Chapter 19 Macroeconomics and the GDP

An economic expansion.

The phase of the business cycle where the economy is growing faster than usual is called

Per capita GDP.

To determine living standards for the average person, we calculate

Consumption and imports.

When people in the United States buy clothing made in China, this counts as

A visit to your doctor.

Which of the following is a service?

Services

Which of the following represents the largest share of U.S. GDP

3%

the long run average growth rate of real GDP in the U.S. economy is about

70%

Consumption is approximately _______ of GDP.

Changes in average living standards.

GDP is a good, but not the best, measure of

Final goods and services produced within a country within a given time.

GDP is best defined as the total market value of all

the month.

GDP is most often measured by