SS6E3 Economic Growth, GDP, Standard Living Quiz

Measuring GDP: What does GDP stand for?

• Gross Domestic Profit

• Gross Domestic Product

• Great Domestic Product

• General Domestic Production

Measuring GDP: What are the three methods used to calculate GDP?

• Import approach, Export approach, Investment approach

• Cost approach, Price approach, Value approach

• Supply approach, Demand approach, Distribution approach

• Production approach, Income approach, Expenditure approach

Measuring GDP: What is the difference between nominal GDP and real GDP?

• Nominal GDP is calculated using constant prices, while real GDP is adjusted for inflation using current prices.

• Nominal GDP is calculated using constant prices, while real GDP is adjusted for deflation using current prices.

• Nominal GDP is calculated using current prices, while real GDP is adjusted for inflation using variable prices.

• Nominal GDP is calculated using current prices, while real GDP is adjusted for inflation using constant prices.

Measuring GDP: Why is GDP per capita a better measure of a country's standard of living?

• GDP per capita accounts for population size

• GDP per capita ignores population size

• GDP per capita measures total GDP

• GDP per capita is not related to standard of living

Calculating standard of living: How does education level impact the standard of living?

• Education level only impacts the standard of living for a certain group of people.

• Education level has no impact on the standard of living.

• Education level negatively impacts the standard of living.

• Education level positively impacts the standard of living.

Calculating standard of living: What role does healthcare play in determining the standard of living?

• Healthcare is essential for determining the standard of living.

• Standard of living is not affected by access to healthcare

• Healthcare has no impact on the standard of living

• Healthcare only affects the quality of life, not the standard of living

Impact of economic growth on standard of living: How does economic growth affect the availability of goods and services?

• Economic growth leads to a decrease in the availability of goods and services.

• Economic growth has no impact on the availability of goods and services.

• Economic growth leads to an increase in the availability of goods and services.

• Economic growth only affects the availability of services, not goods.

Impact of economic growth on standard of living: What impact does economic growth have on employment opportunities?

• Economic growth can lead to an increase in employment opportunities.

• Economic growth has a negative impact on employment opportunities.

• Economic growth leads to a decrease in employment opportunities.

• Economic growth has no impact on employment opportunities.

Impact of economic growth on standard of living: How does economic growth impact the overall quality of life in a country?

• Economic growth has no impact on standard of living.

• Economic growth only impacts the wealthy, not the overall population.

• Economic growth can lead to higher standard of living.

• Economic growth leads to lower standard of living.