The UN's Human Development Index (HDI)takes into Account Three Factors

question 62

Multiple Choice

The UN's Human Development Index (HDI) takes into account three factors.These are

• A) a decent standard of living, access to knowledge, and a long and healthy life.
• B) crude birth rates, crude death rates and the percentage of women in the workforce.
• C) life expectancy, percentage of population under 15 and the availability of clean drinking water.
• D) doctor/patient ratio, infant mortality rates and good governance.
• E) absence of corruption, developed infrastructure and national debt as a ratio of GDP.

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Definitions:

Nominal GDP

The overall economic output of a country, consisting of all final goods and services produced in a defined period, assessed at prevailing market prices without correction for inflation.

Short-Run Aggregate Supply Curve

The short-run aggregate supply curve represents the relationship between the total supply of goods and services that firms in an economy are willing to produce and sell at different price levels, over a short period.

Recessionary Gap

A situation where an economy's real GDP is lower than its potential GDP, indicating underutilized resources and economic slack.

Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy, often used in economic analysis and policy-making.