Economic Growth Flashcards

Questions and Answers

What conclusion can someone draw from the map showing GDP per capita in the United States?

Florida has a higher per capita GDP than New York.

Alaska has the lowest per capita GDP of any state.

States with the highest per capita GDP tend to be in the South.

States with the lowest per capita GDP tend to be in the South. (correct)

Which statement is the most accurate explanation of the unemployment rates graph in the United States?

Unemployment will never again be as high as it was in 2010.

Unemployment rates rise and fall in predictable patterns.

The United States does not have to worry about unemployment.

The United States suffered an economic downturn starting in 2009. (correct)

Sometimes an economy cannot grow because of external factors, such as?

Poor infrastructure.

Low domestic demand.

Low demand for exports. (correct)

Lack of skilled labor.

Which statement most accurately describes the merchandise export data for the years 2010 through 2012?

China exported more goods than the United States from 2010 to 2012. Signup and view all the answers

Which unemployment rate do most economists consider to be acceptable in the United States?

5 percent Signup and view all the answers

How did the contribution of the services sector to GDP change between 2009 and 2011?

It rose significantly. Signup and view all the answers

Which might be a better title for the graph showing data for the years 2010 through 2012?

Total Exports for the United States and China Signup and view all the answers

Which describes a factor that limits economic growth?

Having low internal demand Signup and view all the answers

An increase in gross domestic product (GDP) is a sign that a country's economy is?

Growing Signup and view all the answers

Which statement best summarizes the information about Bolivia's workforce?

Many Bolivians are farmers, but the agriculture sector does not produce much in terms of GDP. Signup and view all the answers

Study Notes

GDP Per Capita Insights

States with the lowest per capita GDP tend to be in the South.
Florida's per capita GDP exceeds that of New York, indicating a stronger economy in Florida.

Unemployment Trends

Unemployment rates demonstrated a significant economic downturn starting in 2009, notably peaking in 2010.
Economists generally consider a 5 percent unemployment rate acceptable in the United States.

Economic Growth Constraints

External factors that hinder economic growth include low demand for exports and poor infrastructure.
Having low internal demand is a key limiting factor for economic growth.

Merchandise Export Data

China outperformed the United States in merchandise exports from 2010 to 2012.
In 2012, the U.S. exported over $2 trillion worth of goods.

Service Sector Contribution

The services sector significantly increased its contribution to GDP from 2009 to 2011.

International Trade Title Insights

A potentially better title for export data graphs could be "Total Exports for the United States and China."

Economic Signs

An increase in gross domestic product (GDP) is an indicator that a country's economy is growing.

Bolivia's Workforce Overview

While many Bolivians are farmers, the agriculture sector contributes minimally to GDP.
The industrial sector has gained importance in Bolivia's economy in recent years.

Description

Test your knowledge on economic growth with flashcards that examine GDP per capita across the United States. Each card presents a scenario or a question related to economic indicators and trends. Engage with the material and enhance your understanding of regional economics and growth patterns.