GDP & Inflation

What is GDP?

• Gross Domestic Product

• Get Duties Prior

• Gross Department Power

• Gross Duties Peer

GDP measures the:

• Total market value of intermediate goods and services produced by the citizens of a country in a given year.

• Total market value of all final goods and services produced in an economy in a given year.

• Change in total employment at U.S. owned firms over the course of a given year.

• Change in production levels at U.S. owned firms measured quarterly.

Business spending on physical capital, new homes, and inventories is counted in which component of GDP?

• consumption

• investment

• imports-exports

• government spending

What type of GDP is calculated with the current year's prices?

• Nominal GDP
• Real GDP
• GDP per capita

High levels of GDP per capita indicate...

• Higher levels of happiness 
• Higher standard of living
• Equal levels of wealth 
• Self-sufficient communities

Tanks and roads belong in which part of the GDP formula?
GDP = C+I+G+(X-M)

• Consumption Expenditures
• Investment Expenditures
• Government Expenditures
• Net Imports

Which of the following is the best measurement of a country's living standard?

• Nominal GDP

• Real GDP

• GDP per capita

• Real GDP per capita

What is the total value of all final goods and services produced in the economy calculated using the prices of a selected base year?

• Nominal GDP

• Real GDP per capita

• Real GDP

• GDP per capita

What is inflation?

• rise in all prices
• rise in most prices
• rise in some prices
• rise in general prices

The _______ considers the weighted averages of a group of consumer goods and services.

• Consumer price index

• Aggregate supply

• Producer price index

• Aggregate demand