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ECON 1 test 3 ch 7 Test

Enter the letter for the matching Definition
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1.
economic growth
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2.
GDP (Gross Domestic Product)
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3.
capital consumption allowance (depreciation)
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4.
GDP calculation
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5.
Net Exports (Nx)
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6.
fixed investments
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7.
investment
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8.
personal income
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9.
ways to compute GDP
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10.
GDP per capita
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11.
government purchases
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12.
not included in GDP
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13.
double counting
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14.
GDP & Bads
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15.
national income calculation
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16.
final goods
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17.
net domestic product (NDP)
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18.
government transfer payments
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19.
3 reasons for true economic growth
A.
the sum of all purchases of newly produced capital goods, changes in business inventories, & purchases of new residential housing
B.
business purchases of capital goods ie. machinery & factories, & purchases of new residential housing
C.
federal, state, & local gov't purchases of goods & services & gross investment in highways, bridges, & so on
D.
GDP - the capital consumption allowance
E.
non-market goods (household prod), underground activities, sales of used goods themselves, intermediate goods, financial trans (trading stocks/bonds), gov't transfer payments (ss cks, vet benefits), leisure (vol time off)
F.
the sum of the payments to resources (land, labor, capital & entrepreneurship) = compensation to employees + proprietor's income + corp profits + rental income of persons + net interest
G.
exports - imports
H.
counting a good more than once when computing GDP
I.
total market value of all fixed goods & services produced annually w/in a country's border w/in a given yr; geography matters; in calc 0 trade balance, - trade deficit, + trade surplus
J.
1. Income Approach - add the amt of money spent by buyers of final goods & services; 2. Value-Added Approach- add up all the steps; 3. Expenditure Approach- add the amt of money spent by buyers of final goods & services
K.
increases in Real GDP
L.
a good in the hands of the final user
M.
GDP counts the goods & services, but it doesn't net out air & water pollution, thus some economists argue that our GDP is overstated
N.
the estimated amt of capital goods used up in production thru natural wear, obsolescence, & accidental destruction
O.
the amt of income that indiv actually receive; = the national income - undistributed corp profits, social ins taxes, & corp profits taxes, + transfer pmts
P.
1. more advanced technology, 2. better institutions, 3. new found resources
Q.
GDP = C+I+G+Nx (open economy) w/o Nx (closed economy); C = consumers (market basket), I = investments (business spending on businesses ie. labor, construction, etc), G = gov't (spending, not transfers), Nx = (exports - imports)
R.
a country's GDP / the population in the same country
S.
payments to persons that are not made in return for currently supplied goods & services ie. SS benefits & veteran's benefits
Type the Term that corresponds to the displayed Definition.
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20.
total foreign spending on domestic (US) goods
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21.
the sum of spending on durable goods, nondurable goods, & services
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22.
the portion of personal income that can be used for consumption or saving; = to personal income - personal taxes (esp income tax)
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23.
a good that is an input to the production of a final good
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24.
total income earned by US citizens & businesses, no matter where they reside or are located
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25.
the value of the entire output produced annually w/in a country's border's, adjusted for price changes; on x-axis along with output (unless on the cyclical unemp graph then it's on the y-axis)
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26.
a payment to a person that is not made in return for goods & services currently supplied
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27.
changes in the stock of unsold goods
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28.
goods that are expected to last more than 3 yrs
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29.
total domestic (US) spending on foreign goods

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