A-level Economics - Edexcel Unit 2 Questions and Answers

A-level Economics - Edexcel Unit 2 Questions and AnswersA-level Economics - Edexcel Unit 2 Questions and AnswersA-level Economics - Edexcel Unit 2 Questions and AnswersA-level Economics - Edexcel Unit 2 Questions and Answers Economic Growth - ANSWER-This occurs when there is a rise in the value of GDP and an increase in national output GDP - ANSWER-This measures the quantity of goods and services produced in an economy. Real GDP - ANSWER-The value of GDP adjusted for inflation Nominal GDP - ANSWER-The Value of GDP without being adjusted for inflation Total GDP - ANSWER-The combined monetary value of all goods and services produced within a countries borders during a specific time period GDP per capita - ANSWER-The value of GDP divided by the population Volume of GDP - ANSWER-The size of the basket of goods at the real level of GDP Value of GDP - ANSWER-The monetary value of GDP at prices of the day Gross National Product - ANSWER-The market value of all products produced in a year including GDP + Income earned from overseas assets minus income earned by oversea residents Gross National Income - ANSWER-The sum of value added by all producers who reside in a nation plus net overseas interest payments and dividends