Gross Domestic Product Is the

question 124

Multiple Choice

Gross Domestic Product is the

• A)least inclusive aggregate used to measure the economy.
• B)total of goods and services desired by consumers.
• C)most comprehensive measure of total output in the United States.
• D)most accurate measure of the trade balance of the United States.

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Definitions:

Economic Development

The process by which the economic well-being and quality of life of a nation, region, or local community are improved according to targeted goals and objectives.

Modernization Theory

A theory suggesting that traditional societies will develop economically and socially to become more 'modern', following the patterns of Western societies.

Technological Change

The process by which new technologies are developed and introduced into society, influencing various aspects of life.

Dependency Theory

A theory suggesting that the economic conditions of wealthier nations are directly linked to the poverty of less developed nations, due to an unequal global system that benefits rich countries at the expense of poorer ones.