Economics …… fill in the with the correct answer below 1.____The rate of change in a quantity during a given time period,

Economics …… fill in the with the correct answer below
1.____The rate of change in a quantity during a given time period, such as dollars per year.

2.____A quantity measured at one point in time.

3.____The national income accounting method that measures GDP by adding all the spending for final goods during a period of time.

4.____The national income accounting method that measures GDP by adding all incomes, including compensation of employees, rents, net interest, and profits.

5.____Taxes levied as a percentage of the prices of goods sold and therefore collected as part of the firm’s revenue.

6.____Total income earned by resource owners, including wages, rents, interest, and profits.

7.____The total income received by households that is available for consumption, saving, and payment of personal taxes.

8.____The amount of income that households actually have to spend or save after payment of personal taxes.

9.____The value of all final goods based of the prices existing during the time period of production.

10.____The value of all final goods produced during a given time period based on the prices existing in a selected based year.

11.___A measure that compares changes in the prices of all given year to the prices of those good in a base year.

Use the answers below to fill in the questions above (1 – 11)
a. Stock

b. expenditure approach

c. income approach

d. flow

e. real GDP

f. GDP chain price index

g. disposable personal income

h. nominal GDP

i. National income

j. personal income

k. indirect business taxes

12. Using 2012 as the base year, suppose your nominal income in 2013 was $60,000 and the 2013 price index was 105.7. Calculate your 2013 real income.

13. Is Global warming a myth?

14. List three cases in which shifts in demand and /or supply would result in a lower price and a
greater quantity.