Which of the following is included in the calculation of GDP? Underground economy Final products sold for the first time Intermediate goods Volunteer work

Final products sold for the first time

Macroeconomic Indicators: GDP Measurement, Growth Assessment and Business Cycles

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Economics - Macroeconomics

jake12testoswi Created by 10 mon ago

Cards in this deck(40)

What is the marketplace value of all final goods and services produced within a country in a given period of time?

Which of the following is included in the calculation of GDP?

What types of activities are excluded from GDP calculations?

What measures the total value of final goods and services produced in a year by a country's nationals?

What is the term for GDP that values production at constant prices and is adjusted for inflation?

What is the term for GDP that values production at current prices and is not adjusted for inflation?

What describes the amounts of real output buyers collectively desire at each possible price level?

What describes the levels of real domestic output at each possible price level for the whole economy?

What is a good that is not used as an ingredient in another good and is sold for the first time?

What term describes an increase in the ratio of capital to labor?

What is a prolonged economic contraction lasting two or more quarters called?

What is an especially long or severe recession called?

What is an unexpected change in an economic variable that occurs outside the economy?

How is nominal GDP converted to real GDP?

Is GDP completely accurate in measuring the economic well-being of a society?

What are some limitations associated with GDP as a measure of economic activity?

What are two ways of measuring GDP?

What approach counts all the money spent on goods using the output expenditure model C+I+G+(X-M)?

What are the components of the output expenditure model C+I+G+(X-M)?

What approach requires counting the amount of money the entire country earns, including business profits and wages?

What category of spending accounts for the largest portion of GDP?

What are the phases of the Business Cycle?

What is a period of economic growth as measured by a rise in real GDP called?

What is the point when GDP stops rising and the economy is at the height of its economic expansion?

What is a period of economic decline marked by falling real GDP called?

What is the lowest point of economic decline, when real GDP stops falling?

What historical event saw real GDP fall by almost a third and unemployment rise to 1 in 4 Americans?

What government initiative provided employment and increased federal spending during the Great Depression?

What variables affect the business cycle?

How do business decisions affect the business cycle?

How do interest rates and credit availability affect the business cycle?

How do consumer expectations influence the business cycle?

What are the three types of economic indicators?

What type of economic indicators tend to rise or fall before a change in economic activity?

Which of the following are examples of leading economic indicators?

What type of economic indicators provide information about the current state of the economy?

Which of the following are examples of coincident economic indicators?

What type of economic indicators reflect historical performance and tend to rise or fall after a change in economic activity?

Which of the following are examples of lagging economic indicators?

What effect would rising GDP have on inflation and unemployment?

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