Acronyms Meaning

Question 1

GDP(gross domestic product)

Answer 1

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

Question 2

NGDP (nominal gross domestic product)

Answer 2

measured in terms of the price level at the time of measurement; not adjusted for inflation

Question 3

Ig (gross private domestic investment)

Answer 3

expenditures for newly produced capital (machinery,equipment, tools, and buildings) and for additions to inventories

Question 4

C (personal consumption expenditures)

Answer 4

expenditures of households for for both durable and nondurable consumer goods

Question 5

G (government purchases)

Answer 5

includes spending by all levels of government and direct purchases of labor, exudes transfer payments

Question 6

Xn (net exports)

Answer 6

exports-imports

Question 7

NI (national income)

Answer 7

income earned by all american owned resources anywhere in the world

Question 8

PI (personal income)

Answer 8

income received by households

Question 9

DI (disposable income)

Answer 9

personal income - personal taxes

Question 10

NDP (net domestic product)

Answer 10

GDP - depreciation

Question 11

CPI (consumer price index)

Answer 11

measures prices of a fixed “market basket” of some 300 goods and services bought by a “typical” consumer

Question 12

RGDP (real gross domestic product)

Answer 12

adjusted for inflation; GDP in a year divided by GDP for price index for that year