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23 Cards in this Set
- Front
- Back
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What is the total dollar value of all final goods and services produced by a nation in one year? |
Gross Domestic Product |
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List the four economic groups that determine a nation's GDP. |
1. 2. 3. 4.
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What is the condition in which governments do not impose restrictions on foreign trade? |
free trade |
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The GDP is the total dollar value of all ___ produced in one year |
final goods and services |
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What is a positive balance of trade? |
trade surplus |
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What is the true measure of a nation's wealth? |
per capital real GDP |
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Which category of GDP includes furniture? |
consumer durable goods |
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Name one category of the GPDI. |
capital investment or unplanned inventories |
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What is the measure of a nation's wealth adjusted for inflation? |
real GDP |
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Who hurts the most from protectionist legislation? |
domestic consumers |
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Which economic group increased its spending dramatically during WW II? |
government |
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Which category of GDP includes fork lifts? |
business investments |
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To find the per capital GDP, you divide the ___by the population. |
real GDP |
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Which category of GDP includes soap/ |
consumer nondurable good |
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To find the real GDP, you divide the __by the GDP deflator |
nominal GDP |
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Which GDP category includes new homes? |
business investments |
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What is most alarming in the United States about a trade deficit? |
loss of prestige |
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Which GDP category includes haircuts? |
consumer services |
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Who hurts the most from free trade? |
noncompetitive domestic industries |
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What is the measure of the GDP in current dollar values? |
nominal GDP |
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What do we call the difference between the dollar amount received for exports and the dollar amount paid for imports? |
net exports |
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What is a negative balance of trade? |
trade deficit |
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People who want to safeguard a domestic industry through government restrictions on foreign trade are known as.... |
protectionists |
