Economics
Economic Indicators

Question Description

I’m trying to study for my Economics course and I need some help to understand this question.

Word document and APA format

Your task is to complete all assigned questions to the best of your ability.

  1. What does Gross Domestic Product (GDP) measure?
  2. What is the equation used to calculate Gross Domestic Product (GDP)?
  3. In two or more sentences describe the difference between Real Gross Domestic Product (GDP) and Nominal Gross Domestic Product?
  4. Identify at least three (3) factors that are omitted from our country Gross Domestic Product (GDP)?
  5. In one to two sentences, please define, the Human Development Index (HDI)?
  6. In one to two sentences, describe why Gross Domestic Product (GDP) is used as a key economic indicator?
  7. In two or more sentences describe what assumptions can be made about country’s that have a high Gross Domestic Product (GDP)?
  8. How is Gross Domestic Product (GDP) per capita calculated?
  9. If Real Gross Domestic Product (GDP) fall for two or more consecutive quarters, which phase of the business cycle would best describe our economy?
  10. In one to two sentences describe whether Real Gross Domestic Product (GDP) or Gross Domestic Product (GDP) is a better measure of our country’s well-being?

Grading Rubric:

Your project will be graded using the rubric below:

F

F

C

B

A

0

1

2

3

4

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Competence

Proficiency

Mastery

Failure to adequately state Gross Domestic Product both Real and Nominal. Failure to adequately state Human Development Index

Able to state what Gross Domestic Product both Real and Nominal. Failure to adequately state Human Development Index

Able to state what Gross Domestic Product both Real and Nominal. Can adequately state Human Development Index Also able to give examples of Gross Domestic Product both Real and Nominal, and adequately state Human Development Index

Able to state and articulate what Gross Domestic Product both Real and Nominal. Can adequately state Human Also able to give examples and articulate Gross Domestic Product both Real and Nominal, and adequately state Human Development Index

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Final Answer

Attached.

Running head: GROSS DOMESTIC PRODUCT

Gross Domestic Product
Names:
Institution:

1

GROSS DOMESTIC PRODUCT

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Gross domestic product

1. What does Gross Domestic Product (GDP) measure?
GDP measures the estimated value of goods and services that a particular region
produces within a given period, which means that it serves as the measure of that region’s
economy and the health of this economy.
2. What is the equation used to calculate Gross Domestic Product (GDP)?
GDP = C + G + I + NX
C stands for private consumption, G for the government expenditure, I is for the
investments that an economy has made, and NX is the net exports, which is calculated by
subtracting the imports from the exports that ...

Doctor_Ralph (22723)
UIUC

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