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Chapterrr 10

Review of Chapter Ten

QuestionAnswer
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.
Created by: taraflynn