sumassign3

sumassign3 - 1 Intro Macro Assignment 3 N Sheflin NOTES A...

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1 I n t r o M a c r o N . S h e f l i n Assignment 3 NOTES : A look at how GDP is defined and calculated; circular flow; financial flows; real and nominal gdp – deflating; international comparisons IMPORTANT – You are going to do the multiple choice HW online in Sakai, where it will be automatically graded. KEY POINTS Circular Flow Overview of national income and product accounts (NIPA) Key concepts in GDP and its calculation o Gross and net investment and depreciation o Value added approach Nominal versus real GDP – measuring expenditures versus real production The GDP deflator GDP and welfare o Non-market activity o Non-pecuniary factors o International comparisons – mkt versus ppp exchange rate READING Mankiw chapter 5 “Measuring a Nation’s Income”; also http://www.bea.gov/national/pdf/nipa_primer.pdf http://www.bea.gov/national/pdf/nipa_primer.pdf and, if you want more, http://en.wikipedia.org/wiki/Gross_domestic_product MULTIPLE CHOICE QUESTIONS
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sumassign3 - 1 Intro Macro Assignment 3 N Sheflin NOTES A...

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