24b quiz

If a country has a population of 1,000, an area of 100 square miles, and a GDP of $5 million, then its GDP per capita is:

$5,000.

In the popular press we see many pictures of affluent people in Indian cities. Yet the average person in India today is poorer than the average person in the United States was in:

1900

Scenario: Growth Rates in Two Countries India is growing at a rate of 9% per year, and its real GDP per capita is about $3,500, while the United States is growing at a rate of 3% per year, and its real GDP per capita is about $47,000. (Scenario: Growth Rates in Two Countries) Look at the scenario Growth Rates in Two Countries. How long will it take the United States to double its real GDP per capita

23.3 years

Scenario: Growth Rates in Two Countries India is growing at a rate of 9% per year, and its real GDP per capita is about $3,500, while the United States is growing at a rate of 3% per year, and its real GDP per capita is about $47,000. (Scenario: Growth Rates in Two Countries) Look at the scenario Growth Rates in Two Countries. How long will it take India to double its real GDP per capita?

7.8 years

The rule of 70 states that a variable's approximate doubling time equals:

70 divided by the growth rate.

Real GDP per capita in the United States increased almost _____ times between 1900 and 2010.

8

Which of the following will NOT increase the productivity of labor?

an increase in the size of the labor force

Long-run economic growth depends almost entirely on:

labor productivity growth.

Today, more than _____ of the world's population lives in countries poorer than the United States was a century ago.

one-half

The key measure used to track economic growth is:

real GDP per capita