BMC Knowledge checks

In 2015, an accounting gimmick gave Ireland a 26% growth rate in GDP. What does this even reflect about the nature of GDP? - Answer- If the measurement of economic activity evolves, GDP can change. 5 essential economic indicators - Answer- Economic growth Inflation Unemployment Business Confidence Housing economic growth - Answer- the ability of the economy to increase the production of goods and services GDP = ? - Answer- C + I + G + (X-M) Consider the formula GDP = C + I + G + (X - M), A country is udnergoing a boom in consumption of domestic and foreign luxury goods. In one year, the dollar growth in imports is greater than the dollar growth in domestic consumption. Assuming nothing else has changed, what happened to GDP? - Answer- It went down; As imports act as a drag on GDP, the larger growth in imports offsets the growth in consumption, thereby causing GDP to decline. NH - Answer- Shows a real-time scroll of new headlines ECST S - Answer- provides economic data with context and customizable graphs ECOW - Answer- provides comprehensive data on economic indicators by country GP - Answer- price chart used to identify trends and market patterns WECO - Answer- shows economic calendars, events, and releases by country ECOS - Answer- provides full details behind economist estimates for calendar releases ECFC - Answer- displays economic forecasts for identifying trends in global economies ECSU - Answer- Estimates changes in the economy and financial market three takeaways - Answer- 1. Real GDP growth is the main measure of an economy 2. More timely indicators offer the most insight to investors 3. Indicator