Economics questions
What is GDP, real GDP, nominal GDP?
· Different ways to calculate GDP
· What is the CPI and GDP deflator? (differences/similarities)
· What are the growth rate, GDP deflator, gross investment, net exports, national income formulas?
· Economic goals, growth rate benchmarks, omissions from GDP/well being measure
· What is personal income, personal disposable income, savings, how calculated
· What is the CPI, what calculated, what does it measure, problems with CPI with the way it is calculated
· Uses of the CPI measure
Economics questions
Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country`s borders in a specific time period. The nominal GDP is the values of all the final goods and services that an economy produced during a given year. It is calculated by using the prices that are current in the year in which the output is produced. In economics, a nominal value is expressed in monetary terms. The real GDP is the total value of all of the final goods and services that an economy produces during a given year, accounting for inflation. It is calculated using the prices of a selected base year.
