Exam (elaborations)
Econ 202 Exam 1 Study Guide
- Course
- Institution
Econ 202 Exam 1 Study Guide
[Show more]
Content preview
Econ 202 Exam 1 Study GuideY is Correct Answer-GDP
C is Correct Answer-consumption
I is Correct Answer-investment
G is Correct Answer-Government expenditure
NX is Correct Answer-net export
NX equals Correct Answer-export - import (NX = X-M)
GDP Equation Correct Answer-Y = C + I + G + NX
Value added approach GDP Correct Answer-market value of all final goods and services produced within a country in a given period of time (FINAL MARKET VALUE is the orange juice itself, NOT the oranges and ingredients that make it)
Inventory - goods produced to be sold are Correct Answer-investments
Nominal GDP uses Correct Answer-current years market prices Real GDP uses Correct Answer-market prices of a base year from the past
Nominal GDP is not used for inflation but real GDP is correct for inflation (true or false) Correct Answer-True
Nominal and real of base year is always the same (rewrite) Correct Answer-Nominal and real of base year is always the same
Real GDP growth rate Correct Answer-Real GDP current year - Real GDP previous year / real GDP previous year x 100
(Graph) Why is nominal GDP in 2009 greater than real GDP of 2009? Correct Answer-Market prices of 2009 are greater than market prices of 2005
When will nominal GDP and real GDP for 2018 be the exact same? (Base year 2005) Correct Answer-When the prices are the same as 2005 (base year)
Assume in 2019, GDP Deflator is less than 100. What does this mean? Correct Answer-Means prices in 2019 were less than prices in 2005 (base year)
Real interest rate is Correct Answer-increase in purchasing power
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller cracker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now