chapter 10 Flashcards
1
Q
GDP definition
A
The market value of all goods and services produced within a country in a given period of time
2
Q
components of GDP
A
- Consumption (C)
- Investment (I)
- Government Purchases (G)
- Net Exports (NX)
3
Q
formula for GDP deflator
A
nominal GDP/Real GDP X 100
4
Q
Formula for inflation rate
A
GDP deflator
