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Name_________________________________________
Measuring the Nation’s Output and Income
[Read pages: 319-327]
1-What is “macroeconomics”?
2-What is gross domestic product [GDP]?
3-What things may be excluded from GDP? In each case, give a brief explanation why.
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b_____________________________________________________________________________
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c_____________________________________________________________________________
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d_____________________________________________________________________________
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4-What are the limitations of GDP?
5-List the five measures of national income.
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b.____________________________________________________________________________
c.____________________________________________________________________________
e.____________________________________________________________________________
f.____________________________________________________________________________
6-What are the four sectors of the economy? Explain each one briefly.
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d.____________________________________________________________________________
7-Explain the output-expenditure model?
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