2/21 Act. 1 Bell Ringer What is GDP?

What does GDP stand for?

• Gross Domestic Purchase

• General Domestic Product

• Gross Domestic Product

• General Domestic Purchase

What is GDP?

• The total income of a country

• The total number of goods produced in an economy

• The total market value of all intermediate goods produced in an economy in a given year

• The total market value of all final goods and services produced in an economy in a given year

How is GDP measured?

• By the total population of a country

• By the total area of a country

• By multiplying the prices of goods and services by the quantity sold and adding it all up for the entire economy

• By the total number of companies in a country

How often is GDP measured in the United States?

• Quarterly

• Biannually

• Monthly

• Annually

What does a growing economy indicate?

• Decreasing standards of living

• Decreasing unemployment only

• An increase in the total population

• More jobs and rising standards of living