The System We Use to Measure the Value of an Economy

question 115

Multiple Choice

The system we use to measure the value of an economy is called:

• A) national income accounting.
• B) national economic valuation.
• C) macroeconomic summation.
• D) national expenditure accounting.

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Definitions:

Conformist

An individual who follows the rules, norms, and standards of a group in order to fit in, often at the expense of personal identity.

Individualist

describes a person or cultural orientation that values independence, personal goals, and self-reliance over group goals and interdependence.

Conformity Bias

Tendency for social psychology to treat group influence as a one-way process in which individuals or minorities always conform to majorities.

Cultural Adaptation

Involves the process of adjusting and integrating into a culture different from one's own, which may include adopting new behaviors, practices, and attitudes.