Chapter 13 - Measuring the Economy's Performance

Front

What is the total dollar value of all final goods and services produced in a nation in a single year called?

Back

Gross Domestic Product (GDP)

Front

Which of the following is subtracted from National Income to calculate Personal Income? Government transfer payments, Corporate profits, Disposable Personal Income, Wages and salaries

Back

Corporate profits

Front

When calculating GDP, which of the following is included? Sale of used goods, Intermediate goods, Final goods and services, Black market transactions

Back

Final goods and services

Front

How is Net Domestic Product (NDP) different from Gross Domestic Product (GDP)?

Back

NDP subtracts depreciation from GDP.

Front

What term describes a prolonged rise in the general price level of final goods and services?

Back

Inflation

Front

Which index measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services?

Back

Consumer Price Index (CPI)

Front

What does the GDP Price Deflator measure?

Back

The effect of inflation on GDP

Front

Which of the following is NOT a component of GDP? Consumer Sector, Investment Sector, Net Exports, Personal Savings

Back

Personal Savings

Front

What is the term for the total of all planned expenditures in the entire economy?

Back

Aggregate Demand

Front

What is indicated by a downward-sloping aggregate demand curve?

Back

Inverse relationship between price level and quantity demanded