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GDP is Gross!
Value of a Dollar
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100
Total dollar value at current prices of all final goods and services produced in Canada over a given period
What is Gross Domestic Product (GDP)?
100
A measure of price changes for a typical basket of consumer products?
What is the Consumer Price Index (CPI)?
100
Unemployment due to being temporarily between jobs or looking for a first job
What is frictional unemployment?
100
Products that will not be processed further and will not be resold - those included in GDP
What are final products?
100
One includes changes in price and quantity, the other includes only changes in price. One is more accurate, the other is more timely.
What is the difference between CPI and the GPP Deflator?
200
A method of calculated Gross Domestic Product by adding together all incomes in the economy
What is the income approach?
200
Nominal income / CPI (in hundredths)
What is real income?
200
Unemployment due to being temporarily between jobs or looking for a first job
What is frictional unemployment?
200
A type of government purchase made to households or other levels of government not included in GDP
What is a transfer payment?
300
GDP = C + I + G + (X-M)
What is the expenditure approach calculation?
300
Consumer differences, changes in spending patterns, product quality
What are limitations of CPI?
300
Underemployment, discouraged workers and dishonesty
What are three drawbacks of the official unemployment rate?
300
Canadian purchases of goods and services from the rest of the world
What are imports?
300
A laid off bank teller who so far has not had success finding another job due to ATMs
What is an example of someone facing structural unemployment?
400
All the market transactions that go unreported
What is the underground economy?
400
An indicator of price changes for all goods and services produced in an economy
What is the GDP deflator?
400
Temporary unemployment due to being temporarily between jobs or looking for a first job
What is frictional unemployment?
400
The problem of workers being underutilized either as part-time workers or by working at jobs not appropriate to their skills or education
What is underemployment?
400
A recent student studying hotel and restaurant management is searching for his/her dream job after graduation
What is an example of someone facing frictional unemployment?
500
Product quality, composition of output, income distribution, leisure and the environment
What are five limitations of GDP?
500
Nominal GDP / GDP Deflator (in hundredths)
What is real GDP?
500
Unemployment due to a mismatch between people and jobs
What is structural unemployment?
500
Gross Domestic Product calculated as total income is identical to Gross Domestic Product calculated as total spending?
What is GDP identity?