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Date: 2015-10-07; view: 561.
| 1. efficiency | а. Goods ultimately bought and used by consumers. |
| 2. capital goods | b. A measure of the nation's total output of goods and services per year. |
| 3. services | c. Something created to produce other goods and services. |
| 4. final goods | d. Intangible item of value, such as the work of physicians, lawyers, teachers, actors. |
| 5. labour force | e. A measure of how much we get what we use. |
| 6. Gross National Product (GNP) | f. All the goods and services provided by the economy. |
| 7. Aggregate Supply | g. A system of statistics, that keeps track of production, consumption, saving and investment in the economy. |
| 8. national income accounting | h. Individuals, 16 years of age or older, working or looking for work. |
V. Define which of the following items best completes the statement:
1. The GNP can best be described as a measure of
a. the nation's economic welfare.
b. the value of all goods and services produced in the country.
c. the retail value of all market production in the nation.
d. goods and services produced by the government.
2. A nation's standard of living will rise if
a. GNP and population increase at the same rate.
b. GNP increases faster than population.
c. Population increases faster than GNP.
d. Production and consumption decrease.
3. Assume that prices are rising while production remains unchanged.
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| VOCABULARY EXERCISES | | | In these circumstances, GNP measured in current dollars will |