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Teacher professional development and classroom resources across the curriculum
To introduce the viewers to GNP and GDP, and other concepts of the National Income accounts, and to show how they help us understand the growth of the U.S. economy over the past century.
Which of the following lists of goods and services would be included in calculating GNP?
Sale of a new automobile manufactured in the U.S. but purchased in Germany; childcare and housekeeping services for which the worker is compensated; the compensated services of a business consultant who provides advice and education, but no products.NEXT QUESTION
George S. reads in today’s paper that the Consumer Price Index (CPI) for October of 1988 was 120, and that for October of 1989 it is 140. Based on this information, George can conclude that the current rate of inflation is:
Over 16 percent. The rate of inflation = change in the index/original index, or in this case, 20/120, or 16.67%.NEXT QUESTION
One of the real limitations of GNP or NNP, from the perspective of most economists, is that these measures:
Ignore the value workers place on leisure time—even though leisure may contribute to quality of life. All other answers are false.NEXT QUESTION
Prior to 1929, the general state of the economy was determined by:
consumers’ personal sense of well-being.NEXT QUESTION
When Simon Kuznets devised the GNP scale, he made the decision to exclude illegal activities like drug smuggling and gambling from his calculations. Kuznets based this decision MAINLY on the fact that:
he wanted to focus on productivity that contributed to social welfare.NEXT QUESTION
The U.S. contribution to the war effort during World War II had what effect on GNP?
It boosted GNP dramatically.RESTART QUIZ