Chapter 6 Econ 102

Suppose real GDP for a country is $13 trillion in 2015, $14 trillion in 2016 $15 trillion in 2017, and $16 trillion in 2018. Over this time period, the real GDP growth rate is

decreasing

The gaps between the United States and the Asian countries of Hong Kong, Singapore, Korea, and China have been

decreasing

An increase in labor productivity shifts the labor ... curve ...

demand; rightward

The tables above show the labor market and the production function schedule for the country of Pickett. Potential GDP is?

$14million

Over the past 100 years, real GDP per person in the United States has grown at an average of ... percent a year

2%

which of the following is associated with classical growth theory

3

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 economic growth rate from 2011 to 2012?

9%

Convergence of the income gap has been most dramatic between

Hong Kong and the United States

In 2011, Armenia had a real GDP of approximately $4.21 billion and a population of 2.98 million. In 2012, real GDP was $4.59 billion and population was 2.97 million. From 2011 to 2012, Armenia's standard of living ...?

Increased

labor productivity real GDP per labor hour increases if

all of the above

Economic growth is measured by

changes in real GDP

Countries or regions in which real GDP per person has not grown as fast as in the United States since 1960 include

countries in Africa

The relationship between education and economic growth can best be summarized by saying that ...

education has benefits beyond those who receive the education, which encourages economic growth

We are interested in long-term growth primarily because it brings

higher standards of living

... is the knowledge and skill that people have obtained from education on the job training

human capital

a workers stock of knowledge is know as

human capital

Labor productivity increases with

increases in capital

If the saving rate increases a country's growth rate of real GDP per hour of labor ... and capital per hour of labor ...

increases; increases

Which of the following is true regarding the real wage rate? the real wage rate

only 2

If the price level rises by 3% and workers money wages increase by 3%, then the

quantity of labor demanded does not change because there is no change in the real wage rate

An increase in physical capital or a technological advance

raises the real wage rate

Most ... is embodied in physical capital

technological change

According to the Economic times, standard & poor forecast for India's GDP growth rate was cut by 1 percentage point to 5.5 percent as the entire Asia 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

Which of the following statements are true regarding the demand for labor

1 and 2

In 2010, of the following which nations had the highest level of real GDP per person?

Canada