Chapter 2: National Income Accounting Difficulty: Easy 1. In calculating this year’s GDP‚ national income accountants A) include any increase in stock values B) include an estimate for income from illegal activities C) exclude Social Security payments to retirees D) exclude the value of any repairs made on existing property E) exclude the value of new pollution control equipment that is being installed Ans: C Difficulty: Medium 2. Assume you built a new house‚ bought a used
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of Macroeconomics ECO/372 There are many words out there that people do not think about all the time but these terms are mainly used in the business world. These words are Gross Domestic Product‚ Real GDP‚ Nominal GDP‚ Unemployment rate‚ Inflation rate‚ and Interest Rate. Gross Domestic Product is defined as the market value of all the final goods and services produced within a country during a given period. Real GDP is considered to be a nation’s total output of goods and services
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bankruptcy. Personal debt of $2.3 million. Owed more than $1 million in taxes. Victim of the housing market collapse. Trough: Characteristics: Demand for products and services decrease‚ forcing companies to shut down some production facilities. Unemployment leaves the consumers with very little disposable income needed to buy necessities. The gross domestic production declines and standard of living of the people also declines. Celebrity Example: Soichiro Honda Began with a series of failures Jobless
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"The moon is made of green cheese" is incorrect‚ but it is a positive statement because it is a statement about what exists. Positive analysis of economic growth Economic growth is measured as the annual percent change of gross domestic product (GDP). The Gross Domestic Product (GDP) in Pakistan expanded 3.67 percent in the fiscal year 2011-12 from the previous year. GDP Growth Rate in Pakistan is reported by the Pakistan Bureau of Statistics. Historically‚ from 1952 until 2012‚ Pakistan GDP Growth
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Fundamentals of Macroeconomics ECO/372 3/10/13 University of Phoenix Fundamentals of Macroeconomics The economic status of the United States is based on numerous factors. Gross domestic products (GDP)‚ interest rates‚ and inflation rates are the factors that help sustain or damage the economy. The gross domestic product represents the overall value of goods over a specified amount of time‚ which is usually quarterly or yearly. There is also Real GDP‚ which is the same as GDP but‚ it shows the
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output and national income are all equal. Measure of national output/national income/ national expenditure 1. Gross domestic product (GDP) is the total output of goods and services produced in a country in a given time period. 2. Gross national income (GNP/GNI) is the total income earned by a country’s factors of production in a given period of time. 3. Net national income (NNI) is the gross national income adjusted for depreciation (the amount of capital that wears out in a period of time) 4. GDP
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72 ANNEXURES No 1 Page No Gross State Domestic Product at Factor Cost by Industry of 89 Origin from 2004-05 to 2009-10 (A) at Current Prices. Title 2 Gross State Domestic Product at Factor Cost by Industry of Origin from 2004-05 to 2009-10 (A) at Constant Prices (2004-05 Prices). 91 3 Net State Domestic Product at Factor Cost by Industry of Origin from 2004-05 to 2009-10 (A) at Current Prices. 93 4 Net State Domestic Product at Factor Cost by Industry of Origin
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ECON 101 – Macroeconomics Exam 1 (Take-home Part) Name Daniel Martinez Multiple Choice. Encircle the correct answer. [Bring a pencil on Saturday because you will put all your answers to this exam on a scantron sheet.] 1. Rice and potatoes are substitutes. Suppose the price of rice rises and and at the same time there is a bumper (bountiful) crop of potatoes‚ in the market for potatoes one would expect the: A) equilibrium price to rise‚ fall‚ or stay the same and equilibrium
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increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. Economic Growth can be measured by an increase in a country’s GDP (gross domestic product). Economic development is a normative concept i.e. it applies in the context of people’s sense of morality (right and wrong‚ good and bad). The definition of economic development given by Michael Todaro is an increase in living standards
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the economic growth of a country? Experts have proposed many techniques to assess the economic progress of a country. One of these techniques is to calculate the sum of all the goods and services produced in the country which is known as gross domestic product (GDP). The indicator was created in the wake of great depression in 1930s and still is used to measure individual countries’ economic performance. But now most of the economists claim that GDP alone cannot reflect the economic performance
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