Econ Chapter 6
during 2014, the country of economia had a real GDP of $115 billion and the population was 0.9 billion. in 2013, real GDP was 105 billion and the population was 0.85 billion. In 2014, real GDP per person was
$128
in 2011, armenia had a real GDP of approx. 4.21 billion and a population of 2.98 million. in 2012, real GDP was 4.59 billion and population was 2.97 million. Armenia's real GDP per person in 2012 was
$1545
the real wage rate equals
(money wage rate)/(price level)
Suppose a nation's population grows by 2 percent and at the same time, its GDP grows by 5 percent. Approximately how fast will real GDP per person increase
3 percent per year
during 2013 the country of economia had real GDP of 115 billion and the population was 0.9 billion. in 2012, real GDP was 105 billion and the population was 0.85. economia's growth rate of real GDP per person is
3.4 percent
slowdonia's current growth rate of real GDP per person is 2 percent a year. how long will it take to double real GDP per person?
35 years
using the rule of 70, if the country of huttodom's current growth rate of real GDP per person was 10 percent a year, how long would it take the country's real GDP per person to double?
7 years
slowdonia's current growth rate of real GDP per person is 1 percent a year. Approximately how long will it take to double real GDP per person?
70 years
in 2011, armenia had a real GDP of 4.21 billion and a population of 2.98 million. in 2012, real GDP was 4.59 billion and population was 2.97 million. what was armenia's economic growth rate from 2011-2012
9 percent
the best definition for economic growth is
a sustained expansion of production possibilities measured as the increase in potential GDP over a given period
during the last 50 years, which of the following had the lowest level of real GDP per person?
africa
saving and investment that increase a nation's captial lead to
an increase in labor productivity
if capital per hour of labor decreases, real GDP per hour of labor
decreases for a given level of technology
suppose real GDP for a country is 13 trillion is 2015, 14 trillion in 2016 and 15 trillion in 2017, and 16 trillion in 2018. over this time period, the real GDP growth rate is
decreasing
the gaps between the US and the Asian countries of Hong Kong, Singapore, Korea and China have been
decreasing
the decreasing slope of a production function reflects
diminishing returns
which of the following statements regarding human capital is INCORRECT
education is the only vehicle for the creation of human capital because training simply reinforces what has already been learned
if a nation's population grows, then
growth in real GDP per person will be less than the growth of real GDP
we are interest in long-term growth primarily because it brings
higher standard of living
Real GDP per person in the country of Flip is 10,000 and the growth rate is 10 percent a year. real gdp per person in the country of flap is 20,000 and the growth rate is 5 percent a year. when will real GDP per person be greater in Flip than in Flap
in 15 years
labor productivity increases with
increases in capital
technological change
increases potential GDP
according to the economic times, standard and poor's forecast for india's GDP growth rate was cut by 1% to 5.5 percent as the entire Pacific region feels the pressure of ongoing economic uncertainty. India has averaged 7% growth in GDP since 1997. Which of the following is true?
india's PPF has been shifting rightward since 1997
moving along the aggregate production function shows the relationship between__, holding all else constant
labor input and real GDP
according to the law of diminishing returns, an additional unit of
labor produces less output than the previous unit
if capital per worker rises
labor productivity increases
a decrease in population shifts the
labor supply curve leftward
factors that influence labor productivity include
physical capital, human capital, and technology
an increase in labor productivity relates to
producing the same output with fewer labor hours
a movement along the aggregate production function is the result of a change in
quantity of labor
if workers' money wage rates increase by 5 percent and the price level remains constant, workers'
quantity of labor supplied will increase
labor productivity is defined as
real GDP per hour of labor
which of the following is used to calculate the standard of living?
real GDP/population
the quantity of labor demanded depends on the
real wage rate not the money wage rat
suppose that in 2015 a country has a population of 1 million and real GP of 1 billion. in 2015 the population is 1.1 million and real GDP is 1.1 billion. the real GDP per person growth rate is
zero
if real GDP per person is growing at 4 percent per year, approximately how many years will it take to double?
17.5
according to the economic times, standard and poor's forecast for india's GDP growth rate was cut by 1% to 5.5 percent as the entire Pacific region feels the pressure of ongoing economic uncertainty. India has averaged 7% growth in GDP since 1997. based on this story, it is most likely that the slowdown reflects a
temporary business cycle slowdown
if a rich country grows at a faster rate than a poor one, then
the gap in their standard of living will widen over time
which of the following statements regarding US economic growth is NOT correct?
the growth rate of real GDP per person accelerated between 1973-1984
if the price level increases and workers' money wage rates remain constant, which of the following will occur?
the quantity of labor supplied will decrease. the real wage rate will decrease i and ii
