preview

Macro Economics Question Paper

Better Essays

M2_A2: What is Gross Domestic Product? Kayla Manning ECO201: Macroeconomics Argosy University 1. The Real GDP was 17,348.1 for 2014 A: The total value of all goods and services produced in the economy during any given period. B: 2014 the Real GDP increased 2.4 percent and 2013 increased 2.2 percent C: The expansion in real GDP in 2014 reflected constructive contributions from personal consumption expenditures (PCE), nonresidential fixed investments, exports, private inventory investment, state and local government spending, and residential fixed investments that were offset by negative commitment from government spending. Imports, which are subtraction in the count of GDP expanded. 2. The GNP was 16301.1 for 2014 A: Gross Domestic Production (GDP) and Gross National Production (GNP) are both measuring the market value of all goods and services produced for final sale in the economy. The distinction is the …show more content…

C: Increase in the levels of corporations in the country and increase in the levels of production of the people. 3. The National Income was 15,076.5 for 2014. A: The total value a country’s final output of all new goods and services produced in a year. B: GNP and GDP both mirror the national Income and pay of an economy. The primary contrast is that GNP considers net salary receipts from abroad. GDP is a measure of national Income/ national output and national use deliver in a specific nation. C: It increased in small increments in all areas of NI. D: Personal income increased 3.9% in 2014, compared with an increase of 2.0% in 2013. DPI increased 3.8 percent, compared with an increase of 1.0%. PCE increased 3.9%, compared with an increase of 3.6%. 4: Disposable personal income increased $104.8 billion, or 3.3%, in fourth quarter, compared with an increase of $105.1 billion, or 3.3 percent in the third quarter. Real disposable personal income increases 3.8 percent, compare with an increase of

Get Access