Macro 2.1-2-Winddown-Measuring a Nation's Income
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Last updated 12 months ago
7 questions
1
Explain why an economy's income must equal it's expenditures.
Explain why an economy's income must equal it's expenditures.
1
Which contributes more to GDP: The production of an economy boat or the production of a luxury boat?
Which contributes more to GDP: The production of an economy boat or the production of a luxury boat?
1
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?
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
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?
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?
1
What are the 4 components of GDP?
What are the 4 components of GDP?
1
Why do economist use Real GDP instead of Nominal GDP?
Why do economist use Real GDP instead of Nominal GDP?
1
Give an example of something for which GDP does not account.
Give an example of something for which GDP does not account.