Paper 2 Flashcards
1
Q
How to calculate real GDP for next year if chart says real GDP for previous year was 200 million. Percentage is given for both previous and new year
A
Use percent given for new year that you’re trying to calculate and multiply it by 200 million which is the gap given from the previous year
2
Q
Explain the term ‘real gross domestic product’
A
The total value of goods and services produced in an economy over a given period of time, adjusted for inflation
3
Q
Define GDP per capita
A
The value of GDP divided by the population of the country. (capita=Head)
- measures the average output per person in an economy
4
Q
A
