A nation's standard of living is determined by:

(i) the percentage of its GDP that is accounted for by government purchases.

(ii) the quantity of natural resources with which it is endowed.

(iii) factors and events that are beyond the nation's control.

(iv) the productivity of its workers.

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Keith LeannonLv2

25 Mar 2020

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1. A nation's standard of living is determined by:

(a) The percentage of its GDP that is accounted for by government purchases.

(b) The number of natural resources with which it is endowed.

(d) Factors and events that are beyond the nation's control.

2. Country A has a population of 1,000, of whom 800 work 8 hours a day to make 128,000 final goods. Country B has a population of 2,000, of whom 1, 800 work 6 hours a day to make 270,000 final goods.

(a) Country A has higher productivity and higher real GDP per person than country B.

(b) Country A has lower productivity and lower real GDP per person than country B.

(d) Country B has lower productivity, but higher real GDP per person than country B.

3. Janet is a farmer. Which of the following are included in her human capital?

(a) Her tractor and what she's learned from experience.

(b) Her tractor but not what she's learned from experience.

(d) Neither her tractor nor what she's learned from experience.

amethystpig626

Which of the following is true?

a. The GDP gap is the difference between the full-employment gap real GDP and actual real GDP.

b. We desire economic growth because it increases the nation's standard of living.

c. Economic growth is measured by the annual percentage increase in a nation's real GDP.

d. Discouraged workers are a reason critics say the unemployment rate is understated.

e. All of the above answers are correct.

sapphirewildebeest683

Gross domestic product, GDP, is calculated using the following equation, where C is consumption, I is investment, G is government spending, EX is exports, and IM is imports (EX - IM is referred to as net exports): GDP = C + I + G + EX - IM
Why is the value of imports subtracted from the sum of C, I, G, and EX in calculating GDP?
A. GDP is a measure of a nation's standard of living. Because imports can lead to an increase in U.S. unemployment, they do not improve a nation's standard of living.
B. GDP measures the value of output produced within a country. Some of the expenditures in C, I, and G derive from goods produced outside the United States.
C. GDP is a measure of the federal government's budget situation. When imports exceed exports, the government is running a budget deficit.

And suppose you put $5,000 in a bank account for one year. The money earns 6% interest and the inflation rate is 4%. Which of the following statements is true?
I. You earn $200 in interest.
II. Your purchasing power increases by $100.
III. You have $5,300 in the bank at the end of the year.
A. I only
B. II only
C. I and III only
D. II and III only
E. I, II, and III