GDP Smackdown

GDP Smackdown

Fill in the Blanks

what does GDP stand for:

Multiple Choice

Which BEST describes GDP?

• It is a measure of what is happening to prices in an economy

• GDP measures how much is produced in an economy in a given time period

• It is the data used to determine how many people are employed

• GDP is used to determine the inventories of businesses around the us

Multiple Choice

What does GDP measure?

• Whether individuals earn enough money to enjoy life.

• A country's productivity.

• The quality of life people in the country enjoy.

Multiple Choice

GDP currently measures items and services produced and purchased. Some argue it should also measure

• Whether people smile and act happy.

• Whether people feel oppressed by their government.

• How people feel while living in the country- education opportunity, happiness, the government they live under- freedoms.

Multiple Choice

What is another part of the measure of the economy (GDP)?

• Are people saving money?

• How well people get along with their environment?

• The welfare of the people of the country- do they have money to spend?

Multiple Choice

Simon "Krazy" Kuznets is the father of

• All economic theories.

• The notion that the value of the country is more than money generated from products sold.

• The theory that the only thing that matters is money spent on goods and services.

Multiple Choice

M Joseph Meehan is a college professor. He believes

• GDP is the best measure of the economy because it is easily quantifiable.

• Quality of life is an important measure of GDP.

• GDP is the best measure of the economy because it measures all the important things.

• Hope and love are silly things that no one really likes.

Multiple Choice

M Joseph Meehan winning the fight meant what?

• GDP only measures the happiness and satisfaction everyone feels

• Only services and products manufactured and sold are valid measures of GDP

• The quality of everyone's life is also a measure of GDP

Open Ended

Which side do you agree with? Explain.