Econ Ch. 13 Questions

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  1. What is the difference between GDP and GNP?
    GDP(Gross Domestic Product) involves the labor and services of the nation. GNP(Gross National Product) does NOT involve labor and services because those are provided by the residents.
  2. Describe how GDP is measured
    Multiply all of final foods and services produced in a 12-month period by their prices, then add them up to get total dollar value of production.
  3. List the limitations of GDP
    GDP does not take into account quality of life issues, so it is helpful to be aware of such matters to gain a better understanding of GDP
  4. Explain the importance of GDP
    GDP is still our best measure of overall economic health. GDP affects a lot of things such as presidential elections, people's opinions on government, and etc.
  5. How does the rate of population growth affect economic growth?
    Labor is tied to population. Changes in population can change GDP and GNP. Population growth affects qualities of life.
  6. Describe how U.S. population is
    Estimated from Census Bureau by classifying the sizes of urban and rural population.
  7. List the 3 most important factors
    that determine future population growth.
    Fertility, life expectancy, and net immigration level
  8. What could happen to your community
    that might cause it to be classified as a rural community instead of urban or
    urban instead of rural?
    Our community would be less diverse and a certain race would override others.
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Econ Ch. 13 Questions
Econ Ch. 13 Questions
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