What are the three goals of every economy?
Macroeconomics Unit 2 Flashcard

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•
Social Studies
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
To measure growth, reduce unemployment, and keep prices stable
2.
FLASHCARD QUESTION
Front
What is GDP?
Back
The dollar value of all goods and services produced in a country's border in a given year.
3.
FLASHCARD QUESTION
Front
Which approach is the most important way to measure GDP? Options: Expenditures approach, Income approach, Value-added approach, All approaches are equally important
Back
Expenditures approach
4.
FLASHCARD QUESTION
Front
What is the equation for calculating GDP using the expenditures approach?
Back
C + I + G + Xn
5.
FLASHCARD QUESTION
Front
Which of the following is not included in GDP? Intermediate goods, Non-production transactions, Use goods, Illegal transactions
Back
Intermediate goods
6.
FLASHCARD QUESTION
Front
What is the circular flow model?
Back
A model that shows the flow of goods and services in an economy
7.
FLASHCARD QUESTION
Front
What is the labor force participation rate?
Back
The percentage of the total population that is in the labor force
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