Measures of Economic growth

The most accurate definition of GDP is

• The value of goods and services produced in an economy

• The value of goods and services produced in an economy in a year

• The ttotal value of goods and services produced in a year

• The total value of goods and services produced in an economy in a year

If there has been an increased in economic growth there has been

• More goods produced in the economy

• An increase in the value of goods produced in an economy

• an increase in resources available to use in the economy

• more goods exported overseas than imported into the country

The Human Development Index (HDI) has 3 important criteria, which of these is NOT included?

• Life expectancy

• Education

• Real GDP/Income

• Pollution

The maximum potential output of the economy is the definition of what?

• Real GDP

• Productive Capacity

• Nominal GDP

• Net Social Welfare

What does the line on the PPF show?

• Real GDP

• Net social welfare

• Productive Capacity

• Nominal GDP

Why is real GDP considered a better measure of growth than nominal GDP?

• It includes inflation

• It takes into account price changes

• It shows the distribution of income in the economy

• It includes non-economic factors

Why might Net Social Welfare be a better measure of growth than real GDP?

• It includes inflation

• It shows how incomes are distributed in the economy

• It includes economic and non economic factors

• It only includes non-economic factors

Improved standard of health care would be included in which measure of economic growth?

• Real Income/GDP

• Productive capacity

• Net social welfare

Improvements in technology would be included in which measure of economic growth?

• Real Income/GDP

• Productive capacity

• Net social welfare

Increased financial rewards would be included in which measure of economic growth?

• Real Income/GDP

• Productive capacity

• Net social welfare