LESSON 5 ECON1301 STUDY QUIZ – Flashcards
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GNP is a measure of production for all American firms throughout the world.
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Gross National Product
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Total, business investment spending for depreciation and new capital in a given year.
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Growth Private Domestic Investment
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A correction that is made to expenditure GDP to account for sales taxes that are collected at the point of final sale which is a more accurate measure for the final price.
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Indirect Business Tax
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measurers of economic activity and monetary flows that track changes in spending and impact on the business cycle.
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National Income Accounting
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Overall GDP corrected for depreciation or the consumption of fixed capital.
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Net Domestic Product
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A comparison of monetary flows as goods are imported and exported and the economic impact.
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Net Exports
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Personal income minus personal income tax leaves the consumer with disposable income.
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Personal Income
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The total spending of all consumers in the U.S. economy which makes up abut two-thirds of all consumption in a given year.
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Personal consumption
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Use the table below to answer the question that follows - Investment Spending by the Business sector must be ___________ billion.
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500 (investment business and comp
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The _____________ approach to GDP follows the flows of income to each sector of the economy and concludes with the GDP.
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expenditure**** production recession none of the above
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The accounting of income as generated from expenditure GDP.
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Social Accounts
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Total investment is the replacement of depreciated capital _________ new additions or to capital equipment
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plus
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Unreported economic activity and income usually with the intent to evaded taxes on that income.
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Underground Economy
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A ____________ gap between GDP and NDP indicates an increasing obsolescence/depreciation of capital goods.
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growing
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The amount of ______________ is a positive measure of social welfare, but is not considered in GDP calculations.
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leisure
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