Chapter 17 lesson 1(Civics and Economics)

Who are entrepreneurs?

• People who travel the world

• Buisness people

• People who take risk to start new businesses

• All of the above

What is a capital?

• quality of life based on the possession of necessities and luxuries.

• value of annual output in a country

• tools, machinery, and buildings used to make products.

Quality of life based on the possession of necessities and luxuries is not a standard of living.

• True

• False

What is a Gross Domestic Product?

• Value of annual output in a country

• money of country

• the value of input in a country

Natural resources are the materials in nature that make production possible.

• True

• False

GDP reflects the price of

• all goods and services

• intermediate goods and services

• final goods and services

• only producer goods and services

Of all goods and services in the world, about how much does the United States produce?

• one-eighth

• one-fifth

• one-half

• one-third

Why is GDP per capita a better measure than GDP when comparing the economic activity of countries?

• It includes enviromental measures such as pollution

• It tells how goods and services were produced in a nation

• It tells how many rich people there are in a nation

• It states GDP in output per person in the country

GDP measures the amount produced within a country as well as a nation's what

• income

• resources

• poverty

• standard of living