Chapter 12: GDP

 Chapter 12: Gross Domestic Product and Growth

 

12 (1)  p. 301 

1.   Identify: Gross Domestic Product, national income accounting, intermediate goods, durable goods, nondurable goods, real GDP, nominal GDP

2. Look at the chart on page 302.  How does the expenditure approach differ from the income approach?

3. List 3 facts about the underground economy (p. 305)

4. Answer questions #1-4 on page 308 

 

12(2) p. 310   

1. Identify:  the 4 parts of the business cycle, stagflation, leading indicators.

2. What does the graph on page 312 show

3. What does the Global connection on page 314 show the relationship between?

4. What does the green flag on page 316 show?

5. Answer questions 1-4 on page 316

 

Read the profile on Andrew Carnegie, answer questions #1+2 on page  317

 

12(3)  

1. Identify: capital deepening, real GDP per capita

2. How is capital deepening shown on the chart on page 322?

3. How does the fast fact on page 323 explain how innovations impact business efficiency?

4. Answer questions # 1-4 on page 324. 

 

Read How technology affected productivity

Answer questions 1+ 2 on page 325.