UNC ECON 101 Midterm 2 Exam Actual Complete Real Exam
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Price stability
When the overall level of prices charges slowly or not at all.
Final goods/services
Goods/services sold to the final user (ex.: a consumer's purchase of a new car
from a dealer).
Intermediate goods/services
Goods and services that are inputs of production of final goods/services (ex.: a
car manufacturer's purchase of steel from a steel foundry).
Gross domestic product (GDP)
The total value of all final goods/services produced in an economy during a
given period, usually a year.
Value added
Value of sales - value of purchases of intermediate goods/services
,Aggregate spending
Sum of consumer spending, investment spending, government purchases of
goods/services, and exports minus imports.
GDP = C + I + G + X - IM
Aggregate output
The economy's total quantity of output of final goods/services.
Real GDP
The total value of all final goods/services produced in the economy in a given
year, calculated using the prices of a selected base year.
Nominal GDP
The value of all final goods/services produced in the economy during a
given year, calculated using the prices current in the year in which the
output is produced. This measurement has not been adjusted for
changes in prices.
GDP per capita
The GDP divided by the population size, equivalent to the average GDP per
person.
Aggregate price level
A measure of the overall prices in the economy.
, Price index formula
PI = (value of goods in current year)/(value of goods in
base year) PI = (t)/(t-5)
Inflation formula between t and t-2
Inflation % = ((PIt - PIt-2)/(PIt-2)) x 100
Producer price index
Changes in the price of goods purchased by producers.
GDP deflator
The ratio of nominal GDP to real GDP in that year.
Consumer price index
An index that measures the cost of a market basket for a typical urban American
family.
GDP deflator in base year formula
GDPdefb = ((nominal GDPb)/(real GDPb)) x 100
GDP deflator in year t formula
GDPdeft = ((nominal GDPt)/(real GDPt)) x 100
Questions And Correct Answers (Verified Answers) Already
Graded A+ || Guaranteed Success!! Newest Exam | Just
Released!!
Price stability
When the overall level of prices charges slowly or not at all.
Final goods/services
Goods/services sold to the final user (ex.: a consumer's purchase of a new car
from a dealer).
Intermediate goods/services
Goods and services that are inputs of production of final goods/services (ex.: a
car manufacturer's purchase of steel from a steel foundry).
Gross domestic product (GDP)
The total value of all final goods/services produced in an economy during a
given period, usually a year.
Value added
Value of sales - value of purchases of intermediate goods/services
,Aggregate spending
Sum of consumer spending, investment spending, government purchases of
goods/services, and exports minus imports.
GDP = C + I + G + X - IM
Aggregate output
The economy's total quantity of output of final goods/services.
Real GDP
The total value of all final goods/services produced in the economy in a given
year, calculated using the prices of a selected base year.
Nominal GDP
The value of all final goods/services produced in the economy during a
given year, calculated using the prices current in the year in which the
output is produced. This measurement has not been adjusted for
changes in prices.
GDP per capita
The GDP divided by the population size, equivalent to the average GDP per
person.
Aggregate price level
A measure of the overall prices in the economy.
, Price index formula
PI = (value of goods in current year)/(value of goods in
base year) PI = (t)/(t-5)
Inflation formula between t and t-2
Inflation % = ((PIt - PIt-2)/(PIt-2)) x 100
Producer price index
Changes in the price of goods purchased by producers.
GDP deflator
The ratio of nominal GDP to real GDP in that year.
Consumer price index
An index that measures the cost of a market basket for a typical urban American
family.
GDP deflator in base year formula
GDPdefb = ((nominal GDPb)/(real GDPb)) x 100
GDP deflator in year t formula
GDPdeft = ((nominal GDPt)/(real GDPt)) x 100
