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Principles Of Macroeconomic Analysis (ECON 102) Unit 2 Chapter 6

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Unit 2 Chapter 6 And 8 Quizzes – Annual Calculation Of Accounts And Finance-if imports exceed exports, as in recent years, then __________ exists.

University

California State University Chico

Course

Principles of Macroeconomic Analysis (ECON 102)

Ch. 6 Questions and Answers
1. GDP is:

2. Final goods or services used to compute GDP refer to:

3. The change in inventories, a component of aggregate supply, comprises roughly _____
of GDP

4. Middle-income countries, which include much of Latin America, Eastern Europe, and
some countries in East Asia, have per capita GDP in the range of ______.

5. In order to avoid double counting, statisticians just count the _______.

6. Which of the following is true?

7. India has a GDP of 23,000 billion Indian rupees, and a population of 1.1 billion. The
exchange rate is 50 rupees per U.S. dollar. Calculate GDP per capita of India as
measured in U.S. dollars.

8. On the demand side of GDP, consumption by _____ is the largest component of GDP,
accounting for about two-thirds of the GDP in any year.

9. Which of the following is not counted as a part of GDP

10. Which of the following is not included in GDP?

11. The gap between exports and imports in a nation’s economy is called the

12. Consumption in the United States is about ____________ of GDP, and it moves relatively
little over time.

13.The difference between nominal GDP and real GDP is:

14. Middle-income countries, which include much of Latin America, Eastern Europe, and
some countries in East Asia, have per capita GDP in the range of _____

15. _____is calculated by taking _________ and then subtracting the value of how much
physical capital is worn out, or reduced in value because of aging, over the course of a year.

16. In order to avoid double counting, statisticians just count the __________________.

17. A business cycle reflects changes in economic activity, particularly real GDP. The stages
of a business cycle are:

18. If imports exceed exports, as in recent years, then __________ exists.

19.The nominal value of any economic statistic refers to the number that is actually
announced at that time, while the ________________ refers to the statistic after it has been
adjusted for inflation.

20.To compare the GDP of two different countries with different currencies, it is necessary to
use _________________________.

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Principles Of Macroeconomic Analysis (ECON 102) Unit 2 Chapter 6

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