Questions and Answers
What is a sign of economic shrinkage?
A nation's GDP has declined.
What occurs when a country is experiencing economic growth?
It is NOT measuring its gross domestic product (GDP).
What might be a better title for the graph showing data for the years 2010 through 2012?
Total Exports for the United States and China.
How did the contribution of the services sector to GDP change between 2009 and 2011?
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Which terms can be used to describe Jim, who lost his job in a car assembly factory to a robot?
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What do economists use gross national product (GNP) to measure?
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What conclusion can be drawn from the map showing GDP per capita in the United States?
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What unemployment rate do most economists consider to be acceptable in the United States?
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What do the graphs indicate about Bolivia's labor force?
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What statement most accurately describes the merchandise export data from the graph for the years 2010 through 2012?
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Study Notes
Economic Growth and Measurement
- A decline in a nation's GDP indicates economic shrinkage.
- Economic growth occurs not merely by measuring GDP but involves various factors contributing to an increase in economic activity.
Export Data and Trends
- An appropriate title for a graph depicting data from 2010 to 2012 would be "Total Exports for the United States and China."
- Merchandise export data from 2010 to 2012 reveals that China had higher exports than the United States.
GDP and Sector Contributions
- Changes in GDP within the U.S. from 2009 to 2011 showed a significant rise in the contribution from the services sector.
- Gross National Product (GNP) assesses the production of a nation's citizens, regardless of their location.
Employment and Unemployment
- Jim's situation, where he lost his job to automation and his skills are no longer in demand, falls under the category of structural unemployment.
- The acceptable unemployment rate in the U.S., according to most economists, is around 5%.
Workforce Insights
- Analysis of Bolivia's workforce and GDP indicates that the majority of the labor force does not work primarily in agriculture, contradicting typical assumptions.
- A map indicating GDP per capita in the U.S. reveals that states with lower per capita GDP are predominantly located in the South.
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Description
Test your knowledge of economic growth concepts with these flashcards. Each card provides key terms and definitions that are essential for understanding GDP and economic indicators. Perfect for students and enthusiasts of economics!
