Economics Quiz

Which of the following measures the total output of a country divided by the number of people in the country?

• GDP per capita

• Consumer price index (CPI)

• Real gross domestic product (RGDP)

• Producer Price Index (PPP) per capita

The gross domestic product (GDP) of the United States is $50,859, which is much higher than most countries. Why is the GDP per capita often used as a sign of a country's standard of living?

• The higher a country's GDP per capita, the higher the incomes of most people in the country.

• The higher a country's GDP per capita, the lower the cost of goods and services in the country.

• The higher a country's GDP per capita, the more money the country has to meet the needs of the people.

Which of the following would be the best title for the bulleted list?

• Economic indicators for a Newly Industrialized Country (NIC)

• Characteristics of a More Developed Country (HDC)

• Economic indicators for a Low Standard of Living Country (LSLC)

• Characteristics of a Less Developed Country (LDC)

Based on this description, which conclusion can be made about the Russian Federation?

• It has a highly developed economy.

• It leads the world in computer technology.

• It promotes free trade in the global economy.

• It is a global leader in environmental affairs.