Question

1. gdp, gross domestic product, is a dollar amount that refers to which of the following?

a) the amount of debt accumulated by a government in one year
b) the amount of debt accumulated by a countrys citizens in one year
c) the total dollar amount of all goods and services exported from one country to another
d) the total dollar amount of all goods and services purchased within a country in one year

1. a severe recession is also known as a(n)

a) depression
b) business cycle
c) inflation
d) deflation

1. which of the following jobs is most likely to be outsourced to workers in another country?

a) plumber
b) electrician
c) technical support
d) health care provider

Explanation:

• Question 35: GDP (Gross Domestic Product) is defined as the total dollar amount of all goods and services produced (not purchased) within a country in one year. Option C is incorrect as it refers to exports only. Option A and B refer to debt which is not related to GDP.
• Question 36: A severe recession is called a depression. A business cycle is the overall cycle of economic activity (including expansion and contraction). Inflation is the increase in the general price level. Deflation is the decrease in the general price level.
• Question 37: Technical support can be easily outsourced as it can be done remotely over the phone or internet. Plumbers, electricians, and health care providers usually need to be on - site in the country where the service is required.

Answer:

1. No correct option (the correct definition of GDP is the total dollar amount of all goods and services produced within a country in one year).
2. A. depression
3. C. technical support