Economics Assignment 4.2 Quiz Review

Providing advanced training for employees is an example of...

• investing in human capital.

• overtime pay.

• loss of productivity.

• increase in workforce.

What is a continual rise over time in a nation’s production of goods and services?

• Consumer Price Index

• Inflation

• Economic Growth

• GDP

Economic Growth is dependent on which factors?

• Entrepreneurship

• Capital

• Government regulations

• Innovative Technology

Give an example of innovative technology that drives economics growth.

Answer explanation

Examples could include, but are not limited to...

mobile credit card readers, broadband services, phones apps like DoorDash, Uber, etc., Apple Pay, interchangeable parts, modern chemistry, steam power, solar power, or any advancement that improves productivity by making work faster, cheaper, and easier.

Select 1 factor that helps determine the standard of living within a region.  Briefly explain how it relates to economic growth.  

-Health care coverage

-High school completion

-Violent crime

-Affordable housing

Standard of living can be described as... 

• Innovative Technology.

• A region with high literacy rates.

• Population Density.

• The level at which individuals feel comfortable.

Things like poverty rates, affordable healthcare, and safety help determine the (a)   for a particular area or region.

True or False: Income alone determines one's standard of living. 

(a)