17.1_The American Economy_Gross Domestic Product

Which of the following is an example of a service?

• a mobile phone

• a book

• a haircut

• a loaf of bread

China is the world's largest national economy.

• True

• False

Making goods and providing services create ________ for individuals in the economy.

• GDP

• market value

• income

• factors of production

Which of the following is an entrepreneur?

• a waiter

• a chef

• a restaurant critic

• a restaurant owner

The Gross Domestic Product measures the value of __________________.

• all intermediate goods sold in a specific country

• all goods and products sold during a specific year

• all final products produced in a country during a specific year

• all products produced in a country during a specific year

Which of the following is an intermediate good?

• a computer chip

• a book

• a greeting card

• a water bottle

Which transaction is counted in the GDP?

• the sale of a two-year-old car between private parties

• cooking a large dinner for your family

• the purchase of fabric by a furniture manufacturer

• the purchase of a computer mouse pad from a store

GDP per capita is calculated by dividing a country's GDP by its population.

• True

• False

The services of a professional gardener would be included in the GDP.

• True

• False

China has a very high standard of living because of its high GDP.

• True

• False