Macroeconomics Flashcards
1
Q
Ways to measure GDP
A
Expenditure, income, &
2
Q
Expenditure GDP formula
A
Consumption (C) + Investments (I) + Government expenditure(G) + (Exports [X] - Imports [M])
3
Q
Gross National Income formula
A
GDP + Net inflations of money
4
Q
Gross National Income definition
A
Income received by residents regardless of where it is produced
5
Q
GDP
A
Production within a country’s border
6
Q
Ways that GNI decreases
A
Remittances & repatriation of profits
7
Q
Nominal GDP formula
A
P x Q
8
Q
Economic growth definition
A
An increase in real GDP over a period of time
