Question 1

Of the following countries,which grew most slowly,in terms of real GDP per person,over about the last 120 years?

Accepted Answer

A) Brazil 
B) Mexico 
C) China 
D) United States 
A) Brazil 
B) Mexico 
C) China 
D) United States

Question 2

Mexico is

Accepted Answer

A) a poor country,and over the past century its rate of economic growth has been higher than that of the United States. 
B) a poor country,and over the past century its rate of economic growth has been lower than that of the United States. 
C) a middle-income country,and over the past century its rate of economic growth has been higher than that of the United States. 
D) a middle-income country,and over the past century its rate of economic growth has been lower than that of the United States. 
A) a poor country,and over the past century its rate of economic growth has been higher than that of the United States. 
B) a poor country,and over the past century its rate of economic growth has been lower than that of the United States. 
C) a middle-income country,and over the past century its rate of economic growth has been higher than that of the United States. 
D) a middle-income country,and over the past century its rate of economic growth has been lower than that of the United States.

Question 3

In 2010,the imaginary nation of Bovina had a population of 5,000 and real GDP of 600,000.In 2011 it had a population of 5,200 and real GDP of 636,480.During 2011 real GDP per person in Bovina grew by

Accepted Answer

A) 2 percent,which is high compared to average U.S.growth over the last one-hundred years. 
B) 2 percent,which is about the same as average U.S.growth over the last one-hundred years. 
C) 4 percent,which is high compared to average U.S.growth over the last one-hundred years. 
D) 4 percent,which is about the same as average U.S.growth over the last one-hundred years. 
A) 2 percent,which is high compared to average U.S.growth over the last one-hundred years. 
B) 2 percent,which is about the same as average U.S.growth over the last one-hundred years. 
C) 4 percent,which is high compared to average U.S.growth over the last one-hundred years. 
D) 4 percent,which is about the same as average U.S.growth over the last one-hundred years.

Question 4

Measured in 2014 dollars,real GDP per person in the United States in 2014 was about 10 times that in

Accepted Answer

A) China. 
B) India. 
C) Indonesia. 
D) Pakistan. 
A) China. 
B) India. 
C) Indonesia. 
D) Pakistan.

Question 5

Which of the following is not correct?

Accepted Answer

A) Across countries there are large differences in the average income per person.These differences are reflected in large differences in the quality of life. 
B) With a growth rate of about 2 percent per year,average income per person doubles about every 60 years. 
C) The ranking of countries by average income changes substantially over time. 
D) In some countries real income per person has changed very little over many years. 
A) Across countries there are large differences in the average income per person.These differences are reflected in large differences in the quality of life. 
B) With a growth rate of about 2 percent per year,average income per person doubles about every 60 years. 
C) The ranking of countries by average income changes substantially over time. 
D) In some countries real income per person has changed very little over many years.

Question 6

Over the period 1900-2014,which of the following countries experienced the highest average annual growth rate of real GDP per person?

Accepted Answer

A) Brazil 
B) China 
C) India 
D) Pakistan 
A) Brazil 
B) China 
C) India 
D) Pakistan

Question 7

In 2011,the imaginary nation of Maconia had a population of 8,200 and real GDP of 210,500.Maconia had 5% growth in real GDP per person.In 2012 it had a population of 8,400.To the nearest dollar what was real GDP in Maconia in 2012?

Accepted Answer

A) 216,815 
B) 221,025 
C) 226,416 
D) None of the above is correct. 
A) 216,815 
B) 221,025 
C) 226,416 
D) None of the above is correct.

Question 8

Country A experienced a growth rate of real GDP per person of 0.5 percent per year throughout the 1900's.In view of other countries' experiences,country A's growth was

Accepted Answer

A) exceptionally high. 
B) moderately high. 
C) moderately low. 
D) exceptionally low. 
A) exceptionally high. 
B) moderately high. 
C) moderately low. 
D) exceptionally low.

Question 9

Which of the following measures how the level of well-being in a country has changed over time?

Accepted Answer

A) level of nominal GDP per person. 
B) growth rate of nominal GDP. 
C) growth rate of real GDP. 
D) growth rate of real GDP per person. 
A) level of nominal GDP per person. 
B) growth rate of nominal GDP. 
C) growth rate of real GDP. 
D) growth rate of real GDP per person.

Question 10

As of 2014,using real GDP per person as a measure,we would classify

Accepted Answer

A) the United States and Mexico as advanced economies and Bangladesh as a middle-income country. 
B) Canada as an advanced economy,Mexico as a middle-income country,and Pakistan as a poor country. 
C) Japan and India as advanced economies and Mexico as a poor country. 
D) Japan as an advanced economy,the United Kingdom as a middle-income country,and Argentina as a poor country. 
A) the United States and Mexico as advanced economies and Bangladesh as a middle-income country. 
B) Canada as an advanced economy,Mexico as a middle-income country,and Pakistan as a poor country. 
C) Japan and India as advanced economies and Mexico as a poor country. 
D) Japan as an advanced economy,the United Kingdom as a middle-income country,and Argentina as a poor country.

Question 11

Measured in 2014 dollars,real GDP per person in the United States in 2014 was about

Accepted Answer

A) $37,000. 
B) $56,000. 
C) $57,000. 
D) $67,000. 
A) $37,000. 
B) $56,000. 
C) $57,000. 
D) $67,000.

Question 12

Country A experienced a growth rate of real GDP per person of 2.5 percent per year throughout the 1900's.In view of other countries' experiences during this time country A's growth was

Accepted Answer

A) exceptionally high. 
B) moderately high. 
C) moderately low. 
D) exceptionally low. 
A) exceptionally high. 
B) moderately high. 
C) moderately low. 
D) exceptionally low.

Question 13

The level of real GDP person

Accepted Answer

A) differs widely across countries,but the growth rate of real GDP per person is similar across countries. 
B) is very similar across countries,but the growth rate of real GDP per person differs widely across countries. 
C) and the growth rate of real GDP per person are similar across countries. 
D) and the growth rate of real GDP per person vary widely across countries. 
A) differs widely across countries,but the growth rate of real GDP per person is similar across countries. 
B) is very similar across countries,but the growth rate of real GDP per person differs widely across countries. 
C) and the growth rate of real GDP per person are similar across countries. 
D) and the growth rate of real GDP per person vary widely across countries.

Question 14

The United Kingdom is

Accepted Answer

A) an advanced economy,and over the past century its rate of economic growth has been higher than that of the United States. 
B) an advanced economy,and over the past century its rate of economic growth has been lower than that of the United States. 
C) a middle-income country,and over the past century its rate of economic growth has been higher than that of the United States. 
D) a middle-income country,and over the past century its rate of economic growth has been lower than that of the United States. 
A) an advanced economy,and over the past century its rate of economic growth has been higher than that of the United States. 
B) an advanced economy,and over the past century its rate of economic growth has been lower than that of the United States. 
C) a middle-income country,and over the past century its rate of economic growth has been higher than that of the United States. 
D) a middle-income country,and over the past century its rate of economic growth has been lower than that of the United States.

Question 15

Which of the following countries had the highest level of real GDP per person in 2014?

Accepted Answer

A) Germany 
B) Canada 
C) United States 
D) Japan 
A) Germany 
B) Canada 
C) United States 
D) Japan

Question 16

Which of the following can be measured by the level of real GDP per person?

Accepted Answer

A) productivity and the standard of living 
B) productivity but not the standard of living 
C) the standard of living but not productivity 
D) neither the standard of living nor productivity 
A) productivity and the standard of living 
B) productivity but not the standard of living 
C) the standard of living but not productivity 
D) neither the standard of living nor productivity

Question 17

Which of the following nations experienced average rates of economic growth of a bit under 2% over the last 100 years or so?

Accepted Answer

A) Mexico 
B) Brazil 
C) the United States 
D) All of the above are correct. 
A) Mexico 
B) Brazil 
C) the United States 
D) All of the above are correct.

Question 18

Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million.The year before,real GDP was 500.0 billion and the population was 2.0 million.What was the growth rate of real GDP per person during the year?

Accepted Answer

A) 12 percent 
B) 10 percent 
C) 4 percent 
D) 2 percent 
A) 12 percent 
B) 10 percent 
C) 4 percent 
D) 2 percent

Question 19

Which of the following countries had the highest growth rate over about the last 100 years?

Accepted Answer

A) Japan 
B) China 
C) Germany 
D) United States 
A) Japan 
B) China 
C) Germany 
D) United States

Question 20

In 2010,the imaginary nation of Bovina had a population of 5,000 and real GDP of 500,000.In 2011 it had a population of 5,100 and real GDP of 520,200.During 2011 real GDP per person in Bovina grew by

Accepted Answer

A) 2 percent,which is high compared to average U.S.growth over the last one-hundred years. 
B) 2 percent,which is about the same as average U.S.growth over the last one-hundred years. 
C) 4 percent,which is high compared to average U.S.growth over the last one-hundred years. 
D) 4 percent,which is about the same as average U.S.growth over the last one-hundred years. 
A) 2 percent,which is high compared to average U.S.growth over the last one-hundred years. 
B) 2 percent,which is about the same as average U.S.growth over the last one-hundred years. 
C) 4 percent,which is high compared to average U.S.growth over the last one-hundred years. 
D) 4 percent,which is about the same as average U.S.growth over the last one-hundred years.

Exam 12: Production and Growth: Economic Growth Around the World

Of the following countries,which grew most slowly,in terms of real GDP per person,over about the last 120 years?

Mexico is

In 2010,the imaginary nation of Bovina had a population of 5,000 and real GDP of 600,000.In 2011 it had a population of 5,200 and real GDP of 636,480.During 2011 real GDP per person in Bovina grew by

Measured in 2014 dollars,real GDP per person in the United States in 2014 was about 10 times that in

Which of the following is not correct?

Over the period 1900-2014,which of the following countries experienced the highest average annual growth rate of real GDP per person?

In 2011,the imaginary nation of Maconia had a population of 8,200 and real GDP of 210,500.Maconia had 5% growth in real GDP per person.In 2012 it had a population of 8,400.To the nearest dollar what was real GDP in Maconia in 2012?

Country A experienced a growth rate of real GDP per person of 0.5 percent per year throughout the 1900's.In view of other countries' experiences,country A's growth was

Which of the following measures how the level of well-being in a country has changed over time?

As of 2014,using real GDP per person as a measure,we would classify

Measured in 2014 dollars,real GDP per person in the United States in 2014 was about

Country A experienced a growth rate of real GDP per person of 2.5 percent per year throughout the 1900's.In view of other countries' experiences during this time country A's growth was

The level of real GDP person

The United Kingdom is

Which of the following countries had the highest level of real GDP per person in 2014?

Which of the following can be measured by the level of real GDP per person?

Which of the following nations experienced average rates of economic growth of a bit under 2% over the last 100 years or so?

Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million.The year before,real GDP was 500.0 billion and the population was 2.0 million.What was the growth rate of real GDP per person during the year?

Which of the following countries had the highest growth rate over about the last 100 years?

In 2010,the imaginary nation of Bovina had a population of 5,000 and real GDP of 500,000.In 2011 it had a population of 5,100 and real GDP of 520,200.During 2011 real GDP per person in Bovina grew by

Ten Principles of Economics

Ten Principles of Economics: How People Make Decisions

Ten Principles of Economics: How People Interact

Ten Principles of Economics: How the Economy As a Whole Works

Ten Principles of Economics: Part A

Ten Principles of Economics: Part B

Thinking Like an Economist

Thinking Like an Economist: The Economist As Scientist

Thinking Like an Economist: The Economist As Policy Adviser

Thinking Like an Economist: Why Economists Disagree

Thinking Like an Economist: Lets Get Going

Thinking Like an Economist: Graphing a Brief Review

Thinking Like an Economist: Part A

Thinking Like an Economist: Part B

Interdependence and the Gains From Trade

Interdependence and the Gains From Trade: A Parable for the Modern Economy

Interdependence and the Gains From Trade: Comparative Advantage the Driving Force of Specialization

Interdependence and the Gains From Trade: Applications of Comparative Advantage

Interdependence and the Gains From Trade: Conclusion

Interdependence and the Gains From Trade: Part A

Interdependence and the Gains From Trade: Part B

The Market Forces of Supply and Demand

The Market Forces of Supply and Demand:Markets and Competition

The Market Forces of Supply and Demand: Demand

The Market Forces of Supply and Demand: Supply

The Market Forces of Supply and Demand: Supply and Demand Together

The Market Forces of Supply and DemandConclusion How Prices Allocate Resources

The Market Forces of Supply and Demand: Part A

The Market Forces of Supply and Demand: Part B

Elasticity and Its Applications

Elasticity and Its Applications: The Elasticity of Demand

Elasticity and Its Applications: The Elasticity of Supply

Elasticity and Its Applications: Three Applications of Supply,demand,and Elasticity

Elasticity and Its Applications: Part A

Elasticity and Its Applications: Part B

Supply Demand and Government Policies

Supply Demand and Government Policies: Controls on Prices

Supply Demand and Government Policies: Taxes

Supply Demand and Government Policies: Part A

Supply Demand and Government Policies: Part B

Consumers Producers and the Efficiency of Markets

Consumers Producers and the Efficiency of Markets: Consumer Surplus

Consumers Producers and the Efficiency of Markets: Producer Surplus

Consumers Producers and the Efficiency of Markets: Market Efficiency

Consumers Producers and the Efficiency of Markets: Conclusion Market Efficiency and Market Failure

Consumers Producers and the Efficiency of Markets: Part A

Consumers Producers and the Efficiency of Markets: Part B

Application the Cost of Taxation

Application the Cost of Taxation: The Deadweight Loss of Taxation

Application the Cost of Taxation: The Determinants of the Deadweight Loss

Application the Cost of Taxation: Deadweight Loss and Tax Revenue As Taxes Vary

Application the Cost of Taxation: Conclusion

Application the Cost of Taxation: Part A

Application the Cost of Taxation: Part B

Application International Trade

Application International Trade: The Determinants of Trade

Application International Trade: The Winners and Losers From Trade

Application International Trade: The Arguments for Restricting Trade

Application International Trade: Conclusion