1. The process macroeconomists use to track production, income, and consumption is known as national income accounting and provides information about a country's economic activities.
2. The most widely used NIPA is gross domestic product.
3. To actually compute GDP, economists use the output-expenditure model.
4. Personal consumption expenditures include durable goods, nondurable goods, and services.
5. Gross investment is the total value of all capital goods produced in a given country in one year as well as changes in the dollar value of business inventories.
6. Government transfer payments are not included when calculating government purchases.
7. A price index is a set of statistics that allows economists to compare price over time.
8. Illegal activities and unreported legal activities are part of the underground economy.
9. Barter transactions, housework, and do-it-yourself home repairs are examples of non-market activities.
10. Indirect taxes are taxes included in the final price of goods and services.
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