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Before you take the quiz please review everything given below and make it sure that you know everyth

# Before you take the quiz please review everything given below and make it sure that you know everyth

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Before you take the quiz please review everything given below and make it sure that you know everything and then take the quiz. An example of Transfer Payment: welfare or social security . Definition of Depreciation: (Hint: The value of Plant and Equipment worn out). Which of the following would be excluded from 1999 GDP? (Hint: know the definition of GDP very well page: 207.) Know the Components of GDP Pages: 208 to 210. Gross Domestic Product measures the production and income of: _(Hint: With in the country, Page 207) Gross Domestic Product is the sum of the market value of the: all final goods and services produced within a country in a given period of time (Hint: definition of Gross Domestic Product on page 206) If the nominal GDP in 2008 exceeds nominal GDP in 2007 then the production of output must have : (Hint: refer the definition of Nominal GDP and refer the Table 2 on page 212.) Know the calculation of Nominal GDP and Real GDP. Know the definition for Gross Domestic Product (Hint: Which goods and services are included in GDP). Definition of Real GDP Page; 213 Know the difference between Nominal GDP and Real GDP Learn how to find Net Investment, how to find depreciation, do the sums on it. Know the meaning of Nominal GDP and the meaning of Real GDP, know the difference between Nominal GDP and Real GDP. You have 6 Questions where you have to calculate Nominal GDP, Real GDP, GDP Deflator, Percentage of Increase in price, percentage of increase in Real GDP ( Hint: Do practice on Table 2 on page 217. for the Percentag Method use the Formula given on page 228). Know Gross National Product, Net National Product, National Income, Personal Income, Disposable Income see on Page 209 at FYI. Know the components of GDP. ntroduction Microeconomics is the study of individual markets and the decision making of individual firms and households that meet in those markets. Macroeconomics is the study of the entire economy as a whole. This chapter, and the remainder of

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this text, deals with macroeconomics. The Economy’s Income and Expenditure In a nation’s macroeconomy, income must equal expenditure. This is true because, in every transaction, the income of the seller must be equal to the expenditure of the buyer. Gross domestic product (GDP) is a measure of the total income or total output in the economy. Since income equals expenditure, GDP can be measured by adding up the income earned in the economy (wages, rent, and profit) or the expenditure on goods and services produced in the economy. That is, income equals expenditure equals GDP. The Measurement of Gross Domestic Product GDP is defined as the market value of all final goods and services produced within a country in a given period of time. "Market value" means that production is valued at the price paid for the output. Hence, items sold at higher prices are more heavily weighted in GDP.
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Before you take the quiz please review everything given below and make it sure that you know everyth

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