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Macro 2.1-2-Winddown-Measuring a Nation's Income
By Michael Burbine
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Last updated over 1 year ago
7 questions
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Question 1
1.
Explain why an economy's income must equal it's expenditures.
Question 2
2.
Question 3
3.
Question 4
4.
Question 5
5.
What are the 4 components of GDP?
Question 6
6.
Why do economist use Real GDP instead of Nominal GDP?
Question 7
7.
Give an example of something for which GDP does not account.
Which contributes more to GDP: The production of an economy boat or the production of a luxury boat?
Economy Boat
Luxury Boat
C
D
A farmer sells a baker $2 in wheat. The baker uses the wheat to make bread. The bread is sold for $3. What is the total contribution to GDP?
$1
$2
$3
$5
$6
Many years ago Mr. Burbine paid $1000 for CDs. Yesterday he sold those CDs for a $100. What is the total contribution to this years GDP?
$1000
$1100
$0
-$900
$900