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21) Is it possible to see gains in a nation's real standard of living without any positive economic growth?

A) No. Without economic growth a nation's standard of living cannot improve.

B) Yes, but only if the government prints more money so people feel wealthier.

C) Yes. If workers can produce the same level of output in fewer work hours, leisure time gains could push up the real standard of living.

D) None of the above.

22) A nation's technological gains have increased labor productivity and, as a result, the average number of hours worked each week has been falling. How do Gross Domestic Product (GDP) calculations account for this shortening of the average workweek?

A) Real Gross Domestic Product (GDP) does not factor in an increase in leisure time but per capita real Gross Domestic Product (GDP) does.

B) Neither real Gross Domestic Product (GDP) nor per capita real Gross Domestic Product (GDP) includes the increase in leisure time that results, so the nation's actual economic growth will be overstated.

C) Gains in leisure time are dollar-valued and included in real per capita Gross Domestic Product (GDP) gains.

D) Gains in leisure time are not included in Gross Domestic Product (GDP), so any increase in real per capita Gross Domestic Product (GDP) will understate the nation's actual economic growth.

23) How should per capita real Gross Domestic Product (GDP) be used?

A) It is an accurate measure of economic well-being.

B) It is a reasonably good measure of productive activity.

C) Per capita real Gross Domestic Product (GDP) is a good gauge of a nation's quality of life because it takes into account a nation's cultural and spiritual values.

D) All of the above.

24) Does economic growth have any negative side effects?

A) No. Every person in a nation experiencing economic growth will benefit.

B) No, because where negative side effects do occur, a nation's government is required to neutralize them.

C) Quite possibly. Some say economic growth puts people on a never-ending quest to satisfy newly created wants, so we always feel disappointed with our lives.

D) Yes, but only for the poorest segment of a nation's population.

25) Countries are concerned about small changes in their average annual growth rates in per capita income because

A) growth rates tend to decline over time.

B) the power of compounding means small changes have large effects over time.

C) the faster a country grows today, the less it will be able to consume in the future.

D) growth rates are a factor in U.N. participation.

26) Suppose that Country A and Country B each had the same per capita real Gross Domestic Product (GDP) of $10,000 in 2008. Country A's per capital real Gross Domestic Product (GDP) had a growth rate of 3 percent per year and Country B's per capital real Gross Domestic Product (GDP) had a growth rate of 4 percent per year. By 2013, the per-capita real Gross Domestic Product (GDP) for the two countries, respectively, were

A) $11,941 and $12,653.

B) $11,593 and $12,167.

C) $10,300 and $10,400.

D) $14,000 and $16,000.

27) Economic growth is measured by

A) increases in GDP.

B) increases in per capita real GDP.

C) increases in the population.

D) increases in the value of the total output of society.

28) Economic growth can be depicted as

A) a movement up on the production possibilities curve.

B) a movement down on the production possibilities curve.

C) an outward shift on the production possibilities curve.

D) an inward shift on the production possibilities curve.

29) Economic growth can be defined as a percentage increase in

A) per capita real GDP.

B) real GDP.

C) nominal GDP.

D) consumption by households.

30) Which of the following statements is NOT true about economic growth?

A) When growth occurs the production possibilities curve shifts outward.

B) Growth represents an increase in a nation's productive capacity.

C) Growth is measured as the overall level of real GDP.

D) Growth generally means that overall the members of the nation are better off materially.

 

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