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Questions and Answers
Which component of GDP includes spending on new construction and spending on renovations?
Which component of GDP includes spending on new construction and spending on renovations?
- Net exports
- Investment (correct)
- Government spending
- Consumption
If a country's GDP is increasing while its population is decreasing, what could this indicate?
If a country's GDP is increasing while its population is decreasing, what could this indicate?
- Decreased productivity and economic decline per person
- No correlation between GDP and population changes
- An increase in inflation rates
- Increased productivity and economic growth per person (correct)
What does Gross Domestic Product (GDP) measure?
What does Gross Domestic Product (GDP) measure?
- The total value of exports minus imports for a country
- The total value of goods and services produced within a country's borders in a specific time period (correct)
- The total income earned by a country's residents and businesses, regardless of where they are located
- The total government spending in a country
