ECO 102 Principles of Macroeconomics

4) List the four components of GDP. Give an example of each.

7) In the year 2013, the economy produces 100 loaves of bread that sell for $2 each. In the year 2014, the economy produces 200 loaves of bread that sell for $3 each. Calculate the nominal GDP, real GDP, and GDP deflator for each year, using 2013 as the base year. By what percentage does each of these three statistics rise from one year to the next?

8) Why is it desirable for a country to have a large GDP? Give an example of something that would raise GDP and yet be undesirable.

Course: ECO 102 Intro to Macroeconomics
School: Community College of Alleghany County


  • 01/04/2017
  • 2
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