Quiz AP Econ Ch 24B Macro Economic Growth Barron

If real GDP per capita was $10,000 in 1990 and $15,000 in 2000, then the amount of economic growth is

50 percent.

If real GDP per capita grows at a rate of 10% a year, then we can expect the standard of living to double in

7 years

Which of the following will promote economic growth?

A new production technique that lowers costs.

Which of the following will promote economic growth?

An increase in the amount of capital

Which of the following will result in economic growth?

An increase in the size of the labor force.

Output in country A is 1,200 units and its population is 100 persons. Output in country B is 2,400 units and its population is 400 persons.

Country A has a higher standard of living than country B.

Output in country X is 30,000 units and there are 3,000 persons working, while country Z has an output of 40,000 units and 8,000 workers.

The productivity of labor in country X is twice as much as country Z.

The size of the labor force in Japan is expected to shrink beginning in 2010 as a large segment of its population retires. This will

affect economic growth more than labor productivity.

Private industry' can promote economic growth by

implementing innovative production techniques

The government can promote economic growth by

job training programs.

If the standard of living increases, we can conclude that

output must have increased proportionally more than population.

The standard of living will increase if

real GDP increases at a greater rate than the population.