CH 3.1 : Economic Growth
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Questions and Answers

What is the primary goal of efforts to balance wealth?

  • To reduce income distribution disparities (correct)
  • To increase capital investment
  • To reduce population growth
  • To promote economic growth

    • What is economic growth measured in terms of?

  • Real GDP per capita
  • Nominal GDP (correct)
  • Resource exploitation
  • Labor productivity

    • Which of the following factors directly impacts productive capacity?

  • Resource exploitation
  • Technological advancements
  • Capital investment (correct)
  • Labor productivity

    • What is the standard of living defined as?

    <p>The level of wealth and comfort in a particular demographic group</p> Signup and view all the answers

    What is a limitation of using per capita GDP to measure standard of living?

    <p>It does not account for income distribution disparities</p> Signup and view all the answers

    What is a factor that determines standard of living?

    <p>Economic growth</p> Signup and view all the answers

    What does economic growth reflect?

    <p>An increase in the capacity of an economy to produce goods and services</p> Signup and view all the answers

    What influences economic stability and public services?

    <p>Government policies</p> Signup and view all the answers

    What is the primary source of wealth?

    <p>Savings</p> Signup and view all the answers

    Which of the following is a characteristic of wealth?

    <p>The ability to generate income</p> Signup and view all the answers

    What is essential for sustainable development?

    <p>Security and infrastructure</p> Signup and view all the answers

    What is the Gini Coefficient used to measure?

    <p>The distribution of wealth</p> Signup and view all the answers

    What is a factor that impacts resource distribution?

    <p>Population size and structure</p> Signup and view all the answers

    What is a benefit of higher employment levels?

    <p>Higher living standards</p> Signup and view all the answers

    What is the range of the Gini Coefficient?

    <p>0 to 1</p> Signup and view all the answers

    What is one of the reasons for uneven distribution of wealth?

    <p>All of the above</p> Signup and view all the answers

    What is the Lorenz Curve used to illustrate?

    <p>The actual distribution of wealth</p> Signup and view all the answers

    What is a source of wealth apart from savings?

    <p>All of the above</p> Signup and view all the answers

    What is a characteristic of the Gini Coefficient?

    <p>It is valued for its straightforward interpretative power</p> Signup and view all the answers

    What is the relationship between economic growth and the standard of living?

    <p>Economic growth is closely tied to the standard of living</p> Signup and view all the answers

    Which of the following is an effort to balance wealth?

    <p>Minimum wage laws</p> Signup and view all the answers

    What is the purpose of adjusting growth data for inflation?

    <p>To get a clearer picture of growth</p> Signup and view all the answers

    What is a factor that can influence economic growth?

    <p>Resource exploitation</p> Signup and view all the answers

    Why is per capita GDP useful for comparing growth across countries?

    <p>It factors in population differences</p> Signup and view all the answers

    What is a limitation of using GDP per capita to measure standard of living?

    <p>It does not account for income distribution disparities</p> Signup and view all the answers

    What is a factor that determines standard of living?

    <p>Economic growth</p> Signup and view all the answers

    What is a benefit of technological advancements?

    <p>Enhanced production capabilities</p> Signup and view all the answers

    What is a characteristic of economic growth?

    <p>It is an increase in a nation's output of goods and services</p> Signup and view all the answers

    What is a factor that influences employment levels?

    <p>Government policies</p> Signup and view all the answers

    What is essential for sustainable development?

    <p>Security and infrastructure</p> Signup and view all the answers

    What is a key aspect of economic growth?

    <p>Increase in the capacity of an economy to produce goods and services</p> Signup and view all the answers

    What does the Lorenz Curve illustrate?

    <p>The actual distribution of wealth across a population</p> Signup and view all the answers

    What is a characteristic of the Gini Coefficient?

    <p>It is a numerical representation of wealth inequality</p> Signup and view all the answers

    What is a factor that contributes to uneven wealth distribution?

    <p>Economic systems that favor certain groups</p> Signup and view all the answers

    What is a source of wealth?

    <p>Savings</p> Signup and view all the answers

    What is a characteristic of wealth?

    <p>The ability to generate income</p> Signup and view all the answers

    What is a result of unequal wealth distribution?

    <p>Increased income inequality</p> Signup and view all the answers

    What is a factor that determines economic opportunities?

    <p>All of the above</p> Signup and view all the answers

    What is a benefit of economic growth?

    <p>Improved standard of living</p> Signup and view all the answers

    What is a limitation of economic growth?

    <p>It can lead to increased income inequality</p> Signup and view all the answers

    What is the primary consequence of a nation's economic growth on its citizens?

    <p>Improved standard of living</p> Signup and view all the answers

    Which of the following is NOT a characteristic of wealth in economic terms?

    <p>Sources of employment opportunities</p> Signup and view all the answers

    What is the primary purpose of the Lorenz Curve in measuring wealth distribution?

    <p>To illustrate deviations from perfect equality</p> Signup and view all the answers

    Which of the following factors contributes to economic disparity due to natural variations?

    <p>Skills and talent</p> Signup and view all the answers

    What is the primary benefit of using the Gini Coefficient in measuring wealth inequality?

    <p>It provides a numerical representation of wealth inequality</p> Signup and view all the answers

    What is a consequence of unequal wealth distribution within a nation?

    <p>Structural inequality</p> Signup and view all the answers

    Which of the following is a source of wealth apart from savings?

    <p>All of the above</p> Signup and view all the answers

    What is a characteristic of economic growth that is closely tied to the standard of living?

    <p>Increased capacity to produce goods and services</p> Signup and view all the answers

    Which of the following is a factor that contributes to economic disparity due to structural inequality?

    <p>Discrimination</p> Signup and view all the answers

    What is the primary benefit of economic growth on a nation's development?

    <p>Improved standard of living</p> Signup and view all the answers

    What is the primary objective of taxation policies aimed at equity in wealth redistribution?

    <p>To decrease the burden of taxes on low-income individuals</p> Signup and view all the answers

    Which of the following is a limitation of measuring economic growth in nominal terms?

    <p>It fails to account for inflation</p> Signup and view all the answers

    What is the primary impact of labor productivity on economic growth?

    <p>It increases the nation's output of goods and services</p> Signup and view all the answers

    What is the relationship between employment levels and standard of living?

    <p>Higher employment levels lead to a higher standard of living</p> Signup and view all the answers

    Which of the following factors has a direct impact on resource distribution?

    <p>Population size and structure</p> Signup and view all the answers

    What is the primary benefit of technological advancements in terms of economic growth?

    <p>They enhance production capabilities</p> Signup and view all the answers

    What is the primary limitation of using per capita GDP to measure standard of living?

    <p>It does not account for income distribution disparities</p> Signup and view all the answers

    Which of the following is a characteristic of economic growth?

    <p>It is an increase in the nation's output of goods and services</p> Signup and view all the answers

    What is the primary role of government policies in determining standard of living?

    <p>They influence economic stability and public services</p> Signup and view all the answers

    What is the primary benefit of job creation programs in terms of wealth redistribution?

    <p>They provide employment opportunities to low-income individuals</p> Signup and view all the answers

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