Exam 8: B: Economic Growth

Suppose the nominal GDP of an economy was $100 billion in 2016 and $260 billion in 2017.The general price index was 100 in 2016 and 180 in 2017.During 2016-2017, the economy's real GDP rose by:

Refer to the above diagram.If there is a movement away from the full employment of resources in an economy with production possibilities curve AB, this can be shown by:

Economies of scale are increases in per-unit cost that result in a decrease in the size of markets and firms.

Economic well-being in Canada is overstated by growth rates because they don't account for:

The knowledge and skill that make for a productive worker are referred to by economists as:

By how many times was the richest area in the world richer than the poorest area in the world in 1820?

Refer to the above graph.If the production possibilities curve for an economy is at CD but the economy is operating at point X, the reasons are most likely to be:

Critics of the recent rapid advances in new technology say that:

A major argument for economic growth is that it:

Which is best considered a supply factor for long-run economic growth?

According to some studies in Canada, the productivity advance related to the information technology:

Which of the following statements is correct?

Refer to the above diagram.If the production possibilities curve for an economy is at AB but the economy is operating at point 4, the reasons are most likely to be because of:

The rate of economic growth is best defined as the:

Which of the following would not be expected to increase labour productivity?

Other things equal, in which of the following instances would the increase in labour productivity be the greatest?

Between 1946 - 2011, the annual Canadian multifactor productivity has increased by about:

There are several institutional structures that promote and sustain economic growth.These factors include:

Increasing returns would be a situation where a firm increases its workforce and other inputs by:

Which of the following is correct?