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
