Chapter 1 Flashcards
1
Q
What is GDP a measure of?
A
Measure of total income and output of the economy in given period
2
Q
How is disposable income measured?
A
Total income - taxes + government transfers
3
Q
What is Hockey-stick growth?
A
Represent the sustained rapid growth in GDP per capita experienced by countries worldwide
4
Q
What can increased production and population growth affect?
A
The environment: global impact of climate change and biodiversity loss as well as local impact of pollution in cities and deforestation
