Chapter 14 Econ

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What instrument do we use to calculate real GDP

Implicit GDP price deflator

Real GDP is typically smaller than nominal GDP because of

Inflation

What is the largest component of GDP

consumption

What do we call the curve that shows the quantity of all goods and services that households demand in a country

Aggregate

relationship between a countries standard of living and it economic output can be described as

Directly related

The primary measure of a countries development is

Per capita gross domestic product

Real GDP per capita is the preferred measure of economic growth over the long run because

Prices and population change over time

What do we call a measurement like GDP that has been adjusted for inflation

Real GDP


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