L1&L2 AP9 3A QUIZ

This is a decrease in the general price level, which has the

opposite effect of inflation.

This is the final value of the goods and

services produced within the geographic boundaries of a country

during a specified period of time, normally a year.

This is the amount of money collectively received by

the inhabitants of a country.

2 Reasons why some countries have a low GDP.

GDP per capita is used to tell how wealthy a country is.

• True

• False

What is the true statement about productivity and growth?

• higher value produces also the growth effect

• Productivity is a key and there is no limit on it

Enumerate the four factors of production.

Increasing productivity has resulted in an increasing standard of living.

• true

• false

This the amount of physical goods and services

that can be bought by a given amount of money.

It is is a general increase in prices or the money supply, which can cause a currency's purchasing power to decline.