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Chapterrr 10
Review of Chapter Ten
| Question | Answer |
|---|---|
| What does National income accounting provide information about? | a nation's economic activities |
| How do economists compute GDP? | the output-expenditure model. The model adds the output produced by the four sectors of the product market. |
| What are examples of personal consumption expenditures? | durable goods, nondurable goods, and services |
| Economists divide gross investment into two subcategories. What are they? | fixed investment and inventory investment. |
| Are government transfer payments included when calculating government purchases? | No |
| How do economists measure changes in price over time? | price indexes |
| What are transactions that do not involve money and are not recorded are nonmarket activities? | Nonmarket Activities |
| How do you calculate national income? | economists subtract subsidies and indirect taxes from net national product. |
| How many stages is the business cycle divided into? | 4 |
| What is the contraction phase? | A period of business slowdown. |
| What are some things that affect the business cycle? | the level of business investment, availability of money and credit, expectations about future economic activity, and external factors |
| When do coincident indicators change ? | When the economy moves from one phase of the business cycle to another. |
| What do lagging incicators do? | help economists predict the duration of economic upturns or downturns |
| What is capital deepening? | an increase in the amount of capital goods available per worker. |
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