4.6 Economic Growth
2 hours ago
deanhoss
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11 QuestionsShow answers
  • Question 1
    30 seconds
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    Q.

    What does Gross Domestic Product

    mean?

    answer choices

    The total value of all goods and services a country imports.

    The total value of all goods and services a country exports.

    The total value of all goods and services produced within a country in one year.

    The net loss in profits within a country due to imports.

  • Question 2
    30 seconds
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    Q.

    The___________ a country’s GDP, the better the country’s standard of living.

    answer choices

    lower

    greater

    smaller

    answers 1 and 3 are correct

  • Question 3
    30 seconds
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    Q.

    What are the 4 factors that lead to a country’s economic growth?

    answer choices

    investment in human capital, investment in physical capital, land (natural resources), entrepreneurship

    good international relations, a democratic president, strict laws, freedom of press

    a powerful military, strong dictatorial leadership, communist regime, little personal freedom

    a monarchy, the World Bank, a parliamentary democracy, personal freedom

  • Question 4
    30 seconds
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    Q.

    What are natural resources?

    answer choices

    resources that are gone from nature

    resources that are manufactured for the environment

    resources that are considered worthless

    materials or substances that occur in nature and can be used for economic gain.

  • Question 5
    30 seconds
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    Q.

    Why is it beneficial for a country to have an abundance of natural resources?

    answer choices

    countries that have a lot of natural resources are able to use them to produce goods and services cheaper than a country that has to import them. Therefore, a country with a lot of natural resources usually has a greater GDP than a country with little natural resources.

    countries with a lot of natural resources are usually taken over by other countries and don't have to worry about paying for anything

    they cannot become communist

    there is no advantage since most natural resources are worthless

  • Question 6
    30 seconds
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    Q.

    What does human capital mean?

    answer choices

    the place where the most people live within a country

    the place where the most work is performed within a country

    the people who perform labor (work)

    the building where most people work in a country or state

  • Question 7
    30 seconds
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    Q.

    Why should countries invest in developing human capital?

    answer choices

    because the more people you have working in one area like a capital the more productive it will be

    it leads to a lower GDP

    it leads to lower literacy rate

    investment in the education and skills training of people creates a smarter and more productive workforce, which relates to a higher GDP.

  • Question 8
    30 seconds
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    Q.

    What are capital goods?

    answer choices

    goods that are produced in the capital

    the factories, machinery, and technology used to produce goods and services

    goods that are produced without natural resources

    goods that are produced by the government

  • Question 9
    30 seconds
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    Q.

    Why should countries invest in developing capital goods?

    answer choices

    they shouldn't, it is too expensive

    because capital goods cannot be sold to other countries

    when countries invest in capital goods, they are providing better facilities, resources, and/or materials for the people who perform the labor, which creates a more productive workforce leading to greater economic growth (higher GDP).

    because capital goods are less expensive than private goods

  • Question 10
    30 seconds
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    Q.

    What do entrepreneurs do?

    answer choices

    represent business at the capital

    make all the laws in regards to business

    start their own business, invent something new, or change the way something was previously done so that it works better

    work in politics with regards to foreign business

  • Question 11
    30 seconds
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    Q.

    How does entrepreneurship influence economic growth?

    answer choices

    it creates jobs and reduces unemployment

    it encourages people to take risks,and in doing so, create better materials, products, and technologies

    the more entrepreneurs a country has, the higher the country's GDP

    answers 1,2,and 3 are all correct

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