Economic Performance

Which economic indicator measures the total value of all the productivity in a country in one year?

• CPI

• GDP

• Inflation

• Unemployment

Gross domestic product (GDP) can be used to

• track inflation over one year

• measure the quality of life in a country

• compare the economies of different countries

• accurately show the distribution of wealth in a country

GDP can be used to show

• strengths and weaknesses in the economy

• the value of American goods produced in other countries

• the effect of unemployment on the economy

• the rise in prices over time

What kinds of things are hidden by GDP

• cost of living

• economic growth

• life expectancy

• pollution

Match each economic performance measure to the best definition.

• National Income​

• Total income earned by a nation from the production of goods and services​

• Disposable Personal Income​

• Value of final goods and services less the value of capital goods that have become worn out​

• Gross National Product​

• Income received by a country’s people from all sources​

• Net National Product​

• Person's income minus taxes​

• Personal Income

• Market value of all final goods and services produced by a country

GDP that is used to measure standard of living.

• Nominal GDP

• Real GDP

• GDP per Capita

• GDP

Answer explanation

GDP per capita measure how much gross domestic product is in an economy PER PERSON. This is how we measure standard of living.

How countries measure the value of goods and services they are producing...

• GPP

• GDP

• FBD

• TIP

Total income of the country divided by its

total population is known as: ‘

• Capital Income

• National Income

• Per capita income

• GDP

Match gross domestic product (GDP) with the situation in Canada:

• Canada has a high GDP per capita and a high standard of living.

• Canada has a high GDP per capita and a low standard of living.

• Canada has a low GDP per capita and a high standard of living.

• Canada has a low GDP per capita and a low standard of living.

GDP is the total sales of all goods and services in one year. The citizens of East Asia and the Pacific have a higher __________ and __________ __ ______________.

• sales

  low paying jobs

• GDP

  Quality of Life.