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Economics Quiz: GDP and Quality of Life

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Questions and Answers

What economic measure is defined as the total value of a country's goods and services?

CPI (Consumer Price Index)

GDP (Gross Domestic Product) (correct)

GNP (Gross National Product)

PPP (Purchasing Power Parity)

What is the definition of quality of life?

The presence of many material possessions.

The level of technological advancement in a society.

The political power held by individuals.

The general well-being or happiness of a person or society. (correct)

Which of these best illustrates a high quality of life?

Having the latest technology.

Meeting basic needs and satisfying many wants. (correct)

Access to luxury goods and services.

Having a large amount of savings.

How is GDP per capita calculated?

GDP / Population (D) Signup and view all the answers

Which statement best characterizes inequality?

People have differing degrees of access to education. (B) Signup and view all the answers

What does the term 'economic activity' primarily encompass?

The production, distribution, and consumption of goods and services (B) Signup and view all the answers

How is the quality of life measured?

By the Human Development Index (HDI). (B) Signup and view all the answers

Which of the following best describes the primary industry sector?

Extraction of natural resources (B) Signup and view all the answers

What type of industry is characterized by knowledge-based activities such as research and development?

Quaternary (D) Signup and view all the answers

Which of these is NOT an indicator of quality of life?

The amount of natural resources. (D) Signup and view all the answers

Which of the following is a typical characteristic of a developed country?

A large number of wealthy citizens (A) Signup and view all the answers

What is a primary goal of fair trade?

To ensure that workers receive better treatment (C) Signup and view all the answers

Which factor is commonly found in developed countries?

An abundance of food (D) Signup and view all the answers

In fair trade practices, which group’s welfare is a focal concern?

Workers and producers (A) Signup and view all the answers

Besides having jobs for workers, another characteristic of a developed country is:

High incomes (C) Signup and view all the answers