Question 1

If U.S.real GDP in 2007 was $13.25 trillion and U.S.real GDP in 2008 was $13.31 trillion, what was the economic growth rate of the United States during this period?

Accepted Answer

A)  18 percent 
B)  -1.36 percent 
C)  1.36 percent 
D)  6.9 percent 
E)  $1.8 trillion 
A)  18 percent 
B)  -1.36 percent 
C)  1.36 percent 
D)  6.9 percent 
E)  $1.8 trillion

Question 2

If Kenya institutes policies that support economic freedom and growth, it is likely that Kenya will

Accepted Answer

A)  immediately reap the benefits of double digit increase in economic growth. 
B)  immediately reap the benefits of a 4 percent to 6 percent increase in economic growth. 
C)  slowly reap the benefits of economic growth as the economy grows over time. 
D)  lose control of the economy and plunge into a long recession. 
E)  suffer from too much competition within its economy. 
A)  immediately reap the benefits of double digit increase in economic growth. 
B)  immediately reap the benefits of a 4 percent to 6 percent increase in economic growth. 
C)  slowly reap the benefits of economic growth as the economy grows over time. 
D)  lose control of the economy and plunge into a long recession. 
E)  suffer from too much competition within its economy.

Question 3

An increase in labor productivity

Accepted Answer

A)  increases the standard of living. 
B)  decreases the standard of living. 
C)  might be the result of an increase in the quantity of labor. 
D)  generally occurs when physical capital decreases because firms must then hire more workers. 
E)  cannot occur without a corresponding increase in employment. 
A)  increases the standard of living. 
B)  decreases the standard of living. 
C)  might be the result of an increase in the quantity of labor. 
D)  generally occurs when physical capital decreases because firms must then hire more workers. 
E)  cannot occur without a corresponding increase in employment.

Question 4

Which of the following lists gives factors that increase labor productivity?

Accepted Answer

A)  saving and investment in physical capital, and wage increases 
B)  expansion of human capital, labor force increases, and discovery of new technologies 
C)  expansion of human capital, population growth, and discovery of new technologies 
D)  saving and investment in physical capital, expansion of human capital, and discovery of new technologies 
E)  labor force increases and wage increases 
A)  saving and investment in physical capital, and wage increases 
B)  expansion of human capital, labor force increases, and discovery of new technologies 
C)  expansion of human capital, population growth, and discovery of new technologies 
D)  saving and investment in physical capital, expansion of human capital, and discovery of new technologies 
E)  labor force increases and wage increases

Question 5

Thomas Malthus was an economist who contributed to the ________ theory of growth.

Accepted Answer

A)  classical 
B)  neoclassical 
C)  new growth 
D)  socialist 
E)  Keynesian 
A)  classical 
B)  neoclassical 
C)  new growth 
D)  socialist 
E)  Keynesian

Question 6

A reason for an increase in labor productivity growth is

Accepted Answer

A)  an increase in people's human capital. 
B)  a decrease in the capital stock so that firms must hire more workers. 
C)  growth in the supply of labor. 
D)  an increase in the population so that firms hire more workers. 
E)  an increase in the quantity of labor. 
A)  an increase in people's human capital. 
B)  a decrease in the capital stock so that firms must hire more workers. 
C)  growth in the supply of labor. 
D)  an increase in the population so that firms hire more workers. 
E)  an increase in the quantity of labor.

Question 7

Population growth directly brings growth in ________ because the quantity of labor increases.

Accepted Answer

A)  real GDP 
B)  labor productivity 
C)  real GDP per person 
D)  capital per hour of work 
E)  average hours per worker 
A)  real GDP 
B)  labor productivity 
C)  real GDP per person 
D)  capital per hour of work 
E)  average hours per worker

If U.S.real GDP in 2007 was $13.25 trillion and U.S.real GDP in 2008 was $13.31 trillion, what was the economic growth rate of the United States during this period?

If Kenya institutes policies that support economic freedom and growth, it is likely that Kenya will

An increase in labor productivity

Which of the following lists gives factors that increase labor productivity?

Thomas Malthus was an economist who contributed to the ________ theory of growth.

A reason for an increase in labor productivity growth is

Population growth directly brings growth in ________ because the quantity of labor increases.

Getting Started

The Usand Global Economies

The Economic Problem

Demand and Supply

Gdp: a Measure of Total Production and Income

Jobs and Unemployment

The Cpi and the Cost of Living

Potential Gdp and the Natural Unemployment Rate

Finance, Saving, and Investment

The Monetary System

Money, Interest, and Inflation

Aggregate Supply and Aggregate Demand

Aggregate Expenditure Multiplier

The Short-Run Policy Tradeoff

Fiscal Policy

Monetary Policy

International Trade Policy

International Finance

Filters

Exam 9: Economic Growth

If U.S.real GDP in 2007 was $13.25 trillion and U.S.real GDP in 2008 was $13.31 trillion, what was the economic growth rate of the United States during this period?

If Kenya institutes policies that support economic freedom and growth, it is likely that Kenya will

An increase in labor productivity

Which of the following lists gives factors that increase labor productivity?

Thomas Malthus was an economist who contributed to the ________ theory of growth.

A reason for an increase in labor productivity growth is

Population growth directly brings growth in ________ because the quantity of labor increases.

Getting Started

The Usand Global Economies

The Economic Problem

Demand and Supply

Gdp: a Measure of Total Production and Income

Jobs and Unemployment

The Cpi and the Cost of Living

Potential Gdp and the Natural Unemployment Rate

Finance, Saving, and Investment

The Monetary System

Money, Interest, and Inflation

Aggregate Supply and Aggregate Demand

Aggregate Expenditure Multiplier

The Short-Run Policy Tradeoff

Fiscal Policy

Monetary Policy

International Trade Policy

International Finance

Filters