Expenditure Approach
This is the standard formula used to calculate Nominal GDP via the expenditure approach.
What is GDP = C + I + G + (X - M)?
To find Gross National Income (GNI), you take the GDP and add this specific net figure.
What is Net income from abroad?
This type of GDP is calculated using the prices that are current in the year the output was produced.
What is Nominal GDP?
This metric is found by dividing the total GDP of a country by its total population
What is GDP per capita?
In Stranger Things, this is the name of the fictional Indiana town where the show takes place.
Hawkins
In the GDP formula, this letter represents the value of goods and services produced abroad but purchased by domestic residents.
What is M (Imports)?
Unlike Real GDP, which can be adjusted for inflation, GNI is always expressed in this type of value
What is a nominal value?
To calculate this version of GDP, economists use the prices from a designated "base year" to account for inflation.
What is Real GDP?
If you are given the Nominal GDP and the GDP deflator, you use this formula to find the Real GDP.
What is (Nominal GDP / Price Deflator) x 100?
Sharks are unique in that they have zero of these, relying instead on cartilage for structure.
BONE
This component of the expenditure approach represents the total spending by households on various goods and services
What is Consumer spending?
This is the result when you subtract "income sent abroad" from "income earned from abroad.
What is Net income from abroad?
This is the mathematical formula used to find the GDP deflator
What is (Nominal GDP / Real GDP) x 100?
In a table showing Real GDP, the "Price" (P) used for every year is always the price from this specific year.
Base year
While often associated with the Philippines, this is the official name of the capital city.
Manila
If a nation's exports (X) are $5 billion and its imports (M) are $7 billion, this is the resulting value for "Net Exports.
What is -$2 billion?
If a country has a GDP of $50 billion and its "Net income from abroad" is negative $5 billion, this is its GNI
What is $45 billion?
This term describes a measure of average prices in one period relative to average prices in a base year.
What is a price index?
This is the GDP per capita for a country with a $100 billion GDP and a population of 2 million people.
What is $50,000?
This Swedish band won the 1974 Eurovision song contest with "Waterloo," launching their international career.
ABBA
This category of spending includes government expenditures on public services and infrastructure
What is Government spending?
Income earned by a local citizen working in a foreign country and sent back home would have this effect on the home country’s GNI
What is increasing it?
If the GDP deflator is 125, it indicates that prices have risen by this percentage since the base year.
What is 25%?
If a country's Nominal GDP is $1,200 and its Real GDP is $1,000, this is its GDP deflator.
What is 120?
This famous document, which limited the power of the English monarchy, was signed in 1215.
What is the Magna Carta?