Chapter 10 Measuring a nation’s Income

The Income that households and non corporate businesses receive is called

In the national income accounts, depreciation is called

Disposable personal income is the income that

GDP

Real GDP is the yearly production of final goods and services valued at

which of the following is always measured in prices from a base-year?

Retained earning is income that

A transfer payment is

When studying changes in the economy over time, economists 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.

How does U.S gross domestic product (GDP) differ from U.S gross national product (GNP)

U.S GDP

GDP is Defined as the

In the United States in 2009, Consumption represented approximately

When Economists talk about growth in the economy, they measure that growth as the

Macroeconomists study

The term economists use to describe a situation in which the economy's overall price level is rising is

Which of the following statistics is usually regarded as the best single measure of a society's economic well-being?

Changes in the GDP deflator reflect

GDP per person tells us the income and expenditure of the

which of the following is included in the investment component of GDP

In a simple circular-flow diagram, households buy goods and services wit the income they get from

Most goods and services produced at home

A recession has traditionally been defined as a period during which

A form of government spending that is not made in exchange for currently produced good or services is called

Government purchases include spending on goods and services by

Net exports equal

Total income from domestic production of final goods and services equal

The inflation rate is the

Which of the following is included in the investment component of GDP

In the base year, the GDP deflator is always

The basic tools of supply and demand are

The GDP Deflator is the ratio of

In the united states in 2009, purchases of capital equipment, inventories, and structures represented approximately

The percentage change in the price level from one period to another is called

Much of macroeconomics attempts to explain

According to the circular-flow diagram GDP

Which of the following is always measured in prices from a base-year

which of the following statements about GDP is correct?

Real GDP is the Yearly production of final goods and services valued at

Expenditures on a nation's domestic production

According to the circular-flow diagram GDP

Recessions are not associated with which of the following

Income generated by a nation's domestic production

Retained earnings is income that

If total spending rises from one year to the next, then

National income is defined as

Which government entity computes U.S GDP every three months?