Do Now 4/2

What does GDP stand for and what does it measure?

• Gross Domestic Product; total value of all goods and services produced over a specific time period within a country's borders.

• General Domestic Product; total value of selected goods and services produced over a specific time period within a country.

• Gross Domestic Policy; the total policies implemented within a country's borders in a specific time period.

• General Domestic Policy; a set of policies aimed at improving the domestic economy of a country.

How does GNP differ from GDP?

• GNP includes the value of goods and services produced by the country's residents, whether within or outside the country's borders.

• GNP only includes the value of goods and services produced within the country's borders.

• GNP is a measure of a country's economic performance, while GDP is a measure of its income.

• There is no difference; GNP and GDP are the same.

What does GNI stand for, and how is it calculated?

• Gross National Income; it is calculated by adding GDP and net income received from other countries.

• General National Income; it is calculated by subtracting GDP and net income received from other countries.

• Gross National Index; it is calculated by adding GDP and net exports.

• General National Index; it is calculated by subtracting GDP and net exports.

What is the Human Development Index (HDI) and what does it measure?

• HDI is an index measuring average achievement in three basic aspects of human development: living a long and healthy life, being educated, and having a decent standard of living.

• HDI is a measure of a country's economic output and financial health.

• HDI is an index that measures the total value of goods and services produced within a country.

• HDI is a measure of a country's policies towards human rights and democracy.

Which of the following statements is true about the relationship between GDP and the standard of living?

• A higher GDP always indicates a higher standard of living.

• GDP does not take into account income distribution within a country.

• GDP directly measures the standard of living of a country's residents.

• A lower GDP always indicates a lower standard of living.