Question 1

The key measure used to track economic growth is:

Accepted Answer

A)  real GDP per capita. 
B)  nominal GDP. 
C)  real GDP. 
D)  nominal GDP per capita. 
A)  real GDP per capita. 
B)  nominal GDP. 
C)  real GDP. 
D)  nominal GDP per capita.

Question 2

According to the rule of 70, if a country's real GDP per capita grows at an annual rate of 2% instead of 3%, it will take _____ additional years for that country to double its level of real GDP per capita.

Accepted Answer

A)  35 
B)  11.67 
C)  23.3 
D)  30 
A)  35 
B)  11.67 
C)  23.3 
D)  30

Question 3

Economists use real GDP per capita to measure economic growth:

Accepted Answer

A)  because it ignores the effect of price changes. 
B)  because poor nations have a large population and the population of richer nations is declining. 
C)  because it is the inflation-adjusted value of a country's production of goods and services corrected for the change in a country's population. 
D)  even though nominal GNP per capita is a far superior measure of economic growth. 
A)  because it ignores the effect of price changes. 
B)  because poor nations have a large population and the population of richer nations is declining. 
C)  because it is the inflation-adjusted value of a country's production of goods and services corrected for the change in a country's population. 
D)  even though nominal GNP per capita is a far superior measure of economic growth.

Question 4

Conditional convergence suggests that if adjustments were made for differences in education, infrastructure, and other factors that contribute to growth, poorer countries would have higher growth rates.

Accepted Answer

A) True 
 B)False

Question 5

In 1798, the Essay on the Principle of Population was published by:

Accepted Answer

A)  Adam Smith. 
B)  Karl Marx. 
C)  Thomas Malthus. 
D)  David Ricardo. 
A)  Adam Smith. 
B)  Karl Marx. 
C)  Thomas Malthus. 
D)  David Ricardo.

Question 6

A typical family in the United States in 1900 had a purchasing power equal to _____% of the real U.S. GDP per capita in 2015.

Accepted Answer

A)  1 
B)  12 
C)  70 
D)  136 
A)  1 
B)  12 
C)  70 
D)  136

Question 7

Long-run economic growth depends almost entirely on:

Accepted Answer

A)  labor productivity growth. 
B)  population growth. 
C)  agricultural production growth. 
D)  the number of hours worked. 
A)  labor productivity growth. 
B)  population growth. 
C)  agricultural production growth. 
D)  the number of hours worked.

Question 8

If real GDP doubles in 35 years, its average annual growth rate is approximately:

Accepted Answer

A)  1%. 
B)  2%. 
C)  3%. 
D)  4%. 
A)  1%. 
B)  2%. 
C)  3%. 
D)  4%.

The key measure used to track economic growth is:

According to the rule of 70, if a country's real GDP per capita grows at an annual rate of 2% instead of 3%, it will take _____ additional years for that country to double its level of real GDP per capita.

Economists use real GDP per capita to measure economic growth:

Conditional convergence suggests that if adjustments were made for differences in education, infrastructure, and other factors that contribute to growth, poorer countries would have higher growth rates.

In 1798, the Essay on the Principle of Population was published by:

A typical family in the United States in 1900 had a purchasing power equal to _____% of the real U.S. GDP per capita in 2015.

Long-run economic growth depends almost entirely on:

If real GDP doubles in 35 years, its average annual growth rate is approximately:

First Principles

Economic Models: Trade-Offs and Trade

Supply and Demand

Price Controls and Quotas: Meddling With Markets

International Trade

Macroeconomics: the Big Picture

GDP and the CPI: Tracking the Macroeconomy

Unemployment and Inflation

Savings, Investment Spending, and the Financial Syst

Income and Expenditure

Aggregate Demand and Aggregate Supply

Fiscal Policy

Money, Banking, and the Federal Reserve System

Monetary Policy

Inflation, Disinflation, and Deflation

Macroeconomics: Events and Ideas

International Macroeconomics

Filters

Exam 9: Long-Run Economic Growth

The key measure used to track economic growth is:

According to the rule of 70, if a country's real GDP per capita grows at an annual rate of 2% instead of 3%, it will take _____ additional years for that country to double its level of real GDP per capita.

Economists use real GDP per capita to measure economic growth:

Conditional convergence suggests that if adjustments were made for differences in education, infrastructure, and other factors that contribute to growth, poorer countries would have higher growth rates.

In 1798, the Essay on the Principle of Population was published by:

A typical family in the United States in 1900 had a purchasing power equal to _____% of the real U.S. GDP per capita in 2015.

Long-run economic growth depends almost entirely on:

If real GDP doubles in 35 years, its average annual growth rate is approximately:

First Principles

Economic Models: Trade-Offs and Trade

Supply and Demand

Price Controls and Quotas: Meddling With Markets

International Trade

Macroeconomics: the Big Picture

GDP and the CPI: Tracking the Macroeconomy

Unemployment and Inflation

Savings, Investment Spending, and the Financial Syst

Income and Expenditure

Aggregate Demand and Aggregate Supply

Fiscal Policy

Money, Banking, and the Federal Reserve System

Monetary Policy

Inflation, Disinflation, and Deflation

Macroeconomics: Events and Ideas

International Macroeconomics

Filters