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GDP Flashcards

(10 cards)

1
Q

What is GDP?

A

a measure of the value of all the goods and services newly produced in a country during some period of time.

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2
Q

What are the factors which make up GDP?

A

Consumption (C), Investments (I), Government Purchases (G), Net Exports (X)

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3
Q

What is the Spending approach to calculating GDP

A

Y(GDP)= C + I + G + X

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4
Q

What is real GDP?

A

a measure of production that corrects for inflation.

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5
Q

To calculate the real GDP of 2012 in reference to 2008 we must __________.

A

use the same prices for both years.

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6
Q

What is the nominal GDP?

A

GDP without any correction for inflation

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7
Q

What is a GDP deflator ? How do you calculate it ?

A

a measurement of the level of prices of Good and Services included in real GDP relative to a given base year.

GDP deflator = Nominal GDP / real GDP

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8
Q

how does knowing the GDP deflator help us find the Real GDP

A

Real GDP = nominal GDP / GDP deflator

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9
Q

the percentage change in GDP from one year to another is a measure of the ___________?

A

rate of inflation.

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10
Q

what is CPI

A

Consumer Price Index, a price index equal to the current price of a fixed market basket of consumer goods and services relative to a base year.

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