A measure of wealth, basic needs and material comfort a person has access to

• Quality of Life

• Economic Growth

• Standard of Living

• Economic Development

The degree to which an individual is healthy, comfortable, and able to participate in or enjoy life events

• Quality of Life

• Economic Growth

• Standard of Living

• Economic Development

Select all the items that DO NOT determine a country's standard of living and quality of life

• Real GDP

• Life expectancy

• Diet and Nutrition

• Freedom and Justice

• All of the above are used to determine standard of living and quality of life

The total value of all final goods and service produced by a country’s citizens

• GDP

• GNP

• GNI

• Real GDP

The total GDP divided by the population of the said country

• Real GDP

• Nominal GDP

• GDP per capita

• Ceteris paribus

This value is adjusted for inflation

• Real GDP

• Nominal GDP

• GDP per capita

• Ceteris paribus

An outward shift in the PPF depicts

• Economic Growth

• Economic Development

• Economic Decline

• A recession

An inward shift in the PPF depicts

• Economic Growth

• Economic Development

• Higher standard of living

• A recession/Economic decline

Which of the following is TRUE?

• Economic growth can occur without economic development

• Economic development can occur without economic growth

• Economic growth always leads to economic development

• Economic growth and economic development do not relate to each other

Select all the items that are included in the Human Development Index (HDI).

• Nominal GDP

• Life expectancy

• Real GDP per capita

• GNP

• Literacy rates