Econ 1500 final USU exam with precise detailed
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answers
GDP= |- |✔✔💯Gross |Domestic |Product
GDP |is |- |✔✔💯Shows |how |large |an |economy
It |equals |what |the |consumer |pays
GDP |equation |- |✔✔💯C+I+G+NX
Consumer |spending |Business |spending |government |spending |and |exported
Real |GDP= |- |✔✔💯when |you |keep |the |price |level |constant
Nominal |GDP= |- |✔✔💯when |they |do |it |for |the |price |it |was |at |the |time
the |rule |of |70 |- |✔✔💯70/growth |how |long |it |takes |an |economy |to |double
Cutting |edge |growth. |- |✔✔💯Well |developed |countries |like |america |china |etc
Catch |up |growth |- |✔✔💯smaller |countries |that |are |slowly |trying |to |get |like |bigger |countries
The |iron |law |of |diminishing |returns. |- |✔✔💯when |you |get |to |a |point |of |having |so |many |helpful |
things |it |doesn't |help |you |anymore
Kainsion |theory |- |✔✔💯is |that |the |slumps |in |economy |happen |when |spending |drops.
Fiscal |policy |- |✔✔💯is |by |the |government
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answers
GDP= |- |✔✔💯Gross |Domestic |Product
GDP |is |- |✔✔💯Shows |how |large |an |economy
It |equals |what |the |consumer |pays
GDP |equation |- |✔✔💯C+I+G+NX
Consumer |spending |Business |spending |government |spending |and |exported
Real |GDP= |- |✔✔💯when |you |keep |the |price |level |constant
Nominal |GDP= |- |✔✔💯when |they |do |it |for |the |price |it |was |at |the |time
the |rule |of |70 |- |✔✔💯70/growth |how |long |it |takes |an |economy |to |double
Cutting |edge |growth. |- |✔✔💯Well |developed |countries |like |america |china |etc
Catch |up |growth |- |✔✔💯smaller |countries |that |are |slowly |trying |to |get |like |bigger |countries
The |iron |law |of |diminishing |returns. |- |✔✔💯when |you |get |to |a |point |of |having |so |many |helpful |
things |it |doesn't |help |you |anymore
Kainsion |theory |- |✔✔💯is |that |the |slumps |in |economy |happen |when |spending |drops.
Fiscal |policy |- |✔✔💯is |by |the |government
