The conceptual basis for GDP was developed during this decade.
What is the 1930's?
100
The inability to tell the difference between these goods is often a problem in calculating GDP.
What are final and intermediate goods?
100
Household expenditures and this term are used interchangeably.
What are consumption expenditures?
100
When all prices rise together it called this.
What is inflation?
200
Because of the use of market prices higher priced goods do this to the GDP.
What is contribute more than lower priced goods.
200
The first effort to measure production was in Britton by this man.
Who is Sir William Perry?
200
Women entering the paid labor force and paying for professional daycare is a shift in this activity.
What is non-market to market activity?
200
Consumption expenditures are broken into these two categories.
What are durable and non-durable?
200
When a nation has the capability of outproducing all other trade partners in all areas of commerce they are said to have this attribute.
What is total advantage?
300
Because the automobile itself is calculated in total GDP these inputs are not used in calculation of production.
What are intermediate goods?
300
He presented a system to the US Senate in 1934 to measure production in response to the Great Depression.
Who is Simon Kuznet?
300
Sugar is this type good.
What is intermediate when part of another product?
What is final when sold at market?
(300 pts each)
300
A new house falls into this category of purchases.
What is investment?
300
Economic actors that supply goods or services by combining labor, capital and raw materials.
What are firms?
400
Excluding intermediate goods from GDP insures that this type of integration does not skew production calculations.
What is vertical integration?
400
Kuznet argued that this government expenditure was an intermediate good.
What is national defense?
400
If an intermediate good were counted in GDP then it would be considered this.
What is double counting?
400
This portion of investment represents goods not sold.
What are inventories?
400
International trade increases this.
What is total surplus?
500
Machinery, and factory buildings are examples of this.
What are Capital Goods?
500
Kuznet won this prize in 1971.
What is the Nobel Prize in Economic Science?
500
This type of good is neither a intermediate or final good.
What is a catalyst?
500
This kind of Government purchase is not used to calculate GDP.
What is a transfer payment? (Social Security etc.)
500
When the numbers of buyers and sellers is large, all the market participants are well informed about the market price, and the goods or services being exchanged are highly standardized.