Measuring GDP and Economic Growth
Real GDP for two or more successive quarters.
A common economic definition of a recession is a time with a decrease in...
Expansion, peak and recession.
Business cycles follow a pattern of trough,...
The income approach and the expenditure approach.
Two methods of measuring GDP are...
A good that is used in the production of a final good which is then sold for use (coffee beans made into coffee then sold at Tim Hortons)
An intermediate good is...
Goods and services.
Consumption expenditure is the payment by households for consumption of...
Qatar's. Qatar's GDP will rise.
If McDonalds (an American corporation) sells a Big Mac in Qatar, which country's GDP is affected?
Personal consumption expenditures.
In most economies, the largest component of GDP is...
C + I + G + (X - M)
In the form of an equation GDP = ...
The value of imports exceeds the value of exports.
Net exports is negative if...
The current year.
Nominal GDP is the value of final goods and services at the prices of...
The potential GDP
The business cycle refers to fluctuations in the level of real GDP around...
Purchases of final goods and services.
The circular flow diagram shows that the total amount of income generated by the economy equals the total...
Net exports.
The exports of goods and services minus the imports of goods and services is known as...
The services of labour, land and capital.
The factor market can best be described as where firms buy...
Potential GDP
The maximum amount of GDP that can be produced while avoiding shortages of labor, capital, land, and entrepreneurship that would bring rising inflation is called the...
Real GDP.
The value of total production of all the nation's farms, factories, shops and offices measured in the prices of a single year is used to determine...
Not counting intermediate goods or services.
The word "final" in the definition of GDP refers to...
GDP measures the value of the aggregate production of goods and services in a country during a given time period.
What does gross domestic product (GDP) measure?