Gross Domestic Product

Front

Dollar value of all final goods and services produced within a country in a given year.

Back

GDP

Front

Why is real GDP more accurate than nominal GDP?

Back

It's adjusted for price changes.

Front

What is one limitation of GDP?

Back

It does not measure health and happiness.

Front

Period of economic expansion followed by a period of economic contraction.

Back

business cycle

Front

Which of the following are leading indicators? Options: stock prices and external stocks, tax rates and unemployment rates, interest rates and stock prices, tax rates and stock prices

Back

interest rates and stock prices

Front

Goods, services, and intermediate products produced in other countries.

Back

import

Front

Goods, services, and intermediate products produced in other countries.

Back

import

Front

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

Back

investment

Front

The total dollar value of all final goods and services produced within the country’s border in a given year. This measure includes inflation.

Back

Nominal Gross Domestic Product (GDP)

Front

The total dollar value of all final goods and services produced within the country’s border in a given year after inflation is taken out of the data.

Back

Real GDP