QUIZ 1: ECONOMIC ISSUES HERE AND ABROAD
Terms in this set (15)
Suppose you buy clothes at Mimi's Clothing Shop. Your spending is Mimi's _____.
Total _____ is the money earned from all producers in a country.
When the economy is growing, total output is _____ and total income is _____.
Select the items counted in U.S. Gross National Product.
food from an American-owned restaurant in Chicago
clothes from an American-owned store in London
_____ are counted in both the Gross Domestic Product (GDP) and the Gross National Product (GNP).
Services from an American-owned hospital in Montana
If a government is interested in knowing the total income of its citizens (including remittances, or money earned in a foreign country and sent back home), it should look at the _____.
Gross National Product (GNP)
Select all the items included in the Gross Domestic Product (GDP), according to the expenditure approach.
Gross Domestic Product (GDP) includes _____ goods and services.
Suppose you were hired to calculate the Gross Domestic Product (GDP) by using the expenditure approach. You would count buying a new house as _____.
During times of economic growth, companies make _____ investments because they hope to _____
more, earn more money
During periods of economic growth, consumers buy more goods and services. This causes businesses to produce _____ goods and services.
Suppose adding cameras to cell phones caused the demand for cell phones to increase. As a result of this investment, cell phone producers sold more cell phones and earned more revenue. This investment most likely also _____ opportunities in the digital camera industry.
GDP per capita is the Gross Domestic Product divided by the _____.
number of people living in the country
An increase in GDP per capita most likely means that _____.
output is increasing
GDP per capita does not show _____, such as _____.
unpaid work, volunteer work