chapter 12 economic concepts

Front

Lesson 1 (GDP): What does GDP primarily measure?

Back

b) Total production of goods and services

Front

Lesson 1 (GDP): Which of the following is NOT typically included in GDP calculations? a) Retail sales, b) Manufacturing output, c) Environmental costs, d) Government spending

Back

Environmental costs

Front

How is poverty generally defined in the United States?

Back

By income falling below a predetermined threshold.

Front

What kind of government assistance might someone below the poverty threshold receive? Options: a) Stock options, b) Luxury vacations, c) Food stamps or Medicaid, d) Business loans

Back

Food stamps or Medicaid

Front

Lesson 3 (Income Inequality): Which factor is strongly associated with income inequality?

Back

b) Disparities in educational attainment

Front

What visual tool is used to represent income inequality?

Back

Lorenz curve

Front

Lesson 1 (GDP): GDP is a good indicator of what?

Back

b) Economic activity

Front

Lesson 2 (Poverty): Poverty thresholds are adjusted to account for what?

Back

Inflation

Front

The decline of what has been identified as a contributor to income inequality?

Back

Unions

Front

Lesson 1 (GDP): What is a limitation of GDP?

Back

It does not account for unpaid work.