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macro quiz 2

TermDefinition
GDP the market value of all final goods and services produced within a country in a given period of time
Expenditure Equation Y=C+I+G+(E-Im)
consumption household spending on goods and services (not housing)
investment purchase of capital goods (not financial investments like stocks, physical investments) that will be used in the future to produce more goods and services; inventory, business capital, residential capital
government purchases includes fed state and local gov spending (expenditure and investment)
GDP by income Y=TotalWages+Profits+TotalRents
Nominal GDP P*Y
Real GDP Y*P(base year)
GDP Deflator 100(Nominal GDP/Real GDP)
inflation rate (new-old)/old
Consumer Price Index the overall cost of the goods and services bought by a typical consumer (excluding energy and food?)
calculating CPI fix the basket, find price of basket, compute index, compute inflation rate
consumer price index (priceofcurrentbasket/priceofbasebasket)100
issues with CPI doesn't account for substitution prices, introduction of new goods, or changes in quality
GDP vs CPI imported consumer goods (in CPI but not in GDP), capital goods (not in CPI but in GDP when produced domestically), and the basket differs (fixed in CPI bought by consumers, GDP changes year to year)
amount in today's dollars (amount in year T dollars)*(priceleveltoday/privelevelinyearT)
Real inflation rate Nominal interest rate - inflation rate
GDP (value added approach) GrossValueOutput-ValueofIntermediateConsumption
Created by: allison_07
 

 



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