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11) Refer to the above table. Which country had the highest growth rate of real Gross Domestic Product (GDP) from 2012 to 2013?

A) A

B) B

C) C

D) D

12) Economic growth may understate changes in standards of living if

A) the growth is accompanied by increasing congestion.

B) leisure time is also increasing.

C) the types of jobs generated feelings of alienation.

D) deflation is taking place.

13) There are a number of benefits that usually accompany economic growth. The following are such benefits EXCEPT

A) increase in literacy.

B) increased expected life-spans.

C) political stability.

D) urban congestion.

14) Costs associated with economic growth include all of the following EXCEPT

A) environmental pollution.

B) psychological problems such as depression.

C) urban congestion.

D) improved health care.

15) The growth rate of per capita real Gross Domestic Product (GDP) is a reasonable measure of

A) inflation.

B) productive activity.

C) personal well-being.

D) quality of life.

16) Which of the following best represents economic growth?

A) a movement down a given production possibilities curve.

B) a movement up a given production possibilities curve.

C) an outward or, equivalently, a rightward shift of the production possibilities curve.

D) an inward or, equivalently, leftward shift of the production possibilities curve.

17) The faster economic growth is, the

A) steeper the slope of the production possibilities curve.

B) farther the production possibilities curve shifts out.

C) closer to the origin the production possibilities curve becomes.

D) more bowed the production possibilities curve becomes.

18) Which of the following is NOT an important factor affecting economic growth?

A) The rate of saving

B) The growth of leisure

C) The rate of growth of capital

D) The rate of growth in labor productivity

19) Which of the following is true?

A) Real standards of living can increase without any positive economic growth.

B) Real growth rates fail to account for by price level changes.

C) Real and nominal values are not related.

D) Real standards of living decrease with positive economic growth.

20) When a nation's real per capita Gross Domestic Product (GDP) increases, which of the following is true?

A) Every individual in that nation shares in the economic gain.

B) A nation must channel most of the economic gains to its poorest citizens.

C) Low income people are guaranteed to lose; they never share in their nation's economic gains.

D) We don't know who has most benefited from economic growth unless we look at the distribution of income.

 

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