Chapter 1. Introduction and GDP

Question 1

How Is macroeconomics & microeconomics defined?

Answer 1

Microeconomics: microeconomics analyses how individuals and companies make decisions and interact in markets
Macroeconomics: Macro. analyses overall economic issues such as growth, investments, unemployment or price stability (short and long term)

Question 2

Definiton if the GDP

Answer 2

GDP is the market value of all goods and services for final consumption which are produced in a particular country in a given period of time.

Question 3

definition og GNI?

Answer 3

Creation of value (added value) by permanent resident at home and abroad

Question 4

Types of calculation of GPD

Answer 4

Output measure= GDP as value of final goods and services produced in an economy in a given period or is the sum of value added in the economy in a period (it counts even if its not sold)

Income measure: GDP as the sum of payments for the production factor (labor, capital and land) paid by domestic enterprises

Expenditure measure: the sum of private and public consumption, investment and net exports
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Question 5

Nominal and real GDP

Answer 5

nominal gpd: measures the output based on current on prices
real gpd: measure the output based on constant prices (basis year). GDP in constant prices

GDP-deflator: measures the increase in the nominal GDP that is due to an increase in prices
GDP deflator:
nominal gdp/real gdp

Question 6

Growth rate and average growth rate

Answer 6

repasa las formulas y haz pagina 21 glemser del ordenador (típica pregunta)

Question 7

Reasons of the incompleteness of the gdp

Answer 7

–> black market
–> unpaid work
–> technology access or environmental damage