Problem 1
Explain the relationship between the terms in each of these pairs a. nominal GDP b. gross national product net national product c. personal income real GDP disposable personal income
Problem 2
= Between which two points of the business cycle is a contraction measured?
Problem 2
Name the key measurement of economic growth.
Problem 2
What are the four components of GDP?
Problem 3
What is an example of a durable good? a nondurable good?
Problem 4
Name two economic activities that GDP does not measure.
Problem 4
Name four factors that can trigger changes in the business cycle.
Problem 5
Why are transfer payments not included as a government expenditure when calculating GDP?
Problem 5
Briefly explain the problem Malthus identified.
Problem 7
Solving Economic Problems In 2000 , the world's population was about 6 billion, and about 800 million of those people did not have enough to eat. By 2050 , the world's population is expected to grow to about 9 billion. What steps should we take now to avoid having more than 1 billion people without enough to eat by \(2050 ?\) Employ the ideas you learned about in this section in formulating your solution.
