SOL

Question 1

SOL définition

Answer 1

Refers to the material and non-material well-being of an individual

Question 2

MSOL n NMSOL

Answer 2

Quantity of G&S consumed by an average individual where nMSOL refers to quality of life

Question 3

Real GDP

Answer 3

Refers to the total money value of all final G&S produced within a country’s geographical boundary over a year, adjusted for price changes

Question 4

GNI

Answer 4

the sum of gross factor incomes (incomes arising from the involvement in production processes or ownership of assets that may be needed for production) receivable by resident units.

Question 5

Nominal GDP

Answer 5

Measures the value of the economy’s
final output using prices prevailing in
the market in the current year.

Question 6

Equation relating Real and Nominal

Answer 6

Real GDP = Nominal GDP - inflation rate

Question 8

Disposable income(+formula)

Answer 8

Income available to HH for consumption and saving

DI=NI - direct taxes + transfers

Question 9

Calculate GDP per capita

Answer 9

GDP - population growth