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Macro 4a.pdf
- 4. Quizmaster 1. Ten Questions 2. Three answers for each question 3. Email to Connor at by 3:00pm cjh425@go.byuh.edu 4. One Extra Point on Exam
- 5. GDP Gross Domestic Product The market value of all final goods and services produced in a country in a given time
- 6. GDP How much stuff a country makes
- 7. GDP per Capita GDP per Person Average GDP
- 10. MarketValue One Apple plus One Orange = Three Dollars
- 11. All Everything except... Stuff you don’t sell
- 15. Goods Services
- 16. Produced New Stuff Does not include the sale of used goods
- 17. Within a Country
- 18. In a given period of time Year Y/Y Quarter Q/Q Annualized: Q x 4
- 19. Percentage Change new number - old number old number
- 20. ThisYear - LastYear LastYear ThisYear = 75 LastYear = 60 Percentage Change?
- 21. 75 - 60 60 15 60 .25 or 25%
- 23. GDP = C = Consumption I = Investment G = Government X = Exports M = Imports
- 24. GDP = C + I + G + (X - M)
- 25. Consumption Spending by households on goods and services, except new housing
- 26. Investment Spending on capital equipment, inventories, and structures, including new housing
- 27. Government Spending on goods and services from local, state, and federal governments.
- 29. Net Exports Foreigners buying exports minus domestic residents buying foreign goods
- 30. What is GDP? C = 105 I = 40 G = 25 X = 30 M = 20
- 31. GDP = C + I + G + (X - M) = 105 + 40 + 25 +(30-20) = 105 + 40 + 25 +10 = 180
- 33. GDP $94 trillion Population 7.8 billion GDP Per Capita $12,053 GDP Per Day $33
- 35. GDP $23 trillion Population 330 million GDP Per Capita $69,697 United States Per Day $190
- 36. GDP $17 trillion Population 1.4 billion GDP Per Capita $12,142 Per Day $33 China
- 38. Real vs. Nominal
- 44. Prices Nominal or Current Real or Constant
- 45. In fl ation Cause: Printing money faster than making goods and services Effect: Rising prices
- 47. Real will always have a base year
- 49. Pizza Soda Year Price Qty Total Price Qty Total Total Total % Change 2010 $5 100 $500 $1.00 50 $50 $550 2011 $6 134 $804 $1.50 40 $60 $864 57.1% 2011* $5 134 $670 $1.00 40 $40 $710 29.1% 2012 $10 150 $1500 $2.00 30 $60 $1,560 80.6% 2012* $5 150 $750 $1.00 30 $30 $780 9.9% * Prices adjusted to 2010 Rates Real versus Nominal GDP
- 50. GDP De fl ator Nominal GDP Real GDP = x 100
- 51. GDP De fl ator $1,560 $780 = x 100 = 200 Prices have doubled
- 52. If the the GDP De fl ator is 178 and a Pizza cost $15, what was the price in the base year? $15 ÷ 1.78 = $8.43
- 53. GDP In fl ation Rate GDP De fl atorYear 2 - GDP De fl atorYear 1 GDP De fl atorYear 1 = x 100
- 54. If the the GDP De fl ator is 178 in 2010 and 192 in 2011, what was the rate of in fl ation? 192-178 178 x 100 =7.86%
- 55. Problems with GDP Inequality Types of Goods and Services Happiness Others?
- 56. Rule of 70s Year to Double = 70 ÷ Rate of Growth
- 57. Pooleynesia grows at 7% a year. Current GDP per capita is $5,000.What will GDP per capita be in 40 years?