Real GDP Was $4,719 Billion in Year 1 and $4,848

question 93

Multiple Choice

Real GDP was $4,719 billion in Year 1 and $4,848 billion in Year 2.In contrast, real GDP per capita in Year 1 was $19,261, but in Year 2 it was only $19,162.Why did one measure increase while the other measure decreased?

• A)Real GDP indicates the level of industrial production and provides a measure of the economic strength of the nation; it is the only valid measure of economic growth.
• B)Inflation occurred during this period; therefore the two measures are not comparable.
• C)Population increased during this time period so real GDP per capita data reflect this change.
• D)Real GDP per capita measures changes in labour productivity that are not captured by a simple measure like real GDP.

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Definitions:

Managerial Functions

The core duties that managers must perform: planning, organizing, leading, and controlling, to ensure the effective operation of an organization.

Universal Managerial Functions

The fundamental tasks or responsibilities, such as planning, organizing, leading, and controlling, which are common to all managers regardless of their role or level within an organization.

Clark L. Wilson

An influential figure in the field of human resources and organizational development, known for his work on behavioral assessment.

Managerial Skills

Managerial skills are the abilities and competencies that individuals need to effectively manage tasks, people, and resources within an organization.