final

Question 1

real gdp

Answer 1

gdp that is adjusted for base year prices, multiplying the quantity by base year growth

Question 2

nominal gdp

Answer 2

gdp that is not adjusted for inflation, measures all final goods at current year prices

Question 3

real gdp formula

Answer 3

nominal/deflator

Question 4

fiscal policy

Answer 4

change in federal purchases+transfers intrest payments, or fed taxes

Question 5

fiscal policy vs monetary

Answer 5

fiscal policy focuses on gov spending and tax rates while monetary focuses on central banks and intrest rates