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21 Cards in this Set
- Front
- Back
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GDP in nominal term is also |
GDP in Current value or real price |
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GDP in real term is called |
GDP in constant price |
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State the difference btw nominal and real gdp |
Increase in welfare or not Helps to isolate the inflationary effect |
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To calc real gdp from nominal GDP |
GDP deflator is used ( calculator from CPI) |
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Consumers price index measures |
The level of inflation in the economy |
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GDP deflator formula |
New price/old price ×100 |
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Real gdp formula |
Nominal GDP/GDP deflator |
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Growth rate formula |
yt-yt-1/yt ×100 |
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The important factors in analysing an economy |
PFFILG |
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Analysisinh using sectoral composition are |
Agriculture Oil mining Manufacturing industry |
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The sector of the economy can be categorized as |
Real sector ( production of real goods) Symbol sector ( service sector) |
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The important factors to carry out analysis are |
CCAC |
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The sources of Economic growth and development in Nigeria are |
Supply decomposition of growth Demand decomposition of groth |
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SDG improve economic growth with |
1.7%-(1980-1986) & 4.7%-(1986-1993) |
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State the decomposition sources of growth by each sector |
Agric sector 1987-1993-26% Mining 9.2% Manufacturing - exchange rate depreciation affect production Fin. Sector - boosted btw 1987-1993 Govt service |
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The main source of Nigerian economy in 70's |
Agriculture sector |
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In 1971 4000 barrels of oil shot up to |
12000 bpd |
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National development plan in 1990's are |
62-68 -52% fin. resources were expected from abroad but got 20% 70-74 3R rehabilitation, reconstruction & reconciliation 75-80 expectations of crude oil |
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Contribution of crude oil to total exporr |
1960-2.5% 1970-7.6% 1980-96% |
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Goals of macroeconomics policies |
EP bp g |
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Govt expenditure are decomposed into |
Capital and recurrent expenditure |
