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What is GDP?

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Gross Domestic Product

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GDP measures the:

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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?

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investment

Front

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

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Nominal GDP

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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)

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Government Expenditures

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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

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Real GDP per capita

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

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Real GDP

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What is inflation?

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rise in general prices

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

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Consumer price index