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Econ 123

Paolo Wright avatar Paolo Wright
25 July 2023
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9 test answers

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question
How does U.S. gross domestic product (GDP) differ from U.S. gross national product (GNP)?
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GNP = GDP + income earned by U.S. citizens abroad - income that foreign citizens earned in the U.S.
question
Real GDP is the yearly production of final goods and services valued at
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current prices
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Which of the following statements about GDP is correct?
answer
Nominal GDP values production at current prices, whereas real GDP values production at constant prices.
question
Which of the following is always measured in prices from a base-year?
answer
real but not nominal GDP
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A recession has traditionally been defined as a period during which
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real GDP declines for two consecutive quarters
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Changes in the GDP deflator reflect
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only changes in prices
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If total spending rises from one year to the next, then
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either the economy must be producing a larger output of goods and services, or goods and services must be selling at higher prices, or both.
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The GDP deflator is the ratio of
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nominal GDP to real GDP multiplied by 100
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Retained earnings is income that
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corporations have earned but have not paid out to their owners