Session:6 The Macroeconomic Perspective
Review Questions
Principles of Macroeconomics 3e | Leadership Development – Micro-Learning Session
Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/principles-macroeconomics-3e
11. What are the main components of measuring GDP with what is demanded?
12. What are the main components of measuring GDP with what is produced?
13. Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by
what is supplied, or the reverse?
14. Why must you avoid double counting when measuring GDP?
15. What is the difference between a series of economic data over time measured in nominal terms versus the
same data series over time measured in real terms?
16. How do you convert a series of nominal economic data over time to real terms?
17. What are typical GDP patterns for a high-income economy like the United States in the long run and the
short run?
18. What are the two main difficulties that arise in comparing different countries’s GDP?
19. List some of the reasons why economists should not consider GDP an effective measure of the standard of
living in a country.
12. What are the main components of measuring GDP with what is produced?
13. Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by
what is supplied, or the reverse?
14. Why must you avoid double counting when measuring GDP?
15. What is the difference between a series of economic data over time measured in nominal terms versus the
same data series over time measured in real terms?
16. How do you convert a series of nominal economic data over time to real terms?
17. What are typical GDP patterns for a high-income economy like the United States in the long run and the
short run?
18. What are the two main difficulties that arise in comparing different countries’s GDP?
19. List some of the reasons why economists should not consider GDP an effective measure of the standard of
living in a country.