Economics (McConnell) AP Edition, 19th Edition

Chapter 24: Measuring Domestic Outputand National Income

The content of this chapter may be included on the AP* Macroeconomics exam.

After reading this chapter, you should be able to:

1. Explain how gross domestic product (GDP) is defined and measured.
2. Describe the relationships among GDP, net domestic product, national income, personal income, and disposable income.
3. Discuss the nature and function of a GDP price index, and describe the difference between nominal GDP and real GDP.
4. List and explain some limitations of the GDP measure.

AP Chapter 24 Introduction (11.0K)