Front

What is GDP?

Back

Gross Domestic Product

Front

GDP measures the:

Back

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

Front

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

Back

investment

Front

High levels of GDP per capita indicate...

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Higher standard of living

Front

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

Back

Government Expenditures

Front

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

Back

Real GDP per capita

Front

What is inflation?

Back

rise in general prices

Front

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

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Consumer price index

Front

Which of the following causes of inflation is often described as “too much money chasing too few goods”?
Options: Demand-pull inflation, Cost-push inflation, Demand-push inflation, Cost-pull inflation

Back

Demand-pull inflation

Front

What causes cost-push inflation?

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A rise in production costs passed on to consumers