Question

See Hint

Place the scenarios in the proper column to identify to what use GDP data is being put.

Items (3 items) (Drag and drop into the appropriate area below)

Qatar has a per capita GDP of approximately $100,000, making it one of the world’s richest countries, despite its size.

After positive increases in GDP, the United States reports negative GDP growth for the last quarter of the year.

In the 1800s Argentina was an economic force with persistently increasing real GDP. During the 1900s real GDP stagnated.

Categories

Measure business cycles

Drag and drop here

Measure growth

Drag and drop here

Measure living standard

Drag and drop here

Answer 1

1. Qatar has a per capita GDP of approximately $100,000, making it one of the world’s richest countries, despite its size.: Measure living standard.

Explanation:

Per capita GDP is used to measure standard of living of a nation.

2. After positive increases in GDP, the United States reports negative GDP growth for the last quarter of the year.: Measure Business Cycle.

Explanation:

The period under considered here is the short run. The short run decrease from a trend reflects that recession is likely to happewn. Therefore, here GDP is used to measure a business cycle.

3. In the 1800s Argentina was an economic force with persistently increasing real GDP. During the 1900s real GDP stagnated.: Measure Growth