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5 Written questions

5 Matching questions

  1. fixed-weight procedure
  2. personal saving
  3. base year
  4. 2 limits of GDP concept
  5. stagflation
  1. a amount of disposable income left after personal spending
  2. b both high inflation and high unemployment
  3. c Social welfare isn't measured
    Nonmarket activites not counted
    does not reflect losses or societal ills
    don't measure pollution
    distributive policies
    underground economy
  4. d year chosen for the weights in a fixed-weight procedure
  5. e uses weights from a given base year

5 Multiple choice questions

  1. wages
  2. the behavior of all households and firms together
  3. current prices we pay for goods and services
  4. data measurement error
  5. financial instruments that give to the owner a share in the firm's ownership and therefore the right to share in the firm's profits

5 True/False questions

  1. nominal GDPgross domestic product measured in current dollars


  2. personal incomethe total income earned by the factors of production owned by a country's citizens


  3. Relationship between total production and total salesGDP=Final sales+change in business inventories


  4. aggregate outputtotal quantity of goods and services produced in an economy in a given period


  5. national income and product accountsdata collected and published by the government describing the various components of national income and output in the economy