1) What is anything that is produced; goods and services? a) output b) product c) GDP 2) What is the total market value of all final goods and services produced in a country during a single year? a) entrepreneurs  b) standard of living c) Gross Domestic product (GDP) 3) What is the material well-being of an individual, a group, or a nation as measured by how well their needs and wants are satisfied? a) GDP b) standard of living c) entrepreneurs 4) What is a risk-taking individual who starts a new business, introduces a new product, or improves a management technique? a) entrepreneur b) GDP c) product 5) What is the amount produced called? a) GDP b) product c) output 6) To move ownership of something a) GDP b) output c) transferring 7) Gross Domestic Product on a per-person basis; GDP divided by population a) standard of living b) GDP per capita c) output 8) Who is the world’s single largest national economy? a) United States b) China c) Russia d) Japan e) Italy f) South America 9) The four factors of production are: a) natural resources, labor, capital, and output b) Labor, capital, output, and entrepreneurs c) natural resources, labor, capital, and product d) natural resources, labor, capital, and entrepreneurs. 10) Which of the following is an intermediate good? a) a computer chip b) a greeting card c) a book d) a water bottle 11) Which transaction is counted in the GDP? a) the sale of a two-year-old car between private parties b) cooking a large dinner for your family c) the purchase of fabric by a furniture manufacturer d) the purchase of a computer mouse pad from a store 12) Making goods and providing services create ________ for individuals in the economy. a) GDP b) factors of production c) income d) market value 13) Which of the following is an entrepreneur? a) a restaurant critic b) restaurant owner c) a waiter d) a chef 14) GDP does not reflect a country’s standard of living because it does not show how income is distributed. a) true b) false 15) GDP does not reflect a country’s standard of living because it does not show how income is distributed. a) true b) false

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