Economics Review

What is the total value of all final goods & services produced within a country's borders in a given year?

• GNP
• GDP
• Trade deficit
• Trade surplus

What indicator shows the number of people over age 15 who can read and write?

• Life expectancy

• Literacy rate

• GDP

• Unemployment rate

What do you divide GDP by to get GDP per capita?

• Number of households

• Number of people with jobs

• Population

• GNP

What is a good measure of the amount of goods a country produces?

• GNP

• Literacy Rate

• Stock market

• GDP

Which type of country will usually have a higher literacy rate?

• Developed country

• Developing country

What are the components of GDP?

• Consumption + Investment + Goods + Imports

• Consumption + Investmnet

• Consumption + Investment + Government Purchases + Net Exports

• Net Exports

What is a downturn in the economy?

• Economic boom

• Stock Market doing well

• Inflation

• Recession

If a country's GDP is increasing, what does that tell us about its standard of living?

• It is decreasing

• It is increasing

• It is staying the same

What is the study of how people satisfy unlimited wants and needs with limited resources?

• Inflation

• Macroeconomics

• Microeconomics

• Economics

What is a limited quantity of resources?

• Scarcity

• Microeconomics

• Macroeconomics

• Trade surplus