Info
Warning
Danger
/ Homework Answers / Economics / 71) The definition of economic growth the annual percentage A) increase

Question

 

71) The definition of economic growth is the annual percentage

A) increase in the per capita real GDP.

B) increase in the per capita nominal GDP.

C) increase in the total nominal GDP.

D) increase in total exports.

72) Economic growth will

A) shift the production possibilities curve inward.

B) shift the production possibilities curve outward.

C) shift along the production possibilities curve toward the X-axis.

D) be a movement from inside the productions possibilities curve to the curve itself.

73) Suppose per capita real GDP grows by 3.5% 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 (i.e., increase by 100%)?

A) 3.5 years

B) 10 years

C) 20 years

D) 35 years

74) Assume a country produces two types of goods: manufactured goods and agricultural goods.  When this country experiences economic growth, we know that

A) the production possibilities curve will shift outward.

B) the production possibilities curve will shift inward.

C) there will be a movement along the curve toward more manufactured goods.

D) there will be movement along the curve toward more agricultural goods.

75) When looking at economic growth in a country, the distribution of output and income

A) generally follows predictable patterns.

B) is not taken into consideration.

C) is skewed toward the lowest quintile of the population.

D) is shared equally.

76) Which of the following is NOT a benefit of economic growth?

A) urban congestion

B) reduction in illiteracy

C) improved health

D) longer lives

77) Which of the following is a negative effect of economic growth?

A) higher inflation

B) higher unemployment

C) environmental pollution

D) all of the above

78) A change in the growth rate of a country of one percentage point annually has

A) very little impact on the economy of a country.

B) a large impact in the future due to compounding.

C) a small impact in the current year, and smaller impact in the future because of compounding.

D) a large impact on the economy in the current year, but not in the future.

79) The modification of manufacturing processes so as to reduce the resulting environmental damage is an endeavor that requires capital investment, labor inputs, and technology. What then follows from this statement?

A) Economic growth can benefit the environment.

B) Environmental damage is a regrettable but necessary side effect of economic growth.

C) The condition of the environment will be better in slower-growing countries.

D) The way to reduce pollution is to educate people about its effects.

80) What is the real GDP after four years if Country X's average annual growth rate is 8.6 percent and the initial real GDP was $2,756.0 million?

A) $2,993.0 million

B) $3,833.5 million

C) $1,077.5 million

D) $3,250.4 million

81) The per capita GDP for Hungary in 2011 was $12,000 and in 2012 was $12,360. How much did the economy grow in 2012?

A) 97 percent

B) 3 percent

C) 2 percent

D) 1 percent

82) A constant rate of U.S. economic growth over a given period of years would involve

A) adding the same amount of nominal dollars to real GDP per capita each year.

B) adding the same amount of real dollars to real GDP per capita each year.

C) compounding the percentage increase in real GDP per capita over the years.

D) None of the above are correct.

83) When economic growth is compared between countries, the best measure to use is

A) nominal GDP.

B) real GDP.

C) chain-weighted GDP.

D) real GDP per capita.

84) What is economic growth and why are growth rates so important?

85) "There is a direct relationship between economic growth rates and the wealth of a nation." Do you agree or disagree? Why?

86) What are the shortcomings of using changes in per capita real GDP to measure economic growth?

 

Solution
5 (1 Ratings )

Solved
Economics 1 Month Ago 8 Views
This Question has Been Answered!
Premium Content -

Unlimited Access

Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Better Grades!

Ask an Expert

Our Experts can answer your tough homework and study questions
112045 Economics Questions Answered!
Post a Question

Welcome Back!

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Forgot?
Login
Don't have an account? Signup

Join ScholarOn

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Signup
By registering, I agree to the Terms and Privacy Policies
Already have an account? Log in

Verify Your Email

Check your inbox & click on the link to activate your account.

Resend Email
Verification Mail Send Successfully. Please Check Your Email.

Forgot Password

Please enter your registered email to recieve the password reset link.

Send reset link
Already have an account? Log in
Did you know?

ScholarOn has more than 2 Million+ answers, textbook solutions & flashcards. Explore Now!

d
Let us boost your grade together!

Get 24/7 homework help from Experts

Let our knowledge be your backup

1

Submit your homework question or assignment

2

Receive a quote & Make the Payment

3

Sit Back & Relax to Earn Better Grades!

Drag files here or Browse your Device

Maximum file size 10MB
17,475 Accounting Questions Answered! Get Answer

We are The Best Because

  • On Time Delivery
  • Plagiarism ReportFree
  • Unlimited RevisionsFree
  • 100% Privacy & Confidential
  • 24/7 Live Chat Support
4.9 (16270 Ratings)
You can communicate directly with your expert until the solution quality is delivered to your complete satisfaction.
Looking for writing help?
Did you know?

ScholarOn has more than 2 Million+ answers, textbook solutions & flashcards. Explore Now!