ECO 201
Module 7 - Course Objectives

GDP and the Standard of Living

5.1  Define GDP and explain why the value of production, income, and expenditure are the same for an economy.

5.2  Describe how economic statisticians measure GDP in the United States.

5.3  Distinguish between nominal GDP and real GDP and define the GDP deflator.

5.4  Explain and describe the limitations of real GDP as a measure of  the standard of living.

Assessment  Method

A.  Do the Self-Test questions in your Study Guide as if they were real exam questions, which means do them without looking at the answers. 

B.  You will learn the most from right answers you had to struggle for, and from your wrong answers and mistakes.  Only after you have attempted all the questions should you look at the answers in your Study Guide. 

C.  When you check your answers, be sure to understand where you went wrong and why the right answer is correct.

Take Self-Test 5.1, and Self-Test 5.2, and Self-Test 5.3, and Self-Test 5.4 in your Study Guide before taking Exam #2.