Economic Indicators Review

Gross Domestic Product (GDP) is the market value of all final goods and services:

• exchanged during a period.
• produced within a country during a year

• produced by the citizens of a nation during a period.
• produced domestically during a period minus the depreciation of productive assets.

Gross Domestic Product (GDP) is....

• Is a measure of an economy’s output or production

• Is the total value of goods and services produced within a country’s borders within a specific period of time

• Depends on the country

• Provides an overall picture of the economy so policymakers and central banks can judge the economy of a country and make predictions for the future

Which of the following economic indicators is the total sum of all products produced and sold within a countries border in a given year?

• GDP (Gross Domestic Product)

• Unemployment

• Inflation

• None of the above

The quality of life is also called?

• Inflation

• Standard of Living

• Unemployment

• Gross Domestic Product

A healthy economy aims to do all of the following EXCEPT

• Increase Productivity

• Decrease unemployment

• Decrease standard of living

• Stabilize Prices

The best definition for GDP is...

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

• The total value of a person's income from their job

• The total value of a country's debt, produced by their spending.

Which of the following is the best definition for the term Life Expectancy.

• The age of the oldest person in a country.

• How long people are expected to live on average.

• A person's age.

What is a literacy rate?

• The total percentage of people in a country that can write.

• The percentage of people in a country who can read.

• The percentage of people in a country that can read and write.

What is the best definition of an economy?

• Money

• A system in which people produce, sell, and buy things.

• A system in which people make goods and provide services.

What is the best definition for standard of living?

• The level of goods, services, and material comforts of people in a country.

• How much money a person has.

• The amount of money that determines if a person is poor or rich.