Chapter 8 Economic Growth B

A nation's real GDP was $250 billion in 2009 and $265 billion in 2010. Its population was 120 million in 2009 and 125 million in 2010. What is its real GDP per capita in 2010?

$2,120 per person

A nation's real GDP was $250 billion in 2009 and $265 billion in 2010. Its population was 120 million in 2009 and 125 million in 2010. What is its real GDP growth rate in 2010?

6.0%

Which of the following is a measure of economic growth that is most useful for measuring political preeminence?

Increases 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

Consider two scenarios for a nation's economic growth. Scenario A has real GDP growing at an average annual rate of 3.5%; scenario B has an average annual growth of 4.5%. The nation's real GDP would double in about:

20 years under scenario A, versus 16 years under scenario B

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 nation's real GDP was $250 billion in 2009 and $265 billion in 2010. Its population was 122 million in 2009 and 125 million in 2010. What is the growth rate of real GDP per capita in

3.4%

Nation A's real GDP was $520 billion in 2009 and $550 billion in 2010. Its population was 150 million in 2009 and 155 million in 2010. On the other hand, Nation B's real GDP was $200 billion in 2009 and $210 billion in 2010; and its population was 53 million in 2009 and 55 million in 2010. Which of the following statements is true?

Nation A's and Nation B's GDP per capita both increased from 2009 to 2010

Nation A's real GDP was $520 billion in 2009 and $550 billion in 2010. Its population was 150 million in 2009 and 155 million in 2010. On the other hand, Nation B's real GDP was $200 billion in 2009 and $210 billion in 2010; and its population was 53 million in 2009 and 55 million in 2010. Which of the following statements is true?

Nation A's real GDP growth in 2010 is higher than Nation B's

Nation A's real GDP was $520 billion in 2009 and $550 billion in 2010. Its population was 150 million in 2009 and 155 million in 2010. On the other hand, Nation B's real GDP was $200 billion in 2009 and $210 billion in 2010; and its population was 53 million in 2009 and 55 million in 2010. Which of the following statements is true?

Nation B's GDP per capita is higher than Nation A's

The "rule of 70" is a formula for determining the approximate number of:

Years that it would take for a value (like real GDP) to double