Eco Chap 6

The difference between nominal GDP and real GDP is:

For most high-income countries of the world, GDP _________________ over time.

The difference between real GDP and nominal GDP is:

durable goods and non-durable goods comprise approximately ________ of the supply side of the GDP.

Which of the following is true? A depression is a recession that is mild and relatively brief. The expansions and contractions of real world business cycles last varying lengths of time and often differ in magnitude. The timing of business fluctuations is regular and therefore easily predictable. During the contractionary phase of the business cycle, the rate of unemployment is generally quite low.

The value of what businesses provide to other businesses is captured in the final products at the end of the __________ chain.

GDP is

To compare the GDP of two different countries with different currencies, it is necessary to use _________________________.

A business cycle reflects changes in economic activity, particularly real GDP. The stages of a business cycle are:

Which of the following is included in GDP?

GDP in the United States in 2012 was about __________.

Final goods or services used to compute GDP refer to:

Which of the following is included in the calculated Gross Domestic Product?

In 1990, the GDP of Canada was $680 billion as measured in Canadian dollars, and the exchange rate was that $1 Canadian was worth 85 U.S. cents. In 2000, the GDP of Canada was $1000 billion as measured in Canadian dollars, and the exchange rate was that $1 Canadian was worth 69 U.S. cents. By what percentage did the GDP of Canada increase from 1990 to 2000 in Canadian dollars?

Investment (I) includes:

In order to avoid double counting, statisticians just count the __________________.

Middle-income countries, which include much of Latin America, Eastern Europe, and some countries in East Asia, have per capita GDP in the range of ___________.

Which of the following statements is true? GDP includes production that is not exchanged in the market GDP includes spending on recreation and travel, but it does not cover leisure time. GDP does not include production that is exchanged in the market, but it does cover production that is not exchanged in the market. GDP does not include newly produced goods and services, but counts the buying and selling of previously existing assets

The gap between exports and imports in a nation's economy is called the ___________.

Which of the following is not counted as a part of GDP?

__________ is about two-thirds of the demand side of GDP, but it moves relatively little over time.

_________ is calculated by taking _________ and then subtracting the value of how much physical capital is worn out, or reduced in value because of aging, over the course of a year.

GDP does not directly include:

On the demand side of GDP, consumption by _____________ is the largest component of GDP, accounting for about two-thirds of the GDP in any year.

Consumption in the United States is about ____________ of GDP, and it moves relatively little over time.

On the supply side of the GDP, Structures account for around __________ of U.S. GDP.

Which of the following is not included in GDP? cash income paid to a day laborer that is not reported to the tax authorities the payments for a chiropractor's services the fees for legal services rendered by your lawyer the replacement of brake pads on your six-year-old vehicle

Consumption is the purchase of goods and services by:

Gross Domestic Product equals $1.2 trillion. If consumption equals $690 billion, investment equals $200 billion, and government spending equals $260 billion, then:

The nominal value of any economic statistic refers to the number that is actually announced at that time, while the ________________ refers to the statistic after it has been adjusted for inflation.

______ are now the largest single component of the supply side of GDP, representing over half of GDP.

If imports exceed exports, as in recent years, then __________ exists.

Which of the following are most likely classified by economists as consumer durable goods?

___________ is a small category that refers to the goods produced by one business that have yet to be sold to consumers, and are either still sitting in warehouses and on store shelves.

Once every __________, the Census Bureau does a comprehensive survey of housing and residential finance.