Gdp price deflator - Study guides, Class notes & Summaries

AP Macroeconomics Exam Questions Marking Scheme New Update (Verified A+ Pass) Movement on Short-Run Phillips Curve - Answers - Shift in AD (graph movement is in opposite direction) Shift of Short-Run Phillips Curve - Answers - Shift in SRAS (shift is in opposite direction) Shift of Long-Run Phillips Curve - Answers - Factors of Production/Shift in LRAS (shift is in opposite direction) Factors of Production - Answers - 1. Land 2. Labor 3. Capital 4. Technology 5. Sometimes Foreign...

spending by households on goods and services, with the exception of purchases of new housing correct answers Consumption spending on capital equipment, inventories, and structures, including household purchases of new housing correct answers Investment the study of economy-wide phenomena, including inflation, unemployment, and economic growth correct answers Macroeconomics the market value of all final goods and services produced within a country in a given period of time correc...

Tariff A tax on imported goods Who benefits/loses from free trade? 1. Foreign producers of steel (exports steel to US) 2. Buyers of steel and steel-related products (price falls and quantity increases) Who is worse off because of free trade? 1. Domestic producer of steel (sells lower quantity and at a lower price) Who benefits from tariffs? (US steel producers example) 1. Domestic producers of steel (sells more at a higher price) Who is worse off because of the tariff? 1. Foreign produc...

Microeconomics - correct answer the study of how individual households and firms make decisions and how they interact with one another in markets Macroeconomics - correct answer the study of the economy as a whole What is the goal of macroeconomics? - correct answer to explain changes that affect many households, firms, and markets simultaneously GDP deflator - correct answer a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100 GDP deflato...

Demand Curve Shift Upward (direct relationship-positive shift) - ACCURATE ANSWERS The price of subsitute goods, expectations of price changes, income for normal goods, and extent of market Demand Curve Shift Downward (inverse relationship-neg. shift) - ACCURATE ANSWERS The price of complement good, income for inferior goods, and consumer boycotts SWOT analysis - ACCURATE ANSWERS strengths, weaknesses, opportunities, threats Three common measures of price inflation: - ACCURATE ANSWERS 1....

Demand Curve Shift Upward (direct relationship-positive shift) - correct answer The price of subsitute goods, expectations of price changes, income for normal goods, and extent of market Demand Curve Shift Downward (inverse relationship-neg. shift) - correct answer The price of complement good, income for inferior goods, and consumer boycotts SWOT analysis - correct answer strengths, weaknesses, opportunities, threats Three common measures of price inflation: - correct answer 1....

Nominal GDP correct answers the value of final goods and services evaluated at current-year prices How to calculate nominal GDP correct answers C + I + G +NX Real GDP correct answers The value of final goods and services evaluated at base-year prices How to calculate real GDP correct answers P*Q for every good in GDP and add them all together BASE YEAR 2014 - 100M visits at $50 each 2015 - 103M visits at $53 10M cars at $20,000 each 11M cars at $20,500 each real GDP for 2015: (1...

Microeconomics - Answer the study of how individual households and firms make decisions and how they interact with one another in markets Macroeconomics - Answer the study of the economy as a whole What is the goal of macroeconomics? - Answer to explain changes that affect many households, firms, and markets simultaneously GDP deflator - Answer a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100 GDP deflator formula - Answer GDP de...

ECO4223 Final Exam Review Questions and Answers 100% Solved Which of the following contributes to GDP? D) Value of all final goods and services. Which of the following is true regarding GDP? A) GDP does not include intermediate goods, which are used to produce other final goods. (Example: Tires used to make a car) If the CPI in 2004 is 200, and in 2005 the CPI is 180, the rate of inflation from 2004 to 2005 is D) -10% If the Nominal GDP in 2001 is $9 trillion, and 2001 real GDP in 199...

GDP is the value of all ________ produced in a given period. final goods and services Suppose nominal GDP increased in a given year. Based on this information, we know with certainty that either real output or the price level (GDP deflator) have increased In a given year, suppose a company spends $100 million on intermediate goods and $200 million on wages, with no other expenses. Also assume that its total sales are $800 million. The value added by this company equals $700 million Solu...