Term
| A country with a larger GDP per person generally has a greater standard of living or quality of life than a country with a smaller GDP per person. |
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Definition
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Term
| A new car produced in 2005, but first sold in 2006, should be counted in 2006 GDP because that is when it was first sold as a final good. |
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Definition
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Term
| A recession occurs when real GDP declines. |
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Definition
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Term
| An example of a transfer payment is... |
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Definition
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Term
| Cigarettes should be valued in GDP at $3.50 per pack even though $1.00 of that price is tax because the buyers paid $3.50 per pack. |
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Definition
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Term
| Depreciation is the value of the wear and tear on the economy's equipment and structures. |
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Definition
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Term
| For an economy as a whole, income equals expenditure of the buyer. |
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Definition
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Term
| Gross domestic product can be measured as the sum of... |
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Definition
| consumption, investment, government purchases, and net exports. |
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Term
| Gross domestic product is the sum of the market value of the... |
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Definition
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Term
| How is your purchase of a $40,000 BMW automobile that was produced entirely in Germany recorded in the U.S. GDP accounts? |
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Definition
| Consumption increases by $40,000 and net exports decrease by $40000 |
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Term
| If U.S. GDP exceeds U.S. GNP, then foreigners produce more in the United States than U.S. citizens produce in the rest of the world. |
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Definition
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Term
| If U.S. GDP exceeds U.S. GNP, then foreigners produce more in the United States than U.S. citizens produce in the rest of the world. |
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Definition
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Term
| If U.S. GDP exceeds U.S. GNP, then.. |
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Definition
| foreigners are producing more in the US than Americans are producing in foreign countries. |
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Term
| If a cobbler buys leather for $100 and thread for $50 and uses them to produce and sell $500 worth of shoes to consumers, the contribution of GDP is... |
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Definition
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Term
| If nominal GDP in 2005 exceeds nominal GDP in 2004, then the production of output must have... |
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Definition
| risen or fallen because there is not enough information to determine what happened to real output. |
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Term
| If nominal GDP in 2006 exceeds nominal GDP in 2005, real output must have risen. |
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Definition
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Term
| If the lumberyard sells $1000 of lumber to a carpenter and the carpenter uses the lumber to build a garage that he sells for $5000, the contribution to GDP is $6000. |
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Definition
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Term
| If your grandparents buy a new retirement home, this transaction would affect... |
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Definition
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Term
| In the United States, investment is largest component of GDP. |
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Definition
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Term
| Net national product always exceeds a nation's total income because of depreciation and taxes. |
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Definition
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Term
| Nominal GDP employs current prices to value output while real GDP employs constant base-year prices to value output. |
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Definition
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Term
| Real GDP is measured in ___ prices while nominal GDP is measured in ___ prices. |
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Definition
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Term
| The production of an apple contributes more to GDP than the production of a gold ring because food is necessary for life itsef. |
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Definition
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Term
| The value of plant and equipment worn out in the process of manufacturing goods and services is measured by... |
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Definition
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Term
| U.S. GDP would exclude which of the following? |
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Definition
| cotton purchased by Lee Jeans |
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Term
| U.S. gross domestic product (in contrast to gross national product) measures the production and income of... |
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Definition
| people and factories located within the borders of the United States. |
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Term
| Wages are an example of a transfer payment because there is a transfer of payment from the firm to the worker. |
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Definition
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Term
| What is the approximate percentage increase in prices from 2003 to 2004? (pens/books) |
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Definition
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Term
| What is the percentage increase in prices from 2002 to 2003? (pens/books) |
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Definition
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Term
| What is the percentage increase in real GDP from 2003 to 2004? (pens/books) |
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Definition
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Term
| What is the value of nominal GDP for 2003? (Pens/Books) |
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Definition
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Term
| What is the value of real GDP for 2003? (pens/books) |
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Definition
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Term
| What is the value of the GDP deflator in 2003? (pens/books) |
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Definition
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Term
| When the city of Chicago puchases a new school building, the investment component of GDP increases. |
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Definition
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Term
| Which of the following would be excluded from 1989 GDP? The sale of... |
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Definition
| a home built in 1988 and first sold in 1989 |
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