examples of economic activities. The purpose of part 1 is to define six terms of macroeconomics which include: Gross domestic product, Real GDP, Nominal GDP, Unemployment rate, Inflation rate and Interest rate. Part 2 will discuss how the following economic activities: purchasing of groceries, massive layoff of employees and decrease in taxes affects the government, households and businesses. Macroeconomic Terms: Gross Domestic Product The Gross domestic product which is referred to as the GDP for short
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GDP/UNEMPLOYMENT/INFLATION 12/14 GDP * GDP stands for gross domestic product * Total value of goods and services produced in a country in a year – double counting being avoided * The rate at which real GDP increases is used to measure the rate of economic growth. * Actual GDP increases when Fuller/better use of existing resources. Re-allocation of resources. Recovery from a recession. (short term growth) * Potential GDP increases when the productive capacity of the country
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Data exercise #1 Name: Part 1: Expenditures Approach to Calculating GDP Nominal GDP- the market value of all final goods and services from the nation in a given period of time. Table 1. Gross Domestic Product or nominal GDP (in Billions of dollars) | | 2012 | 2013 | | | III quarter | IV quarter | I quarter | II quarter | 1 | Gross domestic product | 16,356.0 | 16,420.3 | 16,535.3 | 16,661.0 | 2 | Personal consumption expenditures | 11,193.6 | 11,285.5 | 11,379.2 | 11,427.1 | 3
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HAMPTON UNIVERSITY SCHOOL OF BUSINESS Course Syllabus - FALL 2011 ECON 201-ALL SECTIONS PRINCIPLES OF ECONOMICS (MACRO) SEC | CRN | DAYS | TIME | CLASSROOM | INSTRUCTOR | 201-HR | 21507 | TR | 12:30-1:45PM | ST-321 | Sarki, A | 201-02 | 21509 | MWF | 9:00-9:50AM | BU-122 | Ferdnance, T | 201-03 | 21512 | TR | 11:00-12:15PM | BU-101 | Toney, S | 201-05 | 21513 | TR | 9:30-10:45AM | ST-336 | Sarki, A | 201-07 | 21514 | TR | 2:00-3:15PM | BU-101 | Toney, S | 201-09 | 21516 |
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Edgar A. Ghossoub ECO2013 Fall 2011 Exam I Version A: Duration: 75 minutes. You must use a SCANTRON answer sheet to record your responses and you may use a simple basic calculator. You may not keep this test when you are finished. 1. If the GDP is $20,000 and investment spending is $8000, consumer spending is $9000 and net export is $1000. What is the Government Spending for this period? a. $10000 b. $8000 c. $2000 d. $‐10,000 Ans: C 2. If the Value of the dollar depreciates against
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Domestic Product (GDP) calculates the output generated through the production of labor and property that is located within the boundaries of a county. Real Gross Domestic Product is an inflation adjusted measure that displays the value of goods and services and produced in a year indicated in base year prices. Real GDP is also known as “constant-price”, “inflation-corrected GDP”, or “constant-dollar GDP” ("Real gross domestic," 2012). Nominal Gross Domestic Product is a GDP amount that has not
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only if there is inflation. B) impossible unless more resources become available or technology improves. C) feasible but would involve unemployed or misallocated resources. D) possible only if the economy produces with maximum efficiency. 2) Economic growth can be pictured in a production possibilities frontier diagram by 2) A) shifting the production possibilities frontier outward. B) making the production possibilities frontier less bowed out. C) making the production possibilities
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Name: Priyesh Kasan Student Number: 448851 Course: Economics 1 (ECON 1000) Topic: Essay – Semester 2 (2010) (Final Copy) Essay Topic 2: “During the 2006-2008 period COSATU called for changes to government fiscal policy citing “prospects for a more expansionary fiscal policy” (COSATU Secretariat Report to the Ninth National Congress, Sept 2006) and arguing that “[fiscal policy] is unduly focused on chasing macro-economic targets, such as low budget deficits” (COSATU General Secretary, Zwelinzima
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How important is economic growth? Does it really make people better off in the long run? Or, as the question is sometimes misleadingly put, “Can money buy happiness?” a) Why is that last question misleading? Answer: Economic growth is the increase of real GDP (gross domestic product) in a given year, i.e. the rise in the country’s production of services and goods, adjusted with inflation rate. It means that economic growth reflects how well the county’s citizens improve their well being and
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services that are produced by a country. The GDP is calculated three different. The expenditure approach this will calculate the final spending on goods and services. The Product approach is calculated by the market value of goods and services produced. Lastly the income approach this would be the sum of the income received by all the producers in the specific country. Gross Domestic is a measure of the nation’s economic income and the output. The GDP is the total market value and is also measured
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