The value of foreign goods purchased exceeded the value of goods sold to foreigners during the year.
  • Income generated by a nation's domestic production...
  • For an economy as a whole, income must equal expenditure because...
  • For the purpose of calculating GDP, investment is spending on...
  • If net exports is a negative number for a particular year, then...
Value of all final goods and services produces within a country in a given period of time.
  • GDP
  • Transfer payments are...
  • If net exports is a negative number for a particular year, then...
  • Real GDP
Every dollar of spending by some buyer is a dollar of income for some seller.
  • For the purpose of calculating GDP, investment is spending on...
  • If net exports is a negative number for a particular year, then...
  • Changes in nominal GDP reflect...
  • For an economy as a whole, income must equal expenditure because...
durable goods, nondurable goods, and services.
  • The consumption component of GDP includes spending on...
  • Income generated by a nation's domestic production...
  • Consumption consists of spending by households on goods and services, with the exception of...
  • Expenditures on a nation's domestic production...
Percentage change in the price level from one period to another.
  • Changes in real GDP reflect...
  • Inflation rate
  • Transfer payments are...
  • Changes in nominal GDP reflect...
Purchases of new houses
  • Consumption consists of spending by households on goods and services, with the exception of...
  • If net exports is a negative number for a particular year, then...
  • The consumption component of GDP includes spending on...
  • Expenditures on a nation's domestic production...
Are equal to its domestic production
  • Income generated by a nation's domestic production...
  • The consumption component of GDP includes spending on...
  • Changes in real GDP reflect...
  • Expenditures on a nation's domestic production...
When studying the changes in the economy over time, economist want a measure of the total quantity of goods and services the economy is producing that is not affected by changes in the prices of those goods and services. In other words, economists want to study...
  • Transfer payments are...
  • GDP
  • Inflation rate
  • Real GDP
both changes in prices and changes in the amounts being produced.
  • Transfer payments are...
  • Inflation rate
  • Changes in nominal GDP reflect...
  • Changes in real GDP reflect...
Not included in GDP because they are not payments for currently produced goods or services.
  • Inflation rate
  • Changes in nominal GDP reflect...
  • Transfer payments are...
  • Changes in real GDP reflect...
100
  • Income generated by a nation's domestic production...
  • For the purpose of calculating GDP, investment is spending on...
  • In the base year, GDP deflator is always...
  • Expenditures on a nation's domestic production...
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