Macroeconomics 104 UWM Exam 2
Study online at https://quizlet.com/_2qpx2y
1. GDP market value of all final goods and services produced within a country in a given
time period.
=C+I+G+NX
C: consumption expenditures
I: investments
G: government expenditures
NX: net exports
2. final good/ser- final: produced for its final user and not as a component of another good/service
vice vs intermedi- intermediate: used as a component of a final good/service
ate good or ser-
vice
3. The Expenditure Total Expenditures = C+I+G+Nx
Approach
4. What is the Consumption expenditures
largest compo-
nent of total ex-
penditures?
5. What two expen- used goods and financial assets
ditures are not
counted in GDP?
6. The Income Ap- Total Incomes = wages + interest + rent + profits + indirect taxes - subsidies +
proach depreciation
7. GNP market value of all the final goods and services produced anywhere in the world in
a given time period by the factors of production supplied by the residents of that
country
= GDP + net factor income received or paid to other countries
1/6
, Macroeconomics 104 UWM Exam 2
Study online at https://quizlet.com/_2qpx2y
8. Real GDP the value of the final goods and services produced in a given year expressed in
terms of the prices in a reference year (2009): multiple quantity by price of base
year and compare
9. Nominal GDP the value of the final goods and services produced in a given year expressed in
terms of the prices of that same year: multiple price by quantity in each given year
10. Potential GDP level of real GDP when all the economy's factors of production are fully employeed
11. GDP excludes household production, underground production, leisure time, environment quality
12. Working Age total number of people aged 16 years and over who are not in jail, hospital, or
Population some other form of institutional care or in the U.S. Armed Forces
13. Labor Force the number of people employed plus the number of unemployed
14. Population Sur- during the week before the survey:
vey Employeed 1. worked at least 1 hour as paid employees or worked 15 hours or more as unpaid
workers in their family business or
2. were not working but had jobs or businesses from which they were temporarily
absent
15. Population Sur- during the week before the survey:
vey Unemploy- 1. Had no employment
eed 2. Were available for work,
and either
1. Had made specific efforts to find employment during the previous four weeks
or
2. Were waiting to be recalled to a job from which they had been laid off.
16. Unemployment UE = (# of people unemployed/ labor force) X 100
Rate
17. = (labor force/ working age population) x 100
2/6
Study online at https://quizlet.com/_2qpx2y
1. GDP market value of all final goods and services produced within a country in a given
time period.
=C+I+G+NX
C: consumption expenditures
I: investments
G: government expenditures
NX: net exports
2. final good/ser- final: produced for its final user and not as a component of another good/service
vice vs intermedi- intermediate: used as a component of a final good/service
ate good or ser-
vice
3. The Expenditure Total Expenditures = C+I+G+Nx
Approach
4. What is the Consumption expenditures
largest compo-
nent of total ex-
penditures?
5. What two expen- used goods and financial assets
ditures are not
counted in GDP?
6. The Income Ap- Total Incomes = wages + interest + rent + profits + indirect taxes - subsidies +
proach depreciation
7. GNP market value of all the final goods and services produced anywhere in the world in
a given time period by the factors of production supplied by the residents of that
country
= GDP + net factor income received or paid to other countries
1/6
, Macroeconomics 104 UWM Exam 2
Study online at https://quizlet.com/_2qpx2y
8. Real GDP the value of the final goods and services produced in a given year expressed in
terms of the prices in a reference year (2009): multiple quantity by price of base
year and compare
9. Nominal GDP the value of the final goods and services produced in a given year expressed in
terms of the prices of that same year: multiple price by quantity in each given year
10. Potential GDP level of real GDP when all the economy's factors of production are fully employeed
11. GDP excludes household production, underground production, leisure time, environment quality
12. Working Age total number of people aged 16 years and over who are not in jail, hospital, or
Population some other form of institutional care or in the U.S. Armed Forces
13. Labor Force the number of people employed plus the number of unemployed
14. Population Sur- during the week before the survey:
vey Employeed 1. worked at least 1 hour as paid employees or worked 15 hours or more as unpaid
workers in their family business or
2. were not working but had jobs or businesses from which they were temporarily
absent
15. Population Sur- during the week before the survey:
vey Unemploy- 1. Had no employment
eed 2. Were available for work,
and either
1. Had made specific efforts to find employment during the previous four weeks
or
2. Were waiting to be recalled to a job from which they had been laid off.
16. Unemployment UE = (# of people unemployed/ labor force) X 100
Rate
17. = (labor force/ working age population) x 100
2/6
