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　　【高顿网校 - 注册金融分析师(CFA)试题】

　　Investment Tools: Economics: Macroeconomic Analysis

　　1.A: Preliminary Reading: Taking the Nation's Economic Pulse

　　a: Explain the two approaches to measuring gross domestic product (GDP) and calculate GDP using each approach.

　　The expenditure approach is a demand-based concept measured by summing personal consumption, gross private investment, government consumption and gross investment, and net exports of goods and services. 　　Resource cost/income approach:The resource cost/income approach is a supply or production oriented approach and measures GDP by summing the following components employee compensation, proprietors' income, rents, corporate profits, interest income, indirect business taxes, depreciation, and net income of foreigners.

　　b: Distinguish between GDP and gross national product (GNP).

　　GNPis the total market value of all final goods and services produced by the citizens of a country no matter where they are residing. Prior to 1991 GNP was used to measure US production.

　　GNP and GDP are closely related concepts. GDP is a measure of the output that is produced domestically, while GNP is a measure of the output produced by the nationals of a country regardless of where they live. GNP is GDP PLUS income earned by citizens from their work and investments abroad, LESS the income earned by foreigners from their work and investments within the country.

　　GDP measures output within the borders of a country regardless of the citizenship of the producer. GNP measures the output of the country’s nationals regardless of where they live.

　　c: Explain the difference between real and nominal GDP.

　　An important use of GDP is to compare the level of production over time. However, when nominal GDP (GDP measured in terms of current prices) changes from one period to the next, it reflects both changes in production and price changes. Therefore, economists attempt to filter out the impact of GDP by calculating GDP measured in terms of prices from some base year.

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