Economic Performance Concepts

What is the definition of Gross Domestic Product (GDP)?

• The total market value of all goods and services produced in a country during a year

• The market value of goods and services produced by labor and property supplied by residents

• The total income of consumers before taxes

• The number of unemployed individuals divided by the total number of persons in the civilian labor force

What is the definition of GDP per capita?

• The total market value of all goods and services produced in a country during a year

• GDP divided by the population

• The total income of consumers before taxes

• The ratio of the population under 15 and over 65 to the population aged 15 to 65

What is the definition of Gross National Product (GNP)?

• The total market value of all goods and services produced in a country during a year

• GDP divided by the population

• The market value of goods and services produced by labor and property supplied by residents

• The total income of consumers before taxes

What is the definition of infrastructure?

• Highways, levees, mass transit, communications systems, electricity, water, sewer, and other public goods

• The total market value of all goods and services produced in a country during a year

• The total income of consumers before taxes

• The ratio of the population under 15 and over 65 to the population aged 15 to 65

What is the definition of recession?

• A period during which the real GDP declines for at least two quarters in a row

• The total market value of all goods and services produced in a country during a year

• The number of unemployed individuals divided by the total number of persons in the civilian labor force

• The average remaining life span of a person who has reached a given age

Urban Population

• people living in incorporated cities with 2,500 or more inhabitants

• those people who live in sparsely populated areas along the fringes of cities

• high birth rate years between 1946 and 1964

• the ratio of the population under 15 and over 65 to the population aged between 15 and 65

Rural Population

• people living in incorporated cities with 2,500 or more inhabitants

• those people who live in sparsely populated areas along the fringes of cities

• high birth rate years between 1946 and 1964

• the ratio of the population under 15 and over 65 to the population aged between 15 and 65

Baby Boom

• people living in incorporated cities with 2,500 or more inhabitants

• those people who live in sparsely populated areas along the fringes of cities

• high birth rate years between 1946 and 1964

• the ratio of the population under 15 and over 65 to the population aged between 15 and 65

Dependency ratio

• people living in incorporated cities with 2,500 or more inhabitants

• those people who live in sparsely populated areas along the fringes of cities

• high birth rate years between 1946 and 1964

• the ratio of the population under 15 and over 65 to the population aged between 15 and 65

life expectancy

• benchmark used to evaluate the income that people receive

• economic and social assistance from the government or private agencies because of need

• the average life span of a person who has reached a given age.

• a joint federal/state medical insurance program for low-income people