AP Macroeconomics Unit 2

Front

The expenditure by all levels of government on goods and services

Back

Government expenditure on goods and services

Front

The expenditure by households on consumption goods and services.

Back

Consumption expenditure

Front

The market value of all the final goods and services produced within a country in a given time period.

Back

Gross Domestic Product

Front

The purchase of new capital goods (tools, instruments, machines, buildings) and additions to inventories

Back

Investment

Front

The value of the final goods and services produced in a given year expressed in terms of the prices in a reference base year.

Back

Real GDP

Front

The value of the final goods and services produced in a given year expressed in terms of the prices of the same year.

Back

Nominal GDP

Front

Items that firms in the United States produce and sell to the rest of the world

Back

Exports of goods and services

Front

The value of exports of goods and services minus the value of imports of goods and services.

Back

Net exports of goods and services

Front

Expectant parents buy supplies for the nursery. Would this be included in GDP?

Back

Yes - Consumer Spending

Front

Which of the following purchases is included in the calculation of gross domestic product? A used economics textbook from the bookstore, 1,000 shares of stock in a computer firm, A car produced in a foreign country, New harvesting equipment for the farm

Back

New harvesting equipment for the farm