ECON EXAM II- Chapter 7

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  1. GDP
    market value of all final g&s
  2. final GorS
    something purchased by a final user
  3. intermediate GorS
    is an input into another GorS (tire on a truck)
  4. net exports
  5. GDP equation
    Y= C+I+G+NX
  6. underground economy
    selling of GorS that is hidden from the gvmt (illegal, drugs)
  7. nominal GDP
    value of a GorS evaluated at the current year prices
  8. real GDP
    value of a GorS evaluated at base year price
  9. GDP deflator
    Nominal GDP/ Real GDP x 100
  10. costs and inefficiency can emerge from
    private sector behavior
  11. governor asks residents to exercise more...people become more fit
    firms locate in indiana (perceive lower costs) creating more jobs and tax revenue
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ECON EXAM II- Chapter 7
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