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GDP Quiz on Vocabulary Ch 12 Flashcards | StudBud
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GDP Quiz on Vocabulary Ch 12
GDP Quiz on Vocabulary Ch 12
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StudBud Administration
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Topic 7: GDP Basics #economics #gdp #gnp
Flashcards
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Questions
7
Answers
1
What is the formula for GDP?
I+C+G+NX
I+CxG+NX
I+C-GxNX
I+C+P=NX
2
What is excluded in measuring GDP?
Black Market Trade
Final Goods
Net Exports
Secondhand Sales
3
What is the difference between prices used to determine Nominal and Real GDP?
Nominal= current; Real= unchanging/constant
Nominal=unchanging/constant; Real= current
4
What does GDP stand for?
Global Domestic Product
Gross Domestic Production
Global Domestic Production
Gross Domestic Product
5
What is the formula to determine Net Exports?
Exports-Imports
Imports-Exports
6
What does GNP stand for?
Gross National Product
Gross Natural Production
7
What does C stand for?
Consumption
Currency
Consumerism
Corporation
