EGC1 Test
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| A. Personal income less personal taxes; income available for personal consumption expenditures and personal saving B. The value of a product sold by a firm less the value of the products (materials) purchased and used by the firm to produce that product. inputs is paid out as wages, rent,interest,& profit.C. Total income earned by resource suppliers
for their contributions to gross domestic product plus taxes on production and imports; the sum of wages and salaries, rent, interest, profit, proprietors’ income, and such taxes. D. The full-employment rate of unemployment; the unemployment rate occurring when there is no cyclical unemployment and the economy is achieving its potential output; the unemployment rate at which actual inflation equals expected inflation. E. As it relates to economic growth, countries that develop and use advanced technologies, which then become available to follower countries. F. the knowledge and skills that make a worker productive.G. NDP is GDP less the consum.of fixed capital.NI is total income earned by a nation’s rsrce.suppliers+taxes on prod.&imports.PI is the total income paid to households prior to any allowance for pers.taxes.DI is pers.income after pers.taxes have been paid.H. As it relates to economic growth, countries
that adopt advanced technologies that previously were developed and used by leader countries. I. To reach its full production potential, an economy must achieve economic efficiency as well as full employment.J. The real output (GDP) an economy can produce when it fully employs its available resources. K. A decline in the economy’s price level L. The expenditures of households for durable and nondurable consumer goods and services M. In a typical year, roughly 10 percent of these personal consumption expenditures are on durable goods — products that have expected lives of three years or more. Such goods include new automobiles, furniture, and refrigerators.N. Gross domestic product less the part of the year’s output that is needed to replace the capital goods worn out in producing the output; the nation’s total output available for consumption or additions to the capital stock O. Increases in the value of a product to each
user, including existing users, as the total number of users rises. P. Increases in the price level (inflation)
resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand Q. The unemployment rate at which there is no cyclical unemployment of the labor force;
equal to between 4 and 5 percent in the United States because some frictional and structural unemployment is unavoidable. R. A new firm focused on creating and introducing a particular new product or employing a specific new production or distribution method. S. A nation’s economic growth can be measured either as an increase in real GDP over time or as an increase in real GDP per capita over time.Real GDP in the US has grown at an avg. annual rate of about 3.2%since 1950;realGDP grows at roughly a 2%annual rate T. 1.expend.for goods/services that gov.consumes in providing public services2.expend.for publicly owned capital such as schools&high-ways,which have long lifetimes.Include gov. expenditures on final goods& all direct purchases of resources,including labor. |
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