Questions and Answers
Which measure of economic output takes into account the market value of all goods and services produced within a country's borders in a year?
Gross Domestic Product (GDP)
What are the two main drivers of economic growth?
New resources and technological change
Which economic measure takes into account the market value of all goods and services produced by nationals of a given country in a year?
Gross National Product (GNP)
Which of the following is NOT a problem with GDP as a measure of economic output?
Signup and view all the answers
Which measure of economic output adjusts for purchasing power parity (PPP) and is an alternative to GDP?
Signup and view all the answers
True or false: Economic growth and development are the same thing.
Signup and view all the answers
True or false: GDP measures the market value of all goods and services produced by nationals of a given country in a year.
Signup and view all the answers
True or false: GNP measures the market value of all goods and services produced within a country's borders in a year.
Signup and view all the answers
True or false: The informal sector or underground economy is a problem with GDP as a measure of economic output.
Signup and view all the answers
True or false: Technological change is one of the drivers of economic growth.
Signup and view all the answers
