Question 1

GDP is defined as the total of goods and services in country divided by

Accepted Answer

the countries population

Answer

its 90/10 ratio

Answer

the highest average income

Answer

its number of buildings

Question 2

Disposable income is thought to be a good measure of living standards because it is the

Accepted Answer

maximum amount of goods and services that the person can buy without having to borrow

Answer

same thing as GDP

Answer

measure of countries gold

Answer

the best way to see if people are happy in a country

Question 3

Income is a major influence on wellbeing because

Accepted Answer

it allows us to buy the goods and services that we need or enjoy

Answer

all needs are unlimited

Answer

it allows us to be our happiest selves

Answer

ever body likes a winner

Question 4

Which is a better measure of living standards

Accepted Answer

GDP per capita

Answer

gross income

Answer

net worth

Answer

disposable income

Question 5

The text suggests that we should be cautious about the literal use of GDP per capita to do what?

Accepted Answer

measure how well off people are

Related quizzes