NIPArev - 1 1 Measuring the Economy Key Points Circular...

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Unformatted text preview: 1 1 Measuring the Economy Key Points Circular Flow NIPA GDP concepts Value Added Real vs. Nominal GDP Deflators Welfare Comparisons Circular flow Antigrowth Macro (episode 20) 2 How much of this weeks material do you feel you understand before we begin, based on reading and HW? A. <60% B. 61-70% C.71-80% D.81-90% E. 91-100% 3 Is An Increase in GDP Good for America? A. Yes B. No C. Maybe 2 4 In the News? 5 A blast from the past b, p, f Which of the following describe the effect of an increase in Government spending? A. G T (Y-T) C D p,y B. G Ms i I D p,y C. G D p,y D. G C D p,y E. None of the above 6 Course Issues Gradebook Investment Game Videos - $1 Assignment 4 Thursday Inv Game Room Courses Careers room Hybrid 2B, 3B 4b advisement Invgame Qs 3 7 What are Some Key Points of the Circular Flow Model? Equivalence of Real and money flows Goods and Services/ Expenditures Factor services/ income Equality of Production and Income Leakages and Injections S (T, M) I (G, X) S (T,M) I (G,X) 8 What are Some Key Points of the Circular Flow Model? A. Equivalence of Real and money flows B. Equality of Production and Income C. Leakages and Injections D. A and B E. A, B and C 9 Why is National Income Accounting important? A. Allows us to develop and test economic theories B. Measure growth/progress C. See impact of policies D. Welfare comparisons - Time and place E. All of the above 4 10 Which does NOT belong in the definition of (nominal) GDP? a. flow of expenditures on b. newly produced final goods and services c. valued at market prices d. produced within a country e. Including consumption, investment, government but not foreign expenditures 11 What is (Nominal) GDP?...
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This note was uploaded on 01/29/2012 for the course 220 103 taught by Professor Sheflin during the Fall '09 term at Rutgers.

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NIPArev - 1 1 Measuring the Economy Key Points Circular...

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