ECS2602 LEARNING
UNIT 1
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what are the definitions of GDP? - Ans>>The total value of final goods and
services produced within the boundaries of country and it is also the
measure of aggregate output in the national income.
how do you calculate profit? - Ans>>revenue - ( expenses + wages)
what is aggregate output? - Ans>>the sum of the value of all goods and
services produced within the economy
what are final goods - Ans>>goods and services that are consumed by
households and consumers
what are intermediate goods? - Ans>>goods used in the production of other
goods
why is GDP a gross measurement? - Ans>>because it includes the total
amount of goods and services produced
By whom does GDP measures goods and services inside the borders f a
country? - Ans>>both citizens and foreigners
what type of goods does GDP only measures? - Ans>>final goods
What does the terms "value added" mean in the definition of GDP? -
Ans>>the value of its production minus the value of the intermediate good
in production terms and in income terms, what does GDP mean? - Ans>>in
production terms, GDP equals to the value of final goods and services
produced in the economy. it is also the sum of value in the economy.
in income terms, GDP is the sum of incomes in the economy during a given
period.
What is nominal GDP/ GDP in current prices? - Ans>>the percentage of the
quantities of final goods produced times their current price ( percentage
increase. decrease)
What makes nominal GDP go up? - Ans>>the production of most goods
increase
UNIT 1
Save
what are the definitions of GDP? - Ans>>The total value of final goods and
services produced within the boundaries of country and it is also the
measure of aggregate output in the national income.
how do you calculate profit? - Ans>>revenue - ( expenses + wages)
what is aggregate output? - Ans>>the sum of the value of all goods and
services produced within the economy
what are final goods - Ans>>goods and services that are consumed by
households and consumers
what are intermediate goods? - Ans>>goods used in the production of other
goods
why is GDP a gross measurement? - Ans>>because it includes the total
amount of goods and services produced
By whom does GDP measures goods and services inside the borders f a
country? - Ans>>both citizens and foreigners
what type of goods does GDP only measures? - Ans>>final goods
What does the terms "value added" mean in the definition of GDP? -
Ans>>the value of its production minus the value of the intermediate good
in production terms and in income terms, what does GDP mean? - Ans>>in
production terms, GDP equals to the value of final goods and services
produced in the economy. it is also the sum of value in the economy.
in income terms, GDP is the sum of incomes in the economy during a given
period.
What is nominal GDP/ GDP in current prices? - Ans>>the percentage of the
quantities of final goods produced times their current price ( percentage
increase. decrease)
What makes nominal GDP go up? - Ans>>the production of most goods
increase
