Macroeconomics, 9/e

Campbell R. McConnell, University of Nebraska, Lincoln
Stanley L. Brue, Pacific Lutheran University
Thomas P. Barbiero, Ryerson University

Measuring Domestic Output and the Price Level

Chapter Objectives

In this chapter you will learn:

What gross domestic product (GDP) is and what it measures.

The expenditure approach to measuring gross domestic product (GDP).

The income approach to measuring gross domestic product (GDP).

The distinction between nominal GDP and real GDP.

What the Consumer Price Index (CPI) is and how it is constructed.

The shortcomings of GDP as a measure of a country's well-being.

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