Measuring the Economy

Question 1

What is the definition of GDP, or gross domestic product?

Revolt · Accepted Answer

the total value of all finished goods and services produced in a country in a specific time period

Question 2

Review the table, which provides unemployment figures.

Revolt · Accepted Answer

Black or African Americans

Question 3

What is the definition of standard of living?

Revolt · Accepted Answer

the quantity and quality of goods and services available in a country

Question 4

To calculate the per capita rate, what should a country’s GDP be divided by?

Revolt · Accepted Answer

the total number of people living in the country

Question 5

What input do economists most often use when calculating an economy’s productivity?

Revolt · Accepted Answer

total number of work hours

Question 6

Hoshi has a business making custom skateboards. To make each board, she needs seven layers of thin maple wood, glue, varnish, graphics, wheels, grip tape, and hardware. These supplies cost her $75 per board. She sells each board for $150.

Revolt · Accepted Answer

$2

Question 7

What does a productivity rate compare?

Revolt · Accepted Answer

what is being produced to what is used to make it

Question 8

Which action would directly affect the GDP of the United States?

Revolt · Accepted Answer

Ana buys a new car manufactured in the United States.

Question 9

Why do economists monitor GDP over a length of time?

Revolt · Accepted Answer

to determine changes in the size and health of the economy

Question 10

What makes up most of the GDP of the United States?

Revolt · Accepted Answer

consumer spending

Measuring the Economy Answers

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