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Chapter 12 Assesment

Chapter 12 Assesment - capital technology and innovation 6...

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Chapter 12 Assessment 1. The purpose of national income accounting is to evaluate a country’s economy using statistical measures of its income, spending, and output. 2. The GDP is the market value of all final goods and services produced within a nation in a given time period. 3. Leading indicators are measures of economic performance that usually change six to nine months before real GDP changes. Economists look for trends in these indicators that last several months before they predict a change. 4. A business could make a decision affecting manufacturing, production, etc, and that could create the “ripple” effect which causes either trouble or success for the economy. 5. The countries with few resources could use it’s labor with human resources
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Unformatted text preview: capital, technology, and innovation. 6. The factors that drives economic growth are natural resources, human resources, capital, and technology and innovation. 7. Yes, countries with a higher underground economy have less GPD. 8. If a country incorporated its underground economy into the main economy, the GDP would increase greatly. 9. The data is on the attached paper. 10. 2003 had the highest growth. 2001 had the lowest growth. 11. Human capital increased because of this. 12. The graph counters the idea that “9/11” caused recession. 13. GDP growth of 5% could mean that there would start to be recession or sluggish economic growth in the near future....
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