What does GDP stand for?

• Gross Domestic Product

• General Domestic Product

• Gross Development Product

• General Development Product

What does Real GDP adjust for?

• Inflation

• Population

• Interest rates

• Exchange rates

What is the measure of national income per person often used as a proxy for the standard of living?

• Real GDP per capita

• Nominal GDP

• Gross National Product

• Value v volume

What does Purchasing Power Parity (PPP) measure?

• The total amount of goods and services that a single unit of a country’s currency can buy in another country

• The total value of goods and services produced in a country

• The total income of a country from abroad

• The total amount of goods and services produced per person

What is included in Gross National Product (GNP) that is not included in GDP?

• Net property income from abroad

• Income from domestic production

• Income from government spending

• Income from exports

Which of the following is NOT a factor that could make GNI higher than GDP?

• Income from worker remittances

• Income from interest on bonds and savings held overseas

• Income from domestic production

• Income from dividends on profits from overseas investment

What does the term "Value v volume" refer to?

• The value of goods and services shows what they are worth; the volume shows the number that are produced

• The value of goods and services shows the number that are produced; the volume shows what they are worth

• The value of goods and services shows the total income; the volume shows the total expenditure

• The value of goods and services shows the total expenditure; the volume shows the total income

What is the definition of the standard of living?

• A) A measure of economic welfare and wellbeing.

• B) A measure of political stability.

• C) A measure of environmental sustainability.

• D) A measure of technological advancement.

Which of the following factors does NOT affect the standard of living?

• A) Access to good healthcare

• B) Quality of housing

• C) Political freedom

• D) The number of cars owned

What do economists use as a proxy for the standard of living?

• A) Nominal GDP

• B) Real GDP per capita

• C) Inflation rate

• D) Unemployment rate