Relevance of total GDP .

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Chapter 8, Problem 5RQ

To determine

Relevance of total GDP.

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1) GDP is a better indicator of economic growth and welfare than GNP because a) indicates income from goods/services that are available in the country.b) it is always larger than the GNP and includes government services.c) the entrepreneurs' effort of combination of other factors of production are included.d) all factor of production's income are accounted for. 2) To increase your productivity, you must a. use the latest equipment.b. increase your marginal price. c. hone your skills. d. be good looking. a) a and c.b) b and d.c) a and b 3) The Malthusian population trap tell us that a) that there is a stage that income and population stop to grow.b) increased population has nothing to do with economic growth.c) There is point in which population is not contributing to labor increases.d) trade routes of people is responsible for population growth. .e) there is inequality in income there fore population is affected

Productivity is defined as the quantity ofa. labor required to produce a nation’s GDP.b. labor required to produce one unit of goods and services.c. goods and services produced from each unit of labor input.d. goods and services produced per unit of time.

The growth rate of potential GDP is not affected by a. the growth rate of the labor force. b. environmentalists’ ability to pass regulations. c. the rate of technological progress. d. the growth rate of a nation’s capital stock.