Chapters 8+9

What has been the range of the decline in real output during recessions in the U.S. between 1950 and 2009?

-0.2 percent to -3.7 percent

A nation's average annual real GDP growth rate is 2.5%. Based on the "rule of 70", the approximate number of years that it would take for this nation's real GDP to double is:

28 years

A nations real GDP was $250 billion in 2013 and $265 billion in 2014. Its population was 122 million in 2013 and 125 million in 2014. What is the growth rate of real GDP per capita in 2014

3.4%

A nation has a population of 260 million people. Of these, 60 million are retired in the military institutionalized., or under 16 years old. There are 188 million who are employed and 12 million who are unemployed

6%

Refer to the diagram above. Name the business cycle the graph is going through

Peak, recession, trough, expansion

a recession in decline is

Real GDP that lasts six months or longer

Refer to the diagram above. The straight line E drawn through the wavy lines would provide an estimate of the

economic growth trend

In the expansion of the business cycle

employment and output increase

Which of the following is a measure of economic growth that is most useful for measuring geopolitical preeminance

increase in real GDP

Which of the following is a measure of economic growth that is most useful for comparing living standards

increases in real GDP per capita