The best definition of GDP (Gross Domestic Product) is

A measure of the per capita economic growth rate of the economy.

A physical measure of the capital stock of the economy.

A dollar measure of final output produced during a given time period.

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The sum of the physical amounts of goods and services in the economy.

Per capita GDP is

GDP divided by total population.

A dollar measure of the economic growth rate of a country.

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The sum of consumer goods, investment goods, government services, and net exports.

The value of the factors of production used to produce output in a country.

Average GDP per person is

Also known as per capita GDP.

Also known as GDP.

A measure of the economic growth rate of a country.

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The value of the factors of production used to produce output in a country.

Per capita GDP will rise if GDP

Increases more rapidly than the population increases.

Increases more slowly than the population increases.

Decreases and the population increases.

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Increases at the same rate as the population increases.

Per capita GDP will definitely fall if

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The rate of economic growth is less than the rate of population growth.

The rate of economic growth falls.

The population falls.

There is a decrease in the size of the labor force.

If output growth exceeds population growth for a country,

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Average living standards will increase.

This country must have overcome the problem of scarcity.

Per capita GDP will decrease.

GDP must have fallen at a very rapid rate.

To an economist, the four factors of production are

Land, labor, capital, and entrepreneurship.

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Labor, workers, profit, and services.

Entrepreneurship, machinery, workers, and profit.

Economic growth

Involves reduced capacity in the short run.

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Causes a contraction in the production possibilities curve.

Is an increase in output or real GDP.

The current U.S. economy is based primarily on the production of

Goods for federal government use.

Manufacturing goods.

Services.

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Agricultural goods.

As the U.S. economy relies more and more heavily on the production of services rather than goods,

GDP will decrease since there will be less real production.

Mass unemployment will result.

International trade will become more difficult.

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Nearly all future job growth will be in service-producing industries.