GDP & Inflation

Front

What is GDP?

Back

Gross Domestic Product

Front

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?

Back

investment

Front

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

Back

Nominal GDP

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

Back

Real GDP

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