Economics Lecture Questions prior to quiz 4

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Author:
budelwood
ID:
8865
Filename:
Economics Lecture Questions prior to quiz 4
Updated:
2010-03-02 18:50:08
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lecture questions
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these are questions I came up with from my notes taken during class lectures.
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  1. What is the best way to measure Economic Growth
    A.Nominal GDP
    B. Real per capita GDP

    C. Real GDP
    B.Real per capital GDP is the best way to measure it.
    (this multiple choice question has been scrambled)
  2. What would be an example of a Recession
    A. both a and c are correct.

    B. 6 months of declining real output
    C. a decline in real output that is shorter than two consecutive quarters of a year.
    D. a decline in real output longer than a year
    E. a decline in real output longer than two consecutive quarters of a year
    A. both a and c are correct.
    (this multiple choice question has been scrambled)
  3. GDP is the sum of four categories of expenditures. GDP = C+I+G+(X-M) what do each of the letters stand for in this equation.
    • C=Consumption
    • I=Investment-includes inventories
    • G=Government spending-valued at cost, excludes transfer payments
    • Net exports X=exports M=Imports
  4. Net Domestic Product is found using this equation- C+(I-depreciation)+G+(X-M) what do the variables stand for.
    • C=consumption
    • I=Investment
    • G=government spending
    • x=exports
    • M=imports

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