Political Economy Chapter 3 Quiz: Economic Systems and Market Analysis
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Questions and Answers

What does Gross Domestic Product (GDP) measure?

  • The total dollar value of all government spending within a country
  • The total dollar value of all goods and services produced in a country over a specific time period (correct)
  • The total dollar value of all imports and exports of a country
  • The total dollar value of all investments made in a country

    • What is Gross National Income (GNI) per capita?

  • The total income earned by a country's businesses domestically
  • The total income earned by a country's citizens abroad
  • The income remitted by foreigners living in the country back to their home countries
  • The average income of a country's population (correct)

    • Which indicator is used to measure the economic growth of a country?

  • GDP growth rate only
  • Population growth rate
  • GNI per capita only
  • Both GDP and GNI growth rates (correct)

    • How would an increase in GNI per capita impact a country's economy?

    <p>It would suggest an increase in the final income of the country relative to its population</p> Signup and view all the answers

    Why are GDP and GNI growth rates considered important economic indicators?

    <p>They are linked to the overall health and growth potential of a country's economy</p> Signup and view all the answers

    In what way does GNI differ from GDP?

    <p>GNI includes income remitted by foreigners living in the country back to their home countries</p> Signup and view all the answers

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