Economics Chapter 2

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Author:
LaineyxRawr
ID:
142330
Filename:
Economics Chapter 2
Updated:
2012-03-18 17:28:43
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Economics
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Economics
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  1. Give three ways to measure economic activity?
    GDP, unemployment, debt.
  2. What represents the nations monetary value of output?
    GDP
  3. What GDP is adjusted for inflation?
    Real GDP
  4. The dollar value of output divided by the population equals?
    Per capita GDP.
  5. What is the approximate GDP growth of the United States?
    3% per year
  6. True or False: The standard of living has increased over time?
    True
  7. How does U.S. per capita compare to world average?
    5 times greater.
  8. Give four factors that have contributed to a high level of output?
    Abundant resources, skilled managment, educated work force, and advanced technology.
  9. Reallocation of resources from one industry to another?
    Factor mobility
  10. What percentage of output is made up of services in today's economy?
    75%
  11. How much has manufacturing output increased since 1950?
    Fourfold
  12. How much of the GDP is made up of consumer goods?
    67%
  13. True or false: Financial concerns of the various institutions are not a government concern?
    False
  14. What played a key role in our economic development?
    Economic freedom
  15. Give a possible concern of society for the future?
    National Debt

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