Which of the following is the most commonly used measure of a country's economic health?GDP is important because it gives information about the size of the economy and how an economy is performing. The growth rate of real GDP is often used as an indicator of the general health of the economy. In broad terms, an increase in real GDP is interpreted as a sign that the economy is doing well.
Which of the following is an ethical philosophy that advocates a decision that provides the most good or the least harm?Utilitarianism is a theory of morality that advocates actions that foster happiness or pleasure and oppose actions that cause unhappiness or harm. When directed toward making social, economic, or political decisions, a utilitarian philosophy would aim for the betterment of society as a whole.
Which of the following refers to the total value of all exports and imports?Balance of trade (BOT) is the difference between the value of a country's exports and the value of a country's imports for a given period. Balance of trade is the largest component of a country's balance of payments (BOP).
Which of the following terms refers to the trade between countries and markets around the world?Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place.
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