ch 6: GDP

Question 1

Gross Domestic Product:

Answer 1

Primary indicator of a nation output and income

Question 2

real GDP equation

Answer 2

nominal/deflator*100

Question 3

deflator equation

Answer 3

nominal/real*100

Question 4

real GDP equation

Answer 4

(real*deflator)/100

Question 5

3 uses of GDP

Answer 5

1. Measure living standards
2. Measure economic growth
3. Determining if an economy is healthy