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Econ251
Macro economics chpt2
| Question | Answer |
|---|---|
| The USA produces 20% of the world GDP output T or F | Answer: True |
| GDP | The total market value of all final goods and services produced in a nation in any time period. |
| GDP rankings | Usa China Japan |
| How to calculate Per capita GDP | the dollar value of total GDP divided by the total population |
| Per capita GDP | How much output an individual produces in goods and services evenly per person |
| GDP growth | An increased in output (real GDP) an expasion of the ppc because of new resources or technology ect... |
| True or False GDP is the total produced in goods and services | Answer: True |
| America produces by | Using the 4 factors of production, land ,labour,capital entreprenurship |
| GDP is explained in part by | How efficent the factors of production or resources are used |
| Human Capital | the knowledge and skills posessed by the worker |
| Capital stock | A capital intensive economy, Machineries , factories, buildings. |
| The American worker works better and more efficient because of | Better education, technology, equiptment and resources |
| Capital intensive | Production process that uses a high ratio of capital to labor inputs |
| Gov role in the economy | to provide a legal framework,protecting the environment, protecting consumers, protecting labor |
| Monopoly | A company that produces the entire market supply of a good or service |
| Externalities | Cost or benefit of a market activity affecting a third party A factory producing goods that polutes a city |
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brsoul1
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