31) Which of the following nations has experienced the highest average annual rate of growth of per capita real GDP since 1990?
B) United States
32) Per capita real GDP is a serviceable measure of
A) economic welfare.
B) cost of living standards.
C) cultural superiority.
D) productive activity.
33) Which of the following is a benefit of economic growth?
A) reduction in illiteracy
B) reduction in poverty
C) improved health
D) all of the above
34) The real GDP in a nation has just increased from $2 billion to $2.1 billion.
A) This country has experienced economic growth because there is a $.1 billion increase in real GDP.
B) We do not know if this country experienced economic growth since the increase in the population was not given.
C) We do not know if this country experienced economic growth since information on nominal GDP was not given.
D) This country did not experience economic growth since $.1 billion is not a large number.
35) The historical record for the United States since 1900 shows
A) mostly positive economic growth, with two substantial periods of negative economic growth.
B) economic growth for about half the years and economic decline for the other half.
C) growth until 1970 and then a period of constant per capita real GDP.
D) continuous economic growth, although at different rates, throughout the entire century.
36) Suppose per capita real GDP grows by 7% per year. Based on the Rule of 70, approximately how many years will it take for the level of per capita real GDP to double?
A) 4.9 years
B) 7 years
C) 10 years
D) none of the above
37) Which of the following is a true statement concerning economic growth?
A) Changes in per capita nominal GDP are used to measure economic growth because population growth can distort the figures and we want to use the nominal amounts since that is what people identify with.
B) Changes in per capita nominal GDP are used to measure economic growth, but there are serious problems concerning the desirability of using figures that do not account for pollution and urban sprawl.
C) Changes in per capita real GDP are used to measure economic growth because this accurately measures all the differences in living standards across countries.
D) Changes in per capita real GDP are used to measure economic growth because inflation and population growth can distort nominal GDP figures or total GDP figures.
38) Which of the following statements is NOT true about using per capita real GDP to measure a nation's economic growth?
A) The definition does not indicate how the increase in growth is being disturbed among the nation's population.
B) The definition assumes that some of the increase in productivity goes to the poor.
C) The definition has understated actual economic growth because it does not take into consideration changes in leisure.
D) The definition is not perfect for measuring increases in a nation's productive capacity.
39) When examining the growth record of any nation
A) all that must be examined is increases in per capital real GDP.
B) no consideration should be given to the change in the average amount of leisure time in the nation.
C) increases in per capita real GDP must be considered along with how far the production possibilities curve has shifted.
D) we must consider which income groups have benefited most from the growth.
40) Refer to the above table. Which country had the largest increase in per capita real GDP between 2012 and 2013?