Understanding Real GDP Per Capita

What is the main focus of the video?

• Real GDP per capita

• Inflation rates

• Unemployment

• Trade policies

What does GDP stand for?

• General Domestic Product

• Gross Development Product

• Gross Domestic Product

• Global Domestic Product

How is real GDP different from nominal GDP?

• Real GDP includes inflation

• Nominal GDP excludes inflation

• Real GDP excludes inflation

• Nominal GDP is adjusted for population

How is real GDP per capita calculated?

• Nominal GDP multiplied by population

• Real GDP multiplied by population

• Real GDP divided by population

• Nominal GDP divided by population

What does a rising real GDP per capita indicate?

• Decreasing economic health

• Increasing population

• Increasing standard of living

• Decreasing productivity

Which factor does NOT affect real GDP per capita?

• Productivity levels

• Population changes

• Weather conditions

• Technological advancements

What are the four factors of production?

• Land, labor, entrepreneurs, capital

• Land, labor, technology, capital

• Labor, entrepreneurs, technology, capital

• Land, technology, entrepreneurs, capital

How does increased productivity affect the economy?

• Reduces job opportunities

• Lowers living standards

• Decreases government revenue

• Increases goods production

What happens when real GDP per capita decreases?

• Government revenue increases

• Trade increases

• Services are cut

• Foreign aid increases

What is a potential global effect of rising GDP per capita?

• Decreased foreign aid

• Increased global trade

• Reduced economic growth

• Lower tax revenue