Quiz Nov 20 Flashcards

1
Q

who is the biggest economic agent

A

Government

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2
Q

Define GDP

A

Total value of the goods and services produced WITHIN a country during a period of time

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3
Q

GDP starts with who’s choices

A

households

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4
Q

High GDP leads to (4)

A

high happiness
high life expectancy
Human development index
poor

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5
Q

the problem of GDP is that it misses ____________

A

the distribution of income

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6
Q

GDP per capita=

A

GDP/ Population

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7
Q

Limitations of GDP

A

Population
Inequality
Environment
Shadow economy

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8
Q

Nominal
vs
real

A

surface value; Dollar Value (short term)

refers to quantity and value (long term)

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9
Q

3 ways to measure GDP

A

Income
Expenditures
value-added

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10
Q

GDP formula

A

C+I+G+(X-M)

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11
Q

Things that dont count in GDP (3)

A

Intermediate goods
used goods
financial transaction (stocks or bonds)

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12
Q

Business to consumer

consumer to business

A

product market

resource market (factor of production)

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13
Q

GDP measure the ______

A

revenue (not profit)
PxQ

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