Economic Growth and Development Quiz

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10 Questions

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?

Adjustments (PPP)

Which measure of economic output adjusts for purchasing power parity (PPP) and is an alternative to GDP?

Gross National Income (GNI)

True or false: Economic growth and development are the same thing.

True

True or false: GDP measures the market value of all goods and services produced by nationals of a given country in a year.

False

True or false: GNP measures the market value of all goods and services produced within a country's borders in a year.

False

True or false: The informal sector or underground economy is a problem with GDP as a measure of economic output.

True

True or false: Technological change is one of the drivers of economic growth.

True

Test your knowledge on economic growth and development concepts and measures in this quiz. Learn about how economies grow, different ways to measure output and growth, the relationship between growth and development, alternative development measures, and income distribution and inequality. Explore the drivers of economic growth and understand the production possibilities frontier.

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