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41) Refer to the above table. Which country has the lowest increase in per capita real GDP between 2012 and 2013?

A) A

B) B

C) C

D) D

42) If we are interested in knowing whether a poor country is improving economically, we want to know not only what the economic growth rate is, but also

A) whether the economic growth rate is faster than other nations' growth rates.

B) whether government spending is growing at the same rate.

C) whether the economic growth rate is greater than last year's rate.

D) whether the lowest income groups are benefiting from the growth.

43) Real standards of living can increase

A) if the country is producing the same amount they traditionally have and are enjoying more leisure time.

B) only if there is positive economic growth.

C) if there is positive growth in the manufacturing sector.

D) only at the cost of increased urban congestion.

44) Economic growth may overstate changes in the standard of living if

A) people are retiring at a younger age.

B) the average workweek is increasing.

C) the number of students attending college is increasing.

D) expected life spans are increasing.

45) A country has had its per capital real GDP remain constant for several years. During this period this country

A) has not experienced any economic growth.

B) may have experienced economic growth if the average hours worked per week have fallen.

C) will have experienced an inward shift of the production possibilities curve.

D) will have an increase in the number of poor people.

46) An example of a cost of economic growth is

A) longer life spans.

B) political instability.

C) alienation.

D) increases in illiteracy.

47) The measurement of economic growth cannot take into account

A) the service sector of an economy.

B) productive activity in an economy.

C) cultural aspects of life in a country.

D) differences in inflation rates across countries.

48) Suppose two countries have identical growth rates of real GDP and the same initial value of per capita real GDP. We know, then, that

A) life expectancies are the same in both countries.

B) economic well being is the same in both countries.

C) living standards may differ in the two countries because we don't know how income is distributed in the countries.

D) living standards in the two countries are probably identical, or very close to each other.

49) The reason that differences in economic growth rates are important in the long run is that

A) growth compounds over time.

B) population naturally shrinks in most countries.

C) real GDP usually drops when adjusted for inflation.

D) nominal GDP typically increases faster than real GDP.

50) A one percentage point in the growth rate

A) does not make much difference in the long run per capita real GDP.

B) will not influence the real standard of living in a country.

C) can make a big difference in the per capita real GDP because of urban congestion.

D) can make a big difference in the per capita real GDP because of compounding.

 

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