Macronomics an der Universität Wien | Karteikarten & Zusammenfassungen

Lernmaterialien für Macronomics an der Universität Wien

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TESTE DEIN WISSEN
I single firm's production function 
Lösung anzeigen
TESTE DEIN WISSEN
If a single firm's production function is Y=F(K,L)
Y ...output
K... amount of capital (amount of machines used)
L...amount of labor (hours worker by the firms employees)

Then the firm produces more output only, if it uses more machines if its employees work more hours.
Lösung ausblenden
TESTE DEIN WISSEN
Gross National Product 
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TESTE DEIN WISSEN
Whereas GDP measures the total income produced domsetically ,GNP measures the total income earned by nationals (residents of a nation).

Rent a Japanese resident pays in NY is part of US GDP but not US GNP
Lösung ausblenden
TESTE DEIN WISSEN
Nominal GDP/Real GDP/GDP deflator measure 
Lösung anzeigen
TESTE DEIN WISSEN
  • Nominal GDP measures the current dollar value of the output of the economy 
  • Real GPD measures output vlaued at constant prices 
  • GDP deflator measures the price of output relative to its price in the base year. 
Lösung ausblenden
TESTE DEIN WISSEN
The national income divides GDP into 
Lösung anzeigen
TESTE DEIN WISSEN
  1. Consumption
  2. Investment 
  3. Government purchases 
  4. Net exports

Each dollar GDP falls into oe of these categories.
Lösung ausblenden
TESTE DEIN WISSEN
Investment
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TESTE DEIN WISSEN
= items bought for future use. Divided into 
  1. Business fixed investment: Purchase by firms of new structures, equipment, and intelectual property products  
  2. Resident fixed investment: Purchase of new housing by households and landlords.
  3. inventory investment: increase in firm's inventories of goods. 
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TESTE DEIN WISSEN
Government purchases
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TESTE DEIN WISSEN
= goods and services bought by federal state  and local governments (eh military equipment, highways, services pvroided by government workers).

It does not include transfer payments to individuals(eg Saocil Security Welfare ,because transfer payments only reallocate existing income.
Lösung ausblenden
TESTE DEIN WISSEN
traditional vs chain-weighted measure of GDP
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TESTE DEIN WISSEN
  1. Periodically updating of prices used to compuet real GDP (every five years).
  2. Average prices in 2014 and 2015 are used to measure the real growth from 2014 to 2015, average prices in 2015 and 2016 are used to measure real rgowth from 2015 to 2016. These various year-to-year growth rates are then put together to form a chain .
Lösung ausblenden
TESTE DEIN WISSEN
Nominal GDP 
Lösung anzeigen
TESTE DEIN WISSEN
the value of goods and services measured in current prices
Lösung ausblenden
TESTE DEIN WISSEN
Why is the nominal GDP not a good gauge of economic well-being? 
Lösung anzeigen
TESTE DEIN WISSEN
Because, if all prices doubled without any change in quantities, nominal GDP would double. 
Lösung ausblenden
TESTE DEIN WISSEN
real GDP 
Lösung anzeigen
TESTE DEIN WISSEN
The economy's output of goods and services without being influenced by changes in prices, because a constant set of prices is being used (base-year price). Because prices are held equal, real GDP varies from year to year only if the quantities produced vary. 
Lösung ausblenden
TESTE DEIN WISSEN
GDP deflator 
Lösung anzeigen
TESTE DEIN WISSEN
reflects what's happening to overall level of prices in the economy.

=Nominal GDP/Real GDP
Lösung ausblenden
TESTE DEIN WISSEN
Consumption
Lösung anzeigen
TESTE DEIN WISSEN
= haushold expenditures on goods and services. Goods, being tangible things are divided into durables (long lasting eg TV, cars) and indurables (short-lasting eg food, clothes). Services include doctor visits, haircuts etc
Lösung ausblenden
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Q:
I single firm's production function 
A:
If a single firm's production function is Y=F(K,L)
Y ...output
K... amount of capital (amount of machines used)
L...amount of labor (hours worker by the firms employees)

Then the firm produces more output only, if it uses more machines if its employees work more hours.
Q:
Gross National Product 
A:
Whereas GDP measures the total income produced domsetically ,GNP measures the total income earned by nationals (residents of a nation).

Rent a Japanese resident pays in NY is part of US GDP but not US GNP
Q:
Nominal GDP/Real GDP/GDP deflator measure 
A:
  • Nominal GDP measures the current dollar value of the output of the economy 
  • Real GPD measures output vlaued at constant prices 
  • GDP deflator measures the price of output relative to its price in the base year. 
Q:
The national income divides GDP into 
A:
  1. Consumption
  2. Investment 
  3. Government purchases 
  4. Net exports

Each dollar GDP falls into oe of these categories.
Q:
Investment
A:
= items bought for future use. Divided into 
  1. Business fixed investment: Purchase by firms of new structures, equipment, and intelectual property products  
  2. Resident fixed investment: Purchase of new housing by households and landlords.
  3. inventory investment: increase in firm's inventories of goods. 
Mehr Karteikarten anzeigen
Q:
Government purchases
A:
= goods and services bought by federal state  and local governments (eh military equipment, highways, services pvroided by government workers).

It does not include transfer payments to individuals(eg Saocil Security Welfare ,because transfer payments only reallocate existing income.
Q:
traditional vs chain-weighted measure of GDP
A:
  1. Periodically updating of prices used to compuet real GDP (every five years).
  2. Average prices in 2014 and 2015 are used to measure the real growth from 2014 to 2015, average prices in 2015 and 2016 are used to measure real rgowth from 2015 to 2016. These various year-to-year growth rates are then put together to form a chain .
Q:
Nominal GDP 
A:
the value of goods and services measured in current prices
Q:
Why is the nominal GDP not a good gauge of economic well-being? 
A:
Because, if all prices doubled without any change in quantities, nominal GDP would double. 
Q:
real GDP 
A:
The economy's output of goods and services without being influenced by changes in prices, because a constant set of prices is being used (base-year price). Because prices are held equal, real GDP varies from year to year only if the quantities produced vary. 
Q:
GDP deflator 
A:
reflects what's happening to overall level of prices in the economy.

=Nominal GDP/Real GDP
Q:
Consumption
A:
= haushold expenditures on goods and services. Goods, being tangible things are divided into durables (long lasting eg TV, cars) and indurables (short-lasting eg food, clothes). Services include doctor visits, haircuts etc
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