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Is the value of the GDP calculated by the income approach equal to the value of GDP calculated by the expenditure method?
YES
How are final goods and services valued when measuring nominal GDP?
market value
What are the methods of calculating GDP?
expenditure approach and income approach & VALUE ADDED METHOD
What are the problems of measuring GDP?
gdp to grow over time
How many methods of GDP are there?
the methods for GDP is of 3 types 1.product method 2.income method 3.expenditure method.
Is the value of the GDP calculated by the income approach equal to the value of GDP calculated by the expenditure method?
YES
How are final goods and services valued when measuring nominal GDP?
market value
What are the methods of calculating GDP?
expenditure approach and income approach & VALUE ADDED METHOD
What are the problems of measuring GDP?
gdp to grow over time
How many methods of GDP are there?
the methods for GDP is of 3 types 1.product method 2.income method 3.expenditure method.
What is stock market and GDP?
A stock market is a private or public market for the trading of company stock and derivatives at an agreed price.GDP, or gross domestic product, is the total value of all final goods and services produced in a particular economy. It is one of the measures of national income and output for a given country's economy.The most common approach to measuring and quantifying GDP is the expenditure method: GDP = consumption + gross investment + government spending + (exports − imports)
What are the components of GDP and the difference between real and nominal GDP?
GDP = Consumption + Investment + Govt. spending + net exports (exports - imports). Real GDP is the value of GDP shown in base period dollars, without the effects of inflation and price changes. Nomnal GDP is value of GDP adjusted for inflation.
Explain real GDP vs potential GDP?
Potential GDP is the total numerical value of GDP before inflation is counted in. Real GDP is nominal GDP adjusted for inflation
What are the three statistics for measuring macroeconomic health?
real GDP inflation unemployment
What is the contribution of services to GDP?
The gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output for a given country's economy. It is the total value of all final goods and services produced in a particular economy; the dollar value of all goods and services produced within a country's borders in a given year.The most common approach to measuring and quantifying GDP is the expenditure method: GDP = consumption +gross investment + government spending + (exports − imports), Services would come under both consumption and exports. consumption would have the services offered to the local people and exports would have the services exported to other nations.
What is the formula for nominal GDP?
Nominal GDP is GDP evaluated at current market prices. Therefore, the nominal GDP for 2005 is calculated by taking the quantities of all (final, excluding the intermediate) goods and services purchased in 2005 and multiplying them by their 2005 prices. Another way of calculating nominal GDP is to add total value of consumption (consumption goods) and investment goods plus government expenditure and exports minus imports. Still another way of calculating nominal GDP is to add up all wages & salaries, all rents, all interest, and all profits. The gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output for a given country's economy. GDP is defined as the total market value of all final goods and services produced within the country in a given period of time (usually a calendar year). It is also considered the sum of value added at every stage of production (the intermediate stages) of all final goods and services produced within a country in a given period of time, and it is given a money value. The most common approach to measuring and understanding GDP is the expenditure method: GDP = consumption + gross investment + government spending + (exports − imports), or, GDP = C + I + G + (X-M).
When can GDP increase at a faster rate than real GDP?
the value of the dollar is stable
