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Summary ECON112 - CHAPTER 3: measuring the economy: GDP and economic growth
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a hand note with a summary of chapter 3, with practice questions, and exercises, formula, and glossary
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1) Macroeconomics ismainly concerned w/ the
study of
fluctuations & trends in
aggregated data
2) Eehe economic problems studied in macroeconomics
include :
Rehe level
of economic
activity
8he rate
of unemployment
"
3) In the term
"
national
macroeconomics, income
refers to :
8 he value
of the income
generated by the production of total output
4) Which
of the following is an alternative
for the term
,
factors
" "
?
of production
Productive resources or
inputs
5) All
of the
following except one are true
of economic theories / model
Gheg always perfectly reflect reality
" "
6) Technology
8 he way various
factors of production are combined to obtain output .
7)
of
?
Opportunity cost a particular product
the value of the next -
best alternative that is
given up as a result
of buying that particular product .
,8) What the w/ growth ?
is controversy economic
Economic growth leads to increase pollution
1) Total value added in an
economy
is equal to the value
of
↳ all final goods produced
for
"
2) 8ha added individual
"
value an
firm can be
calculated by
the made to
factors of production
↳
adding up payments
used by the firm
3) All goods 8 services produced by one firm but used as inputs
into a
further stage of production are called
intermediate goods
4) Which purchas by households is considered as consumption
?
expenditure for the purposes of national income
accounting
legal services
, the circular
5) Consider
flow of expenditure I income
which the circular
flow
into ?
is an
injection
↳ Bombardier exports subway cars to Mexico
6) An example of transfer payment
:
a is
↳
pensions paid from the Canada Pension Plan
, Measuring the
Economy
GDP & Economic
Growth
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