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