#2: Gross Domestic Product Gross domestic product also known as GDP is the total value of all goods and services produced in the economy during a specified period of time‚ such as a year or quarter. GDP is very important to the American economy because it effects each individual in some type of way. Improvements in the economic well-being of individuals in any society cannot occur without such an increase in real GDP. When real GDP per capita is increasing‚ then the well-being- or the standard of
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Economic growth is best defined as either real GDP or real GDP per capita Real GDP per capita is found by dividing real GDP by population Which of the following best measures improvements in the standard of living of a nation? Growth of real GDP per capita If a nation real GDP increases from 100bill to 106bill and its population jumpts from 200mill to 212mill‚ real GDP per capita will remain constant For comparing changes in potential military strength and political preminence‚ the most meaningful
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A‚ B and C significantly confirm there is one variable cointegrating with GDP in the long
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underestimation of real GDP but not nominal GDP. b. overestimation of real GDP but not nominal GDP. c. overestimation of both real GDP and nominal GDP d. underestimation of both real GDP and nominal GDP 9. Nominal GDP tends to increase at a greater rate than real GDP because: a. nominal GDP includes net exports‚ while real GDP does not. b. nominal GDP includes government purchases and investment expenditures‚ while real GDP includes only investment expenditures. c. nominal GDP includes output and
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makers; iii. The employment promoters should prioritize labour intensive technologies. 1. Introduction The economy of Bangladesh is largely dependent on agriculture‚ which supports the vast majority of her population‚ producing about 32 percent of GDP‚ 23 percent of exports and employing 63
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What does GDP Stand for? What does it capture? What are its strengths and weaknesses as an indicator of economic activity? HASS/Business school Pre Entry Access Course Economic Essay Juan Carlos Sanjuan Zamudio 201495595 16/11/2014 Tutor: Ms. Jacqueline Gildea This essay explains the strengths and weaknesses of the GDP as an indicator of economic activity. It describes the meaning of the abbreviation and what it measures. It explains when it was created‚ why and where. The objective
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1. A nation’s standard of living is best measured by its a. | real GDP. | b. | real GDP per person. | c. | nominal GDP. | d. | nominal GDP per person. | 2. Productivity is defined as the quantity of a. | labor required to produce a nation’s GDP. | b. | labor required to produce one unit of goods and services. | c. | goods and services produced from each unit of labor input. | d. | goods and services produced per unit of time. | 3. The equipment and structures available to
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following would be included in GDP? payment of the monthly telephone bill by Mr. Laconic 4. Consumption in the expenditures approach to calculating GDP includes: purchases of medical services at the local clinic 5. Which of the following is not considered a component of investment when calculating GDP? purchases of corporate stock 6. Which of the following is not included in GDP? interest payments on the national debt 7. Which of the following would not increase U.S. GDP? increased shipments of Ghanian
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2003 Second Midterm‚ 6 March 2003. 1) The quantity of real GDP supplied ________ the amount of ________. A) increases as; labor input decreases B) decreases as; capital input increases C) decreases as; capital and labor input decreases D) is unaffected by; technology 2) If the economy is at the natural rate of unemployment‚ A) real GDP > potential GDP. B) real GDP < potential GDP. C) real GDP = potential GDP. D) All of the above can occur when the economy is at the natural rate
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actor cost plus indirect taxes less subsidies on products is GDP at Producer Price. For measuring output of domestic product‚ economic activities (i.e. industries) are classified into various sectors. After classifying economic activities‚ the output of each sector is calculated by any of the following two methods: By multiplying the output of each sector by their respective market price and adding them together and By collecting data on gross sales and inventories from the records of companies
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