Econ 100 Exam 3 Review – Questions With Right
Solutions
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Practice questions for this set
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supply creates its own demand
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1 gross domestic product (GDP) 2 Say's law
3 4 phases to every business cycle 4 government spending
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Terms in this set (64)
, gross domestic product (GDP) the total market value of all final goods and services
produced in a nation within a specific period of time
4 types of spending in the economy households, businesses, government, net exports
(regards to GDP)
household spending (consumers) durable goods, nondurable, services
business spending (investment capital goods (machinery, factories, etc.)
spending)
government spending public projects, government buildings, government
employee salaries, etc.
net exports (NX) exports (X) - imports (M)
GDP equation C + I + G + NX
real GDP adjusted for inflation
nominal GDP computed using current prices
GDP per capita GDP per person, total GDP divided by the country's
population
economic growth an increase in real GDP per capita, an increase in output
relative to the population
business cycle short-run fluctuations in economic activity that can
cause output to be above or below the long-run trend
4 phases to every business cycle peak, contraction/recession, trough, expansion/growth
peak of business cycle temporary maximum point, at or near full employment
and the full employment love of GDP
contraction/recession of business cycle decline in GDP, income, and employment
(unemployment increases)
Solutions
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Practice questions for this set
Learn 1/7 Study with Learn
supply creates its own demand
Choose an answer
1 gross domestic product (GDP) 2 Say's law
3 4 phases to every business cycle 4 government spending
Don't know?
Terms in this set (64)
, gross domestic product (GDP) the total market value of all final goods and services
produced in a nation within a specific period of time
4 types of spending in the economy households, businesses, government, net exports
(regards to GDP)
household spending (consumers) durable goods, nondurable, services
business spending (investment capital goods (machinery, factories, etc.)
spending)
government spending public projects, government buildings, government
employee salaries, etc.
net exports (NX) exports (X) - imports (M)
GDP equation C + I + G + NX
real GDP adjusted for inflation
nominal GDP computed using current prices
GDP per capita GDP per person, total GDP divided by the country's
population
economic growth an increase in real GDP per capita, an increase in output
relative to the population
business cycle short-run fluctuations in economic activity that can
cause output to be above or below the long-run trend
4 phases to every business cycle peak, contraction/recession, trough, expansion/growth
peak of business cycle temporary maximum point, at or near full employment
and the full employment love of GDP
contraction/recession of business cycle decline in GDP, income, and employment
(unemployment increases)
