Where on the Planet Would You Find Most High-Income Nations

question 71

Multiple Choice

Where on the planet would you find most high-income nations?

• A) spread evenly throughout all world regions
• B) all within North America
• C) mostly in the Northern Hemisphere
• D) mostly in the Southern Hemisphere

Recognize the limitations of GDP as an all-encompassing measure of economic progress and quality of life.

Interpret the circular flow diagram, and understand the role of expenditure and income in the economy.

Learn how GDP is calculated, including understanding the components of GDP.

Distinguish between nominal and real GDP, and how to adjust for inflation.