Click on the title and go to the Principles of Macroeconomics website. Watch the first 4 videos, all about GDP. You will become an expert on GDP. Post a question from one of the videos, come up with your own question, don't just copy one from the practice quizzes. In your post, start by listing the GDP of another country, give your answer to someone else's question, and then write your own question. Example:
Country - USA GDP $16.77 Trillion
Johnny's Question - What is GDP?
My answer - The market value of all final goods and services produced in a country in a given year.
My question - What is an intermediate good?
(ps you don't need a visual for your answer)
Take it from there:
87 comments:
6th period
Country:China GDP $9.24 Trillion (USD)
Mr.Pye's Question: What is an intermediate good?
My Answer: A good that is only partly finished
My Question: What are capital goods?
Anthony Acosta7:13 PM, September 25, 2016
Period 6
Honduras GDP: $18.55 billion
Merina's Question: what are capital goods?
My answer: goods that are used in producing other goods, rather than being bought by consumers
My question: what is the fiscal policy ?
Sharanya Chander, 2nd period
Country-Fiji GDP $3.855 billion USD (2013)
Anthony's Question-What is the fiscal policy?
My answer-Fiscal policy is how government adjusts costs/spending to control the economy
My question-What is the difference between nominal GDP and real GDP?
Marcella Winfiele
6th Period
Country GDP: 2.806 trillion USD (2013)
Sharanya's question: What is the difference between nominal GDP and real GDP?
My answer: Nominal GDP is the market value or money value of all final goods and services produced in a country in a year whereas Real GDP is the measure of goods and services produced in a country per year adjusted for price changes.
My question: How do you calculate GDP Per Capita?
Ashley Verghese
Period 4
Country GDP: Pakistan 232.3 billion USD (2013)
Marcella's Question:how do you calculate gdp per capita?
my answer:you divide the gdp by the population of the country
my question: what is nominal gdp?
Sabrina Tortolero
Per 6
Country GDP: Venezuela 509.968 billion USD (2014)
Ashley's Question: what is the nominal GDP?
My answer: nominal GDP is GDP evaluated at current market prices
My question: Why do some goods not count towards the GDP?
Wara Maknojia
Per 6
Country GDP: India 1,498.87 USD (2013)
Sabrina's Question: Why so some goods not count towards the GDB
My answer: Because they are intermediate goods that will be combined to create a finish good
My Question: What does GDP only count?
Michael Delgado
Period 6th
Country GDP: China 6,807.43 USD (2013)
Answer to Wara's Question : certain goods don't count towards the GDP due to the fact that how they are finished. If they are used to make one finished product,they don't count. The finished product however does count
My Question : what is the difference between nominal and real gdp
Laura Rezmer-Cooper
Period 2
Country GDP: England 2,848.76 billion USD (2015)
Michael's Question: What is the difference between nominal and real GDP?
My Answer: Nominal GDP is evaluated at the current market prices, while real GDP is the measure of the value of output adjusted for price changes.
My Question: Why is real GDP the one we really only care about?
Ryan Hunter
Period 6
Laura's Question: Why is real GDP the one we really only care about?
My answer: Because it provides an accurate assessment of all sectors of the economy, not just certain parts
My question: How important is GDP per capita?
Rizna Noorani
2nd period
Country GDP: Iceland- 47,461.19 USD (2013)
Ryan's question: how important is GDP per capita?
My answer: it is significantly important because it shows the status of the economy of a country and enables us to compare the economies of countries.
My question: what factors can change the GDP of a country?
Meryl Zachariah
2nd period
Country GDP:Greece 21,956.41 USD (2013)
Rizna's question: What factors can change the GDP of a country?
My answer: Factors can include population size, government spending, net exports and labor productivity.
My question: What is the difference between an intermediate good and a finished good?
Mervin Cherian
2nd Period
Country GDP Kuwait: 52,197.34 USD (2013)
Meryl's Question: What is the difference between an intermediate good and a finished good?
My Answer: An intermediate good is a good or service that is used in the eventual production of a final good, or finished product.Final goods refer to those goods which are used either for consumption or for investment.
My Question: What does GDP tell us about the Economy
Varsha Martin
2nd Period
Country GDP Sri Lanka: 3,279.89 USD (2013)
Mervin's Question:What does GDP tell us about the Economy
My Answer: The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period; you can think of it as the size of the economy.GDP shows that strong assumptions are required for certain statistics to provide meaningful information about reality. GDP encourages people to think about the meaning of their data. It encourages critical assessment of the assumptions behind the analysis.
My question:What is real GDP and why is it used to find GDP?
Minnu Augustine
Period 2
Country GDP Ireland: 50,503.42 USD (2013)
Varsha’s question: What is real GDP and why is it used to find GDP?
My answer: Real GDP is a measure of the value of economic output adjusted for changes in prices such as inflation and deflation. Real GDP is used to monitor the growth of output in an economy tracking the total value produced using constant prices and isolating the effect of price change. Real GDP is a more accurate representation of changes in the output levels of an economy that GDP.
My question: How does the national spending approach split GDP?
Jignesh Mehta
Period 2
Italy GDP 2.149 trillion USD (2013)
Minnu's question : How does the national spending approach split GDP?
Answer: It splits the GDP into consumers, investments and government spending plus exports minus imports.
My question: When are social security checks added to the GDP?
Sheryl Shajie period 4
France GDP: 2,464.790 USD
Jignesh’s question: When are social security checks added to the GDP?
Answer: When the recipient gets the social security check and spends it on goods and services, it adds to the GDP.
My question: Why is GDP the best single measure of the average standard of living in a country?
Per. 2
Australia GDP: 67,458.36 USD (2013)
Sheryl's question: why is GDP the best single measure of the average standard of living in a country?
My answer: GDP is the best single measure of the average standard if living in a country because it measures economic wealth and gain and keeps the wealth of the people in check.
My question: What are the three measures of GDP?
Aneeka Khan 4th period
Russia's GDP: 14,611.70 USD (2013)
Palak's question: What are the three measures of GDP?
My answer: The Expenditure Approach, The Production Approach, and The Income Approach.
My question:Does a higher GDP per capita always result in a higher standard of living?
John Abraham 6th period
Madagascar's GDP: 462.97 USD (2013)
Aneekas's question: Does a higher GDP per capita always result in a higher standard of living?
My answer: Yes,GDP divided by population; indicates quality of life/status of a country
My question: What is and what causes the Business Cycle?
Anu Thomas 2nd Period
South Korea's GDP: $1.377 trillion USD (2015)
John Abraham's Quesion: What is and what causes the Business Cycle?
My Answer: The business cycle is the periodic but irregular up-and-down movements in economic activity, measured by fluctuations in economic activity and Gross Domestic Product (GDP) over time. The business cycle is causes by economic growth or decline which is caused by fluctuations in Gross Domestic Product and interest rates among other macroeconomic factors.
My Question: What questions about the economy does the GDP help to answer and does a higher GDP always correlate to more production of goods and services?
Shaban Momin 4th Period
Pakistan's GDP: 1,275.30 USD
Anu Thomas' Question: What questions about the economy does the GDP help to answer and does a higher GDP always correlate to more production of goods and services?
My Answer: GDP answers questions of the total consumers, investment and government spendings plus the value of exports minus imports. Yes higher GDP correlates with more production of goods and services because when a country's GDP is high it means that the country is increasing the amount of production that is taking place in the economy.
My Question: Is GDP yearly based, monthly based or daily based?
Victor Varghese
Period-2
North Korea's GDP: 583.00 USD
Shaban Momin's Question: Is GDP yearly based, monthly based or daily based?
My Answer: GDP is mostly yearly based.
My Question: Is GDP a perfect measure of a country doing well?
Vanessa Marcano
Period 2
Colombia's GDP: 7,831.22 USD (2013)
Victor Varghese's Question: Is GDP a perfect measure of a country doing well?
My Answer: Though GDP is not a perfect measure of a country's economic stability, it is the most accurate measurement we have.
My Question: What are examples of goods not used in a country's GDP?
Japan's GDP: 38,633.71 USD
Vanessa Marcano's Question: What are examples of goods not used in a country's GDP?
My Answer: Any good that is not finished and or not produced this year. Goods that are not produced within your country, then it does not count towards the GDP. Anything that is hard to define its value is not part of the GDP either.
My question:What kind of GDP declines during a recession?
Netherland's GDP: 50,793.14 USD
Nathan Zhao Question: What kind of GDP declines during a recession?
My Answer: The GDP that declines during a recession would be real GDP
My question: Does growth in real GDP per capita increase family income?
6th period
El Salvador's GDP: 3,826.08 USD
Robert Propper Question: Does growth in real GDP per capita increase family income?
My Answer: Growth of income at the median family income has been slow relative to growth of the economy
My Question: Is GDP measured the same across all countries?
Turkey's GDP - 10,971.66 billion USD
Catherine Ramos' Question: Is GDP measured the same across all countries?
My Answer: Each country measures GDP using their own currency which can be easily converted into other currencies around the world. Every country measures GDP using the market value of all finished goods/services instead of adding quantity of all finished goods/services produced.
My Question: How is the GDI different than GDP?
Mya Torres 4th
Lithuania GDP-15,537.92 USD
Salman Bawani's Question: How is the GDI different from the GDP?
My Answer:GDI meausres activity based on income while GDP measures actvity based on expenditure.
My question: Why are transfer payments acccounted for in GDP
Mya Torres 4th
Lithuania GDP-15,537.92 USD
Salman Bawani's Question: How is the GDI different from the GDP?
My Answer:GDI meausres activity based on income while GDP measures actvity based on expenditure.
My question: Why are transfer payments not acccounted for in GDP?
(scratch the first question)
Jithin Joy, Period 4
Mexico's GDP - 1,082.430 USD
Merina Thomas's question: What are capital goods?
My answer: Capital goods are tangible assets such as buildings, machinery, equipment, vehicles and tools that an organization uses to produce goods or services in order to produce consumer goods and goods for other businesses.
My Question: What is GDP calculated in?
Andison Chung Period 4
Nepal GDP: 694.10 USD
Jithin's question: what is GDP calculated in?
My answer: the equation used to calculate GDP is: GDP = C+I+G+(X-M) or GDP = private consumption + gross investment + government investment + government spending + (exports - imports).
My question: what is the definition of GDP per capita?
Zain Chowdhry. Per 4
GDP of Congo: $35.24 billion USD (2015)
Andison Chung's question: what is the definition of GDP per capita?
answer: GDP per capita shows the average income of each person and is calculated by dividing the nations GDP by its population.
My question: Why is GDP the best value for measuring a nations status?
Andrea Doan Per 2
Vietnam GDP-$193.599 billion
Zain Chowdhry-Why is GDP the best value for measuring a nations status?
answer- because GDP is highly correlated with better environment, better health care, longer life expectancy, and etc.
My question: What are the two ways GDP can increase?
4th Period
GDP of Egypt: 330,765 USD
Andrea's question: What are two ways GDP can increase?
Answer: By inflation or by producing more goods and services.
My question: How can the rate of inflation be found?
lloyd Videau
6th period
GDP of Saudi Arabia: 748.4 billion USD (2013)
David's Question:How can the rate of inflation be found?
Answer: first price minus second price divided by first price times 100
My question: What are the top three highest GDP per capita countries in the world? what are bottom three?
May Liew-6th Period
GDP of Malaysia- 296,217.64 million USD
lloyd Videau: What are the top three highest GDP per capita countries in the world? what are bottom three?
My Answer: Top-Luxembourg Switzerland Qatar, Bottom-Central African Republic, Burundi, South Sudan
My question: What are some shortcomings of using GDP data?
James Ware 3rd Period
GDP of Spain-1.393 trillion USD
May Liew- What are some shortcomings of using GDP data?
Answer- GDP does not include the underground economy, where most transactions are done in cash and are not reported. GDP can measure the living standards of countries to be the same but quality of life can be way off due to environmental problems that is not measured.
Question-How long will a recession last?
James' question: How long will a recession last?
GDP of Cambodia: 15.24 billion USD (2013)
My answer: While the average recession lasts for 22 months, its almost impossible to tell while going through one.
My Question: Why is Real GDP per capita a better representation of the average person's standard of living than Nominal GDP?
Sharon Mathew
Period 2
GDP of Switzerland: 84,815.41 billion USD (2013)
Erica's Question: Why is Real GDP per capita a better representation of the average person's standard of living than Nominal GDP?
My Answer: Real GDP per capita is a measurement of the total output of a country divided by the number of people. Nominal GDP is calculated from the current prices, therefore, Real GDP per capita represents an average person's standard of living because it measures the GDP of an individual person.
My Question: Does inflation benefit the economy or the GDP of a country?
Sonia Gupta
Period 2
Country GDP: Singapore- 55,182.48 USD (2013)
Sharon's question: Does inflation benefit the economy or the GDP of a country?
My answer: Moderate rates of inflation is sign of a healthy economy. With economic growth, we usually get a degree of inflation.
My question: If a good is not bought and sold in a market, is it counted as a GDP?
Farrah Au-Yeung
4th period
GDP of Hong Kong: USD $309.93 Billion (2015, total GDP)
-Sharon's question: Does inflation benefit the economy or the GDP of a country?
-My answer: Possibly. One consequence of inflation is that it increases tax rates on cash holdings. However, it has benefits too: it incentivizes people to liquidize their assets, leading to more economic activity and money circulation in the economy. It also prevents a trend of downward nominal wages.
-My question: How does inflation happen?
GDP of Brazil: USD $1774.72 billion (2015)
Farrah's question: How does inflation happen?
My answer: Inflation happens when the aggregate demand for goods and services economy rises more rapidly than an economy's productive capacity.
My question: What is the relationship between inflation rates and economic recessions?
Milen Thomas
6th period
GDP of Panama: $11,036.81 USD (2013)
Milen's question: What is the relationship between inflation rates and economic recessions?
My answer: The relation between inflation and recessions cannot be fully explained without bringing in interest rates. High interest rates checks inflation and keep it moderately stable, but too high of interest will lead the economy into a recession. When a recession hits, the interest rates go down in order to forcibly stimulate the economy by urging the borrowing and spending of money. And when the markets grow too quickly, inflation raises prices heavily in order to compensate for the scarce supply. But inflation can be hard to control, leading to increases in prices and less and less buying power, ultimately falling into a vicious cycle that may lead to another economic recession.
My question: What are some of the causes behind the stagnation of economy?
6th period
per.2
GDP of Zimbabwe: $953.38 USD (2013)
jenny's question: What are some of the causes behind the stagnation of economy?
My answer: some of the causes are ineffective monetary policy and weak demand for explaining the lower rates of economic growth. Other causes for lower economic growth include a hangover from the credit crisis, but also supply side and demographic factors.
My question: what is net exports and which one does not add to our gdp?
Jose De Leon
2nd Period
GDP of Portugal: 21,733.07 (2013)
Arnold's Question: What is net exports and which one does not add to our graph?
My Answer: Net exports total exports minus the value of its total imports. It helps calculate a countries GDP.
My Question: How much more do we import than we export?
Chloe Benson
2nd Period
GDP of Ghana: 1,858.24 USD (2013)
Joey's question: How much more do we import than we export?
My answer: For example, in 2015 the United States had $2.23 trillion in exports and $2.76 trillion in imports of both goods and services. That shows that we significantly import more than we export.
My question: Is GDP measured the same across all countries?
Jessica Jose
4th Period
GPD of The Netherlands: 752.55 Billion USD (2015)
Merina's Question: What are capital goods?
My Answer: Capital goods are tangible assets such as equipment and buildings used to produce a good or service in order to produce consumer goods and goods for other businesses.
My Question: What are three uses of GDP data?
Norway GDP 388.31 billion USD
Jessica's question: How much more do we import than we export?
My answer: To measure the health of a country's economy, to measure average living standard in a country, to measure growth of an economy when compared to previous years.
My question: How could GDP have an affect on income tax?
6th period
Country - Netherlands GDP 853.5 billion USD
Jasmine's Question - How could GDP have an affect on income tax?
My answer - The more money there is in the market and in the GDP the higher the income for each individual
My question - how does GDP represent living standards?
Gabrielle Le - Period 6
GDP of New Zealand: $41,555.83 USD
Smitthu's Question: How does GDP represent living standarads?
My answer: Real GDP per capita is the form of GDP to represent living standards. It takes a whole country's output, which is also its income, and divides it by the entire population. In general, countries with higher GDP per capita have overall better living standards, as the income of an average citizen is higher.
My question: Why are imports subtracted from a country's GDP?
Daniel Doucet - Period 2
GDP of Argentina: $14,715 USD
Gabby's Question: Why are imports subtracted from a country's GDP?
My answer: Imports are something that must be bought by the country in question, therefore the country is not producing the goods that it imports, so they can't count as the product of the country in question.
My Question: Why is the underground economy not included in the GDP?
GDP of Trinidad and Tobago - 24.64 Billion USD
Daniel's question: Why is the underground economy not included in the GDP?
Answer: The underground economy is not included in the GDP of a nation because there is no measurable data about transactions, and therefor no way to include it.
My Question: What is the largest category of GDP out of consumption, investment, and government purchases?
Nigeria GDP: $481.1 billion
Daniel Doucet Question: Why is the underground economy not included in the GDP?
My answer: It is not counted because we only calculate the prices of legal goods.
My Question: Why does egg or flour not get counted as GDP when a baker buys it?
Afolabi Oyewuwo Question: Why does egg or flour not get counted as GDP when a baker buys it?
My answer: The egg or flour is not the final good that is being sold to the market. The final good is whatever the baker makes with the egg and flour and GDP counts the total final goods.
My question: Which factors of government spending are not accounted for in GDP?
Jake Hudson
Pye 6
Afolabi Oyewuwo Question: Why does egg or flour not get counted as GDP when a baker buys it?
My answer: Because those items were already bought by a company who then sells them, therefore, it's not counted.
My Question: If something is repurposed or refurbished does it count towards the GDP?
Abraham Mebarkia
Period 2
Jake Hudson Question:If something is repurposed or refurbished does it count towards the GDP?
My answer: No, it would not count towards GDP because only newly produced goods count. Sales of used goods and sales from inventories of goods that were produced in previous years are excluded.
My Question: How does the quality of a good affect GDP over time?
Nima Jamshidi
Period 2
GDP of Iran: 431 Billions USD
Tess M's Question: Which factors of government spending are not accounted for in GDP?
My answer: Things that are considered government handouts are not counted toward GDP.
My Question: Why do the resale of things not counted toward GDP?
Country- England $2.849 trillion
Nima’s Question- Why does the resale of things not count towards gdp?
My answer- The resale of items does not count toward gdp because is essentially just a transfer of ownership with no new creation of value.
My question- What are the two most common ways to split GDP?
Country- Germany 3.73 trillion USD
Anjana Thomas -2nd Period
Country: Turkey 10,971.66 (2013)
Ariana's Question: What are the two most common ways to split GDP?
Answer: The National spending approach and the factor income approach
My Question: What are the sub-categories of The National Spending Approach of GDP
My question: How does the government know the difference between an intermediate good and a consumer good?
Arianna's Question: What are the two most common ways to split GDP?
My answer- nominal and real GDP
Country-Bolivia 33.197 billion
Paris GDP- 2.935 trillion
Myrakel Question- How does the govt. know the difference between intermediate and consumer goods?
Answer- By checking what goods are sold to consumers and what finished good are used to make another product.
My question- What would happen if a company was not to keep record of all goods and products sold?
South Korea GDP- 1.305 trillion
Stanley Question- What would happen if a company was not to keep record of all goods and products sold?
Answer- If a company kept no record of all goods and products sold then there would be no measure of their contribution to GDP.
My Question- Why does the United States Import more than Export?
Nicole Aguilar, 4th Period, AP Eco
Venezuela GDP: $14,414.75 USD
Destiny's Question-What would happen if a company was not to keep records of all goods and products sold?
My answer: The company would collapse due to lack of data and statistics being found on which type of consumers buy their products. Thier goods and products would also not count among local GDP.
My Question: Why do American products being made in other countries not count for US GDP?
Maldives GDP - 3.282 billion
Destiny's question - What would happen if a company was not to keep record of all goods and products sold?
My answer - If a country were not to keep records of all goods and products sold, they would not be able to be apart of the global GDP. The country would not be able to keep record of their progress. The country also would not know when they are in an economic expansion or in an economic contraction.
My Question - Which country has the highest GDP? The lowest?
Zain Bhai P2
GDP of Ghana: 1,858.24 USD (2013)
zains question: Which country has the highest GDP? The lowest?
my answer: America, South Sudan
my question: What does GDP tell us about the Economy?
Stanley Johnson
6th Period
Somalia GDP-145.06 USD
Bens question: What does GDP tell us about the Economy?
My Answer:
It represents the total dollar value of all goods and services produced over a specific time period. For example if the year-to-year GDP is up 10%, then this basically means that the economy has grown by 10% over the last year.
My Question: When unemployment rates are high is this typically a sign of a healthy economy or a weak economy?
Canada GDP: $1.827 Trillion USD in 2013
Stanley's Question: When unemployment rates are high is this typically a sign of a healthy economy or a weak economy?
My Answer: Higher unemployment rates are typically indicators of a struggling, weak economy.
My Question: What is one problem with GDP per capita?
Period 4
Netherlands: 50,793.14 USD (2013)
Allen's question: What is one problem with GDP per capita?
My answer: To look at GDP per capita, we have to look at GDP itself. GDP only reflects the "official" sum of all money made in the country for one year. Therefore, GDP per capita only reflects the "official" sum of all the money every citizen makes per year. It doesn't say precisely how much everyone makes since everyone doesn't make the exact same as someone else.
My question: Is GDP important in Microeconomics?
Hannah Enyioma Period 6
Eritrea: 3.444 billion USD (2013)
Pierre's Question: Is GDP important in Microeconomics?
My Answer: Yes GDP is important in Microeconomics because GDP, its growth or decline, is a good measure of the health of a country's economy. To make smart business and personal decisions, an individual or company needs to know the overall health of the economy.
My Question: How can employee compensation help determine GDP?
North Korea GDP: 583 USD (2014)
Hannah Enyioma's Question: How can employee compensation help determine GDP?
My Answer: Employee compensation can help determine GDP because it shows how healthy the economy is if the employees are getting paid more or less.
My Question: Why aren't resold goods counted into GDP because even if they are resold, people are still spending money on them.
Shreyans Rana
India: 1,498.7 USD (2013)
Alain Butlers Question: Why aren't resold goods included in GDP?
Shreyans Rana answers:
Resold goods aren't added to GDP because that would mean they would be double counted. GDP is about production something being resold isn't a new output.
My question:
Why can't we use GDP to measure the quality of life in a nation?
shreayns answer- gdp doesnt show the disparities in a population only the total growth of economy
my question- Difference between nominal and real gdp?
Mario Trevino
New Zealand: 185.8 billion USD (2013)
Samaksh's Question: Difference between nominal and real gdp?
My answer: Nominal GDP is not adjusted for inflation, whereas real GDP is.
My question: What is the difference between GDP Per Capita and GDP?
Answer to Mario's Question: GDP is the value of all goods and services produced in a country in a certain amount of time, while per capita is the GDP divided by every person in the country.
GDP of Yemen: 35.95 billion
My question: What is price index?
Answer to Tony's Question: Price index is how much a price has changed over a period of time.
Sweden GDP: 579.7 billion USD
Do money transfers count toward GDP?
answer to Justin's question: money transfers such as social security, welfare are not included
in GDP.
my question: How accurately is GDP accounted for?
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