European Economics, part 3

Which term means the knowledge, skills, and relative health of a nation's labor force?

• Human capital

• Capital goods

• Literacy rate

• Standard of living

Which term means the estimated total value of all final goods and services produced by a nation in a year's time?

• GDP

• GDP per capita

• Standard of living

• Literacy rate

Which term means the average annual income of citizens in a given nation?

• GDP per capita

• GDP

• Standard of living

• Literacy rate

Which term means the factories, machinery, technology, etc. that are needed to run a service or industry?

• Capital goods

• Human capital

• Natural resources

• GDP

Which term means a material on or in the earth that has economic value?

• Natural resource

• Human capital

• Capital goods

• GDP

Which term means the percent of a nation's population over the age of 15 who are able to read and write?

• Literacy rate

• Standard of living

• Reading rate

• GDP

Which term means the level of wealth and material comfort available to a people?

• Standard of living

• Literacy rate

• Human capital

• Natural resource

Which term means a person who risks their own money and resources to create a new business or service?

• Entrepreneur

• Human capital

• Literacy rate

• Standard of living

The _______ a literacy rate of a country, the _________ the standard of living will be.

• Higher ; lower

• Higher ; higher

• Lower ; higher

How can a country increase their GDP?

• Invest in human capital only

• Invest in capital goods only

• The country has no control over the GDP

• Invest in both human capital and capital goods