Chapter 17: The American Economy

What does the economic term GDP stand for?

• Gross Domestic Product
• Great Domestic Profit
• Gross Domestic Profit
• General Domestic Production

What economic measurement looks at the total value of all final goods and services produced in a given year?

• Gross National Product (GNP)

• Gross Domestic Product (GDP)
• Consumer Price Index (CPI)
• Net Domestic Product (NDP)

What is the name of a risk taking person who starts a new business, introduces a new product, or improves a management technique?

• employee
• owner

• boss

• entrepreneur

GDP per Capita means a nation will divide the GDP by this.

• Total number of businesses
• Total land area
• Total government spending
• Total population

What is the term that looks at the well being of an individual by how well their needs and wants are satisfied?

• Happiness Index
• Standard of Living
• Quantity of Life
• Gross Domestic Product (GDP)

Organize these options into the right categories, is is included in GDP?

Groups:

(a) Yes

,

(b) No

• Buying groceries from a supermarket

• Acompany buys screws so they can make bicycles to sell

• Buy a new computer at the Apple Store

• Trade a Twix for a KitKat

• A students sells their textbook to a friend

• Buy a video game on Facebook Marketplace

What is the name of the economic model that shows how goods and services move among markets in the American economy?

• Linear flow model
• Circular flow model
• Square flow model
• Triangle flow model

What is the economic market called where productive resources are bought and sold?

• Product market

• Black market
• Stock market
• Factor market

What is the economic market where goods and services are for sale?

• Factor Market

• Supermarket
• Product Market

• Black Market

What is the economic term where there is an increase in a country's total output of goods and services over time?

• Economic decline
• Financial stagnation
• Fiscal regression
• Economic growth