General
Is gdp a macroeconomic or microeconomic measure?
Macroeconomic
Increased wages, job availability, and affordability is a result from what?
A high gdp.
What country has the highest gdp per capita?
America
What country has the second highest gdp?
China
What is gdp?
A country's measurement of their economic output during a specific period.
What does fake gdp not factor in when measuring economic growth?
Inflation and price changes.
Pay freezes, job losses, and a decreased in economic activity is a result from what?
A low gdp.
How do you find gdp per capita?
By diving a country's population by their overall gdp.
Which country first measured gdp?
America
How many types of gdp is there?
3
What is one thing that influences a country's gdp?
Consumer spending, business investments, government spending, or exports.
What type of cut in government can lower a country's gdp?
A cut in federal spending.
What is the term for the measurement that is often used to compare living standards between countries called?
Gdp per capita.
What country has the fifth most highest gdp?
India
What are the types of gdp?
Nominal, real, and per capita.
Name one thing that the government does to contribute to the country's gdp.
Infrastructure, defense, social services, taxes, or public sector workers salaries.
What can also influence a country's gdp?
Aggregate demand and supply.
What does a low gdp per capita indicate about a country?
It indicates that the living conditions aren't as good as in other countries.
Which two countries have a gdp that is very close to being the same amount?
Germany and Japan.
What was the percentage of growth in our country's gdp last year?
2.8%
What does gdp measure in the total value of all these produced within a country's border in a specific time period?
Goods and services.
What happened in 2008 that greatly impacted our economy?
The great recession, this led to a gap between actual and potential gdp.
The type of inequality that is not accounted when measuring gdp per capita.
Income inequality.
How can gdp be used globally?
To compare economies between countries or over time.
Who first developed the concept of gdp?
Simon Kuznets