The fastest animal on Earth, this bird can reach speeds of up to 240 miles per hour in a dive.
Peregrine Falcon
This popular breakfast food was invented by Dr. John Harvey Kellogg in 1894 and was initially designed as a health food.
cornflakes