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Macroeconomics

Chapter 5

QuestionAnswer
What does GDP stand for? Gross Domestic Product
What is the market value of all final goods and services produced within a country in a given period of time GDP
How do you calculate GDP? Y=C+I+G+NX
What is spending by households on goods and services, with the exception of purchases of new housing Consumption
What is spending on capital equipment, inventories, and structures, including household purchases of new housing Investments
What is spending on goods and services by local, state, and federal government Government Purchases
Spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports) Net Exports
What is the production of goods and services valued at current prices Nominal GDP
What is the production of goods and services values at constant prices? Real GDP
What is a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100? GDP deflator
How do you calculate inflation form the GDP deflator? [(Deflator Y2 - Deflator Y1) / Defltor Y1]
Created by: beckster3000
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