Summary ECON112 - CHAPTER 3: measuring the economy: GDP and economic growth

1) Macroeconomics is
mainly concerned w/ the

study of
fluctuations & trends in
aggregated data



2) Eehe economic problems studied in macroeconomics


include :




Rehe level
of economic
activity
8he rate
of unemployment
"
3) In the term
"
national
macroeconomics, income
refers to :


8 he value
of the income
generated by the production of total output

4) Which
of the following is an alternative
for the term
,



factors
" "
?
of production

Productive resources or
inputs
5) All
of the
following except one are true
of economic theories / model


Gheg always perfectly reflect reality
" "

6) Technology
8 he way various
factors of production are combined to obtain output .




7)
of
?
Opportunity cost a particular product

the value of the next -
best alternative that is
given up as a result


of buying that particular product .

,8) What the w/ growth ?
is controversy economic



Economic growth leads to increase pollution



1) Total value added in an
economy
is equal to the value

of
↳ all final goods produced

for
"
2) 8ha added individual
"
value an
firm can be

calculated by
the made to
factors of production
↳
adding up payments
used by the firm


3) All goods 8 services produced by one firm but used as inputs
into a
further stage of production are called

intermediate goods


4) Which purchas by households is considered as consumption
?
expenditure for the purposes of national income
accounting
legal services

, the circular
5) Consider
flow of expenditure I income

which the circular
flow
into ?
is an
injection
↳ Bombardier exports subway cars to Mexico



6) An example of transfer payment
:
a is


↳
pensions paid from the Canada Pension Plan

, Measuring the
Economy



GDP & Economic

Growth