LESSON 5 ECON1301 STUDY QUIZ – Flashcards
Unlock all answers in this set
Unlock answersquestion
GDP date adjusted for price changes by using the price index.
answer
Adjusted GDP
question
The arbitrary beginning year or benchmark for any statistical index
answer
Base Year
question
A measure of price changes in our economy during a given periods by tracing the prices of a pre-determined number of consumer items.
answer
Consumer Price Index
question
The total, final sales price of all goods and services consumed in our economy in one year. GDP measures only domestic production (inside U.S territory).
answer
Gross Domestic Product
question
GNP is a measure of production for all American firms throughout the world.
answer
Gross National Product
question
Total, business investment spending for depreciation and new capital in a given year.
answer
Growth Private Domestic Investment
question
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.
answer
Indirect Business Tax
question
measurers of economic activity and monetary flows that track changes in spending and impact on the business cycle.
answer
National Income Accounting
question
Overall GDP corrected for depreciation or the consumption of fixed capital.
answer
Net Domestic Product
question
A comparison of monetary flows as goods are imported and exported and the economic impact.
answer
Net Exports
question
Personal income minus personal income tax leaves the consumer with disposable income.
answer
Personal Income
question
The total spending of all consumers in the U.S. economy which makes up abut two-thirds of all consumption in a given year.
answer
Personal consumption
question
Use the table below to answer the question that follows - Investment Spending by the Business sector must be ___________ billion.
answer
500 (investment business and comp
question
The _____________ approach to GDP follows the flows of income to each sector of the economy and concludes with the GDP.
answer
expenditure**** production recession none of the above
question
The accounting of income as generated from expenditure GDP.
answer
Social Accounts
question
Total investment is the replacement of depreciated capital _________ new additions or to capital equipment
answer
plus
question
Unreported economic activity and income usually with the intent to evaded taxes on that income.
answer
Underground Economy
question
A ____________ gap between GDP and NDP indicates an increasing obsolescence/depreciation of capital goods.
answer
growing
question
The amount of ______________ is a positive measure of social welfare, but is not considered in GDP calculations.
answer
leisure
