Understanding Global Economics: GDP and Productivity

What does GDP stand for?

• General Domestic Product

• Gross Domestic Product

• Government Domestic Product

• Global Domestic Product

What does GDP per capita represent?

• GDP divided by its population

• GDP divided by its area

• Total GDP of a country

• GDP multiplied by its population

What does increasing GDP per capita over time indicate?

• Poor resource management

• Increasing national wealth

• Stable economic conditions

• Decreasing national wealth

What does the GDP per capita measure?

• Total population

• Economic inequality

• Government spending

• Output per person

Which index is used by the United Nations to measure quality of life?

• Human Quality Index

• Human Economic Index

• Human Resource Index

• Human Development Index

Which country has high GDP per capita but limited natural resources?

• USA

• Zimbabwe

• India

• Singapore

Why is Switzerland considered rich despite limited natural resources?

• High productivity

• Large population

• Extensive land area

• Government policies

What is the main reason some countries are rich according to economists?

• Natural resources

• Government policies

• Productivity

• Population size

How does productivity affect workers' wages according to the bakery example?

• Wages determine productivity levels

• Productivity has no impact on wages

• Higher productivity allows higher wages

• Lower productivity results in higher wages

What is a fundamental reason for some countries being poor?

• High GDP

• Low productivity

• Excessive natural resources

• Large populations