What is real GDP per capita?

Dollar amount of real GDP produced on a per person basis

What isn't a benefit of economic growth within a country?

Allows for more freedom by the government

Factors of Production are...

Land, Labor, Capital, Entrepreneurship

If population grows faster than real GDP...

average amount of output produced for each person falls

Jake and Smishrosh, Jake and Sharab, Jake and Rizbah

What is labor productivity?

the amount of output produced per unit of labor input

What is the "standard of living"?

quality of life based on amount of necessities and luxuries

What is capital-to-labor ratio?

total capital stock divided by # of workers in labor force

are the incomes and properties that may be taxed

studbud

ECONOMIC GROWTH

17 termsStudBud Administration41 plays

A #QUIZ TO HELP RECAP THE ECONOMIC GROWTH SECTION

Flashcards17 cardsFPractice quizPHost liveL

Questions 17

Answers

1
What is real GDP per capita?
Real GDP divided by dollar amount of total capital
Real GDP divided by labor force
Dollar amount of real GDP produced on a per person basis
Fancy way to say GDP
2
What problem stems from economic need?
Isis
Inefficiency
Demand for domestic-made products
Inadequate medical care
3
What isn't a benefit of economic growth within a country?
Boost the economies of foreign trade partners
Raises standard of living
Allows for more freedom by the government
Helps solve domestic problems
4
Factors of Production are...
Land, Entrepreneurship, Capital, Production
Land, Labor, Capital, Entrepreneurship
Land, Labor, Capital, Innovation
Land, Production, Capital, Innovation
5
If population grows faster than real GDP...
more goods and services available for everyone
Population centers become a concern
average amount of output produced for each person increases
average amount of output produced for each person falls
6
Many people in the United States think countries will be able to help themselves if they adopt
Darwinism
A free market system
Communism
Socialism
7
The best group is
Jake and Rishabh
Jake and Smishrosh
Jake and Sharab
Jake and Rizbah
8
The size of the labor force is dependent upon..
Foreign Countries
Education
Capital
Population
9
THE BEST TEACHER IS
Mrs. Kumar
Mrs. Kurtz
dr k
NICOLE SANSONE
10
When labor productivity grows...
The price level rises
The price level remains unchanged
Leads to more domestic jobs
Leads to more outsourcing
11
What is labor productivity?
total output divided by number of workers
the amount of output produced per unit of labor input
average output per worker in the specific market
total amount of output
12
What is the "standard of living"?
quality of life based on amount of necessities and luxuries
quality of life based on # of luxuries making life easier
quality of life based on average age
Helping other nations and being a global role model
13
What is capital-to-labor ratio?
Total capital stock divided by real GDP
Real GDP divided by number of workers
Around 200
total capital stock divided by # of workers in labor force
14
What is the best way to measure economic growth?
FDP
Real GDP Per Capita
Real GDP
GDP
15
An example of a renewable resource would be...
Forests
Gas
Nuclear Fuels
Minerals
16
A tax base...
increases private services and quality of said services
benefits governments when shrunk
benefits economic growth when shrunk
are the incomes and properties that may be taxed
17
Does a growth triangle show monthly compound rates of growth?
No
I don't know
Yes

ECONOMIC GROWTH Flashcards | StudBud