Economics 302
... 2. You are given the following information about the U.S. economy in 1999 (all numbers are in billions of 1999 dollars and are taken from the Survey of Current Business (August 2000)). Gross Domestic Product equals $9299.2; Gross National Product equals $9288.2; earnings in the United States by for ...
... 2. You are given the following information about the U.S. economy in 1999 (all numbers are in billions of 1999 dollars and are taken from the Survey of Current Business (August 2000)). Gross Domestic Product equals $9299.2; Gross National Product equals $9288.2; earnings in the United States by for ...
Aggregate Supply and Aggregate Demand
... Aggregate Supply The quantity of real GDP supplied is the total quantity that firms plan to produce during a given period. It depends on The quantity of the labor employed The quantity of physical and human capital State of technology Two time frames associated with different states of the ...
... Aggregate Supply The quantity of real GDP supplied is the total quantity that firms plan to produce during a given period. It depends on The quantity of the labor employed The quantity of physical and human capital State of technology Two time frames associated with different states of the ...
Document
... • At first, it seems that the direct impact of the attacks on GDP should be huge • GDP is not designed to measure the resources at our disposal, but rather the production we get from those resource – The destruction caused by the terrorist attacks of September 11 had almost no direct impact on the U ...
... • At first, it seems that the direct impact of the attacks on GDP should be huge • GDP is not designed to measure the resources at our disposal, but rather the production we get from those resource – The destruction caused by the terrorist attacks of September 11 had almost no direct impact on the U ...
Territorial Systemic Productivity: a Contribution to Local Accounting
... Territorial Systemic Productivity: a Contribution to Local Accounting Ladislau Dowbor1 July 7, 2011 Productivity has always been seen as a positive concept. Doing more with less effort, making more money with less investment, more grain per hectare, all this appears as a more rational process, and i ...
... Territorial Systemic Productivity: a Contribution to Local Accounting Ladislau Dowbor1 July 7, 2011 Productivity has always been seen as a positive concept. Doing more with less effort, making more money with less investment, more grain per hectare, all this appears as a more rational process, and i ...
GDP – Expenditure Approach
... • The value of exports (X) minus the value of imports (M). • Export of Goods and Services are items that the firms in the country produce and sell to the rest of the world. ...
... • The value of exports (X) minus the value of imports (M). • Export of Goods and Services are items that the firms in the country produce and sell to the rest of the world. ...
Exercises for Chapter 23
... by law firms must pay out all their revenue as income to someone. b. for every sale there is a buyer and a seller. c. because ultimately firms are owned by households. d. None of the above are correct. 3. Which of the following is not included in GDP? a. unpaid cleaning and maintenance of houses b. ...
... by law firms must pay out all their revenue as income to someone. b. for every sale there is a buyer and a seller. c. because ultimately firms are owned by households. d. None of the above are correct. 3. Which of the following is not included in GDP? a. unpaid cleaning and maintenance of houses b. ...
Parkin-Bade Chapter 22
... Aggregate Supply The quantity of real GDP supplied is the total quantity that firms plan to produce during a given period. It depends on The quantity of the labor employed The quantity of physical and human capital State of technology Two time frames associated with different states of the ...
... Aggregate Supply The quantity of real GDP supplied is the total quantity that firms plan to produce during a given period. It depends on The quantity of the labor employed The quantity of physical and human capital State of technology Two time frames associated with different states of the ...
Chapter 9
... Economic Growth Economic growth is growth of the standard of living as measured by per person real GDP. Our purpose in this chapter is to explain what determines growth of potential GDP. This will help us to understand why some nations or regions have experienced rapid economic growth and attained h ...
... Economic Growth Economic growth is growth of the standard of living as measured by per person real GDP. Our purpose in this chapter is to explain what determines growth of potential GDP. This will help us to understand why some nations or regions have experienced rapid economic growth and attained h ...
Econ 204 Topic 6
... Three methods for measuring national income (output): a) total value added from domestic production (good theory, unrealistic in practice) b) total expenditures on domestic output c) total income generated by domestic production ...
... Three methods for measuring national income (output): a) total value added from domestic production (good theory, unrealistic in practice) b) total expenditures on domestic output c) total income generated by domestic production ...
Define and Discuss on Gross Domestic Product WWW
... Total expenditure on final goods and services is broken down into four large expenditure categories, according to the type of good or service purchased. The sum total of these four expenditure categories equals GDP. These four expenditure categories are 1. Consumption expenditures: Personal consump ...
... Total expenditure on final goods and services is broken down into four large expenditure categories, according to the type of good or service purchased. The sum total of these four expenditure categories equals GDP. These four expenditure categories are 1. Consumption expenditures: Personal consump ...
Problems in Measuring Economic Development
... cars, it obviously increases its GDP figure by a large number but the large number of cars can add to the pollution and make the air dirty. Dirty and polluted air is an excellent example of “bad-side effect” of higher production. Similarly higher chemical production can make the firm dump the residu ...
... cars, it obviously increases its GDP figure by a large number but the large number of cars can add to the pollution and make the air dirty. Dirty and polluted air is an excellent example of “bad-side effect” of higher production. Similarly higher chemical production can make the firm dump the residu ...
Chapter 5 Presentation - Kellogg Community College
... Can we easily compare these two numbers as stated? NO! Why? Because there was also inflation during the five year period which is reflected in the 2000 GDP figure. To eliminate the effects of inflation we must calculate the real GDP. ...
... Can we easily compare these two numbers as stated? NO! Why? Because there was also inflation during the five year period which is reflected in the 2000 GDP figure. To eliminate the effects of inflation we must calculate the real GDP. ...
North Carolina`s Gross Domestic Product
... North Carolina’s GDP has not grown at the same rate as the nation’s and has been middle-of-theroad compared to its comparison states. Since 1997, the state has experienced moderate growth, with the majority of its GDP growth coming in the first few years from 2001 to 2008 leading up to the recession ...
... North Carolina’s GDP has not grown at the same rate as the nation’s and has been middle-of-theroad compared to its comparison states. Since 1997, the state has experienced moderate growth, with the majority of its GDP growth coming in the first few years from 2001 to 2008 leading up to the recession ...
Intermediate Macroeconomics
... – Real GDP values goods and services at constant prices – Nominal GDP values goods and services at current prices – Real GDP – a better measure of economic well-being – Real GDP rises only when the amount of goods and services produced in the economy rises – Nominal GDP can rise because output has i ...
... – Real GDP values goods and services at constant prices – Nominal GDP values goods and services at current prices – Real GDP – a better measure of economic well-being – Real GDP rises only when the amount of goods and services produced in the economy rises – Nominal GDP can rise because output has i ...
WHERE ARE WE? - Claremont Graduate University
... Variances in tax reporting and accounting are noted by IMF or WB, in most cases. ...
... Variances in tax reporting and accounting are noted by IMF or WB, in most cases. ...
Handout with solution
... capita from the beginning of the year to the end of the year. When we are dealing with multiple years, we are often also concerned about the average annual economic growth rate, which is the average of the economic growth rate over multiple years Over longer periods of time, the relationship between ...
... capita from the beginning of the year to the end of the year. When we are dealing with multiple years, we are often also concerned about the average annual economic growth rate, which is the average of the economic growth rate over multiple years Over longer periods of time, the relationship between ...
China`s Economic Growth Statistics: Trustworthy in the Long Run
... revisions to industry growth rates are based on product quantities produced; these, however, do not cover the whole economy. The published data do not include new products (such as cellphones, video cameras, or DVD players), where growth rates are obviously highest, nor do they account for the fact ...
... revisions to industry growth rates are based on product quantities produced; these, however, do not cover the whole economy. The published data do not include new products (such as cellphones, video cameras, or DVD players), where growth rates are obviously highest, nor do they account for the fact ...
Mankiw 5/e Chapter 2: The Data of Macroeconomics
... the Consumer Price Index (CPI), the price of a fixed basket of goods purchased by the typical consumer the GDP deflator, the ratio of nominal to real GDP 5. The unemployment rate is the fraction of the ...
... the Consumer Price Index (CPI), the price of a fixed basket of goods purchased by the typical consumer the GDP deflator, the ratio of nominal to real GDP 5. The unemployment rate is the fraction of the ...
Session 2 The national income accounts
... 200 million litres of beer and 4 billion cigarettes, but how can we add these together? They cannot be added, because they are measured differently – in tonnes, litres and individual cigarettes! And if we cannot add them together into one indicator, how can we compare them (a) over time, or (b) with ...
... 200 million litres of beer and 4 billion cigarettes, but how can we add these together? They cannot be added, because they are measured differently – in tonnes, litres and individual cigarettes! And if we cannot add them together into one indicator, how can we compare them (a) over time, or (b) with ...
Parkin-Bade Chapter 22
... Aggregate Supply The quantity of real GDP supplied is the total quantity that firms plan to produce during a given period. It depends on The quantity of the labor employed The quantity of physical and human capital State of technology Two time frames associated with different states of the ...
... Aggregate Supply The quantity of real GDP supplied is the total quantity that firms plan to produce during a given period. It depends on The quantity of the labor employed The quantity of physical and human capital State of technology Two time frames associated with different states of the ...
Homework 2
... 53. What fraction of the labor force is cyclically unemployed when structural unemployment is 2 percent, frictional unemployment is 2.5 percent, seasonal unemployment is 1 percent, and the overall unemployment rate is 8 percent? a. 2.5 percent b. 13.5 percent c. 4.5 percent d. 5.5 percent e. 8 perc ...
... 53. What fraction of the labor force is cyclically unemployed when structural unemployment is 2 percent, frictional unemployment is 2.5 percent, seasonal unemployment is 1 percent, and the overall unemployment rate is 8 percent? a. 2.5 percent b. 13.5 percent c. 4.5 percent d. 5.5 percent e. 8 perc ...
Genuine progress indicator
Genuine progress indicator, or GPI, is a metric that has been suggested to replace, or supplement, gross domestic product (GDP) as a measure of economic growth. GPI is designed to take fuller account of the health of a nation's economy by incorporating environmental and social factors which are not measured by GDP. For instance, some models of GPI decrease in value when the poverty rate increases. The GPI is used in green economics, sustainability and more inclusive types of economics by factoring in environmental and carbon footprints that businesses produce or eliminate. ""Among the indicators factored into GPI are resource depletion, pollution, and long-term environmental damage."" GDP gains double the amount when pollution is created, since it increases once upon creation (as a side-effect of some valuable process) and again when the pollution is cleaned up, whereas GPI counts the initial pollution as a loss rather than a gain, generally equal to the amount it will cost to clean up later plus the cost of any negative impact the pollution will have in the mean time. While quantifying costs and benefits of these environmental and social externalities is a difficult task, ""Earthster-type databases could bring more precision and currency to GPI's metrics."" ""Another movement in economics that might embrace such data is the attempt to 'internalize externalities' - that is, to make companies bear the costs"" of the pollution they create (rather than having the government bear that cost) ""by taxing their goods proportionally to their negative eco-impacts.""GPI is an attempt to measure whether the environmental impact and social costs of economic production and consumption in a country is a negative or positive factor in overall health and well-being. By accounting for the costs borne by the society as a whole to repair or control pollution, poverty and prosperity GPI balances GDP spending against external costs. GPI advocates claim that it can more reliably measure economic progress, as it distinguishes between the overall ""shift in the 'value basis' of a product, adding its ecological impacts into the equation.""(Ch. 10.3)Comparatively speaking, the relationship between GDP and GPI is analogous to the relationship between the gross profit of a company and the net profit; the Net Profit is the Gross Profit minus the costs incurred; the GPI is the GDP (value of all goods and services produced) minus the environmental and social costs. Accordingly, the GPI will be zero if the financial costs of poverty and pollution equal the financial gains in production of goods and services, all other factors being constant.