Measuring the Economy

what is nominal gross domestic product (NGDP)

• total money value of all final goods/services produced within a country in a year

• total value of money produced within a country in a year

• total value of things produced within a country in a year

what is RGDP

• normal GDP adjusted for stagflation

• normal GDP adjusted for recession

• normal GDP adjusted for inflation

what is RGDP/captia

• measures the growth of the economy

• measures the standard of living

• measures the population

what doesn't count in GDP

• substitute goods, new goods, financial transactions, intermediate goods, illegal goods

• imports goods, resold goods, financial transactions, intermediate goods, illegal goods

• imports goods, new goods, financial transactions, legal goods

what is depression

• long term recession

• long term inflation

• long term stagflation

what is recession

• increase in RGDP also with more production in 6 months

• increase in RGDP with less production in 6 months

• decrease in RGDP also with less production in 6 months

what is inflation

• general decrease in average price level of the economy

• general increase in average price level of the economy

• general increase in average production level of the economy

who does inflation effect

• people with fixed incomes

• people with incomes that vary

• people unemployed

what is unemployment rate

• percentage of civilian labor force retired from a job

• percentage of civilian labor force seeking a job

• percentage of civilian labor force with a job

what type(s) of unemployment is considered natural

• cyclical and frictional

• structural and cyclical

• structural and frictional