Economics 1A � Study Guide for Exam 2 covering Chapters 6

Economics 1A � - Economics 1A Study Guide for Exam 2 covering Chapters 6 7 8 10 15 17 Chapter Six Terms Gross Domestic Product Nominal GDP

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Economics 1A – Study Guide for Exam 2 covering Chapters 6, 7, 8, 10, 15, 17 Chapter Six Terms: Gross Domestic Product, Nominal GDP, Real GDP, Disposable Income, Price Index, Intermediate Good, Final Good, Double Counting What is the formula to calculate GDP using the expenditures approach? Which is of the four variables of GDP accounts for the greatest portion of GDP? What is meant by double or multiple counting? What goods and services are included in calculating GDP and what What are some of the shortcoming of the GDP calculation? What is meant by disposable income? What is the difference between nominal and real GDP? Chapter Seven Terms: Economic Growth, Real GDP per capita, Productivity, Business Cycle, Frictional unemployment, Structural Unemployment, Cyclical Unemployment, Natural Rate of Unemployment, Full Employment, Inflation, Consumer Price Index, Demand-Pull Inflation, Supply-Push Inflation, Nominal Income, Real Income, Deflation, Hyperflation, Cost of Living
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This test prep was uploaded on 04/03/2008 for the course ECON 1A taught by Professor Higgins during the Spring '08 term at Cuesta College.

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Economics 1A � - Economics 1A Study Guide for Exam 2 covering Chapters 6 7 8 10 15 17 Chapter Six Terms Gross Domestic Product Nominal GDP

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