BMC Knowledge checks Questions and
Answers 100% Solved
In 2015, an accounting gimmick gave Ireland a 26% growth rate in GDP. What does this even
reflect about the nature of GDP? ✔️✔️If the measurement of economic activity evolves, GDP
can change.
5 essential economic indicators ✔️✔️Economic growth
Inflation
Unemployment
Business Confidence
Housing
economic growth ✔️✔️the ability of the economy to increase the production of goods and
services
GDP = ? ✔️✔️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? ✔️✔️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 ✔️✔️Shows a real-time scroll of new headlines
ECST S ✔️✔️provides economic data with context and customizable graphs
Answers 100% Solved
In 2015, an accounting gimmick gave Ireland a 26% growth rate in GDP. What does this even
reflect about the nature of GDP? ✔️✔️If the measurement of economic activity evolves, GDP
can change.
5 essential economic indicators ✔️✔️Economic growth
Inflation
Unemployment
Business Confidence
Housing
economic growth ✔️✔️the ability of the economy to increase the production of goods and
services
GDP = ? ✔️✔️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? ✔️✔️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 ✔️✔️Shows a real-time scroll of new headlines
ECST S ✔️✔️provides economic data with context and customizable graphs
