17.1 GDP

What does GDP stand for?

• General Development Program

• Gross Domestic Product

• Governmental Domestic Policy

• General Domestic Production

Why is Gross Domestic Product per capita considered a better measure for economic output?

• It accounts for the country's population size.

• It includes the government's spending only.

• It measures the total exports of a country.

• It calculates the economic growth rate.

What is one reason why entrepreneurs start a business?

• To implement government policies

• To create job opportunities for themselves

• To avoid paying taxes

• To enroll in educational programs

What does GDP measure?

• The total value of all goods produced in a country

• The total value of final goods and services provided in a country during one month

• The total value of final goods and services provided in a country during one year

• The total value of imported goods

What is GDP used for?

• To measure the size of a company

• To measure the size of an economy

• To measure the population of a country

• To measure the wealth of the government

How is GDP measured?

• By estimating the future value of goods and services

• By taking the quantities of all goods and services produced, multiplying them by their prices, and summing the total

• By calculating the average income of individuals in the economy

• By counting the number of businesses in the economy

GDP can be measured by:

• The sum of what is purchased in the economy

• The sum of what is exported only

• The total number of people employed in the economy

• The quantity of natural resources available in the country

What does the shaded area in the graph represent?

• Periods of economic growth

• Periods of technological innovation

• Periods of U.S. recessions

• Periods of stable GDP

Based on the graph, how has the Gross Domestic Product (GDP) trended from 1950 to 2020?

• It has remained relatively stable.

• It has decreased significantly.

• It has fluctuated without a clear trend.

• It has generally increased.

According to the 2023 Global GDP, which country has the largest economy?

• China

• United States

• India

• Japan