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AGEC 217 – Purdue Exam/34 Questions and Answers
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AGEC 217 – Purdue Exam/34 Questions and Answers
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AGEC 217 – Purdue Exam/34Questions and Answers
Output - -The result of production in a year. Output is measured by GDP.
- GDP (Gross Domestic Product) - -The total value of final goods and
services produced in a year. It's gross because it does not subtract
depreciation.
Take the number of things produced, multiply by the price at which those
things sold, and add up the resulting dollar values.
GDP = Q = C + I + G + X - M
- Consumption - -Output purchased by households or "consumers".
- Investment - -Output mostly purchased by businesses.
- Government Purchases - -Resources or inputs purchased by government
- Transfer Payments - -Revenue collected from taxpayers and distributed to
retired people, disabled people, sick people, unemployed people or poor
people. (Not included in GDP)
- Exports - -Sales of goods and services to people, businesses, and
governments of other countries.
- Imports - -Purchases of goods and services from people, businesses, and
governments of other countries.
- Real GDP - -Nominal GDP divided by a price index, or deflator.
Real GDP falls during recessions, and rises during expansions.
- Nominal GDP - -Output measured in current prices, the prices that existed
in the year the output was produced.
- Real GDP Growth - -The percentage change in real GDP from one year to
the next.
- Price Index - -The GDP deflator, is used to change nominal GDP to real
GDP. There are two main price indexes used to measure inflation. One is the
GDP deflator, and the other is the CPI.
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