Skip to ContentGo to accessibility pageKeyboard shortcuts menu
OpenStax Logo
Principles of Economics 2e

Review Questions

Principles of Economics 2eReview Questions
11.

What are the main components of measuring GDP with what is demanded?

12.

What are the main components of measuring GDP with what is produced?

13.

Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what is supplied, or the reverse?

14.

Why must you avoid double counting when measuring GDP?

15.

What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms?

16.

How do you convert a series of nominal economic data over time to real terms?

17.

What are typical GDP patterns for a high-income economy like the United States in the long run and the short run?

18.

What are the two main difficulties that arise in comparing different countries's GDP?

19.

List some of the reasons why economists should not consider GDP an effective measure of the standard of living in a country.

PreviousNext
Order a print copy
Citation/Attribution

This book may not be used in the training of large language models or otherwise be ingested into large language models or generative AI offerings without OpenStax's permission.

Want to cite, share, or modify this book? This book uses the Creative Commons Attribution License and you must attribute OpenStax.

Attribution information
  • If you are redistributing all or part of this book in a print format, then you must include on every physical page the following attribution:
    Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
  • If you are redistributing all or part of this book in a digital format, then you must include on every digital page view the following attribution:
    Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
Citation information

© Jun 15, 2022 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.