Question 1

Which country has the lowest rate of economic growth?

Accepted Answer

A)  Switzerland 
B)  North Korea 
C)  Norway 
D)  United Kingdom 
A)  Switzerland 
B)  North Korea 
C)  Norway 
D)  United Kingdom

Question 2

India could be on the order of four times richer than it is today if it were to:

Accepted Answer

A)  avoid civil war. 
B)  confiscate all private property. 
C)  accept more foreign aid. 
D)  make its markets open and competitive. 
A)  avoid civil war. 
B)  confiscate all private property. 
C)  accept more foreign aid. 
D)  make its markets open and competitive.

Question 3

Which is NOT an example of human capital?

Accepted Answer

A)  an understanding of mathematics 
B)  a calculator 
C)  computer programming skills 
D)  experience using computers 
A)  an understanding of mathematics 
B)  a calculator 
C)  computer programming skills 
D)  experience using computers

Question 4

If U.S.per capita GDP is $50,000 and grows at 5% per year,what will U.S.per capita GDP be in 70 years?

Accepted Answer

A)  $400,000 
B)  $800,000 
C)  $1.2 million 
D)  $1.6 million 
A)  $400,000 
B)  $800,000 
C)  $1.2 million 
D)  $1.6 million

Question 5

Which would be the best way for a government to encourage economic growth?

Accepted Answer

A)  mandate university education for all its citizens 
B)  make natural resources public property so that people feel a stronger sense of ownership 
C)  increase its provision of public goods 
D)  reduce corruption 
A)  mandate university education for all its citizens 
B)  make natural resources public property so that people feel a stronger sense of ownership 
C)  increase its provision of public goods 
D)  reduce corruption

Question 6

According to the rule of 70,a country with an annual growth rate of 10% will double its GDP per capita in:

Accepted Answer

A)  70 years. 
B)  10 years. 
C)  7 years. 
D)  less than 1 year. 
A)  70 years. 
B)  10 years. 
C)  7 years. 
D)  less than 1 year.

Question 7

Over the past 200 years,economic growth in the United States has been:

Accepted Answer

A)  among the slowest in the world. 
B)  the fastest in the world. 
C)  slow and consistent. 
D)  volatile. 
A)  among the slowest in the world. 
B)  the fastest in the world. 
C)  slow and consistent. 
D)  volatile.

Question 8

If the average annual growth rate of a country increases from 2% to 3%,how much faster will its GDP double?

Accepted Answer

A)  10 years faster 
B)  11 2/3 years faster 
C)  17 years faster 
D)  25 years faster 
A)  10 years faster 
B)  11 2/3 years faster 
C)  17 years faster 
D)  25 years faster

Question 9

When the Communist Party took over China,"The Great Leap Forward" was instituted as a system to encourage the growth of agricultural production in China.Yet,during this time,millions of people starved to death.Why did this occur?

Accepted Answer

A)  Farmers' self-interest was not aligned with social interest. 
B)  The land and its output were controlled by a few wealthy individuals. 
C)  The farmers violated government policy. 
D)  The farmers were being jailed. 
A)  Farmers' self-interest was not aligned with social interest. 
B)  The land and its output were controlled by a few wealthy individuals. 
C)  The farmers violated government policy. 
D)  The farmers were being jailed.

Which country has the lowest rate of economic growth?

India could be on the order of four times richer than it is today if it were to:

Which is NOT an example of human capital?

If U.S.per capita GDP is $50,000 and grows at 5% per year,what will U.S.per capita GDP be in 70 years?

Which would be the best way for a government to encourage economic growth?

According to the rule of 70,a country with an annual growth rate of 10% will double its GDP per capita in:

Over the past 200 years,economic growth in the United States has been:

If the average annual growth rate of a country increases from 2% to 3%,how much faster will its GDP double?

When the Communist Party took over China,"The Great Leap Forward" was instituted as a system to encourage the growth of agricultural production in China.Yet,during this time,millions of people starved to death.Why did this occur?

The Big Ideas

The Power of Trade

Supply and Demand

Equilibrium- How Supply and Demand

Price Ceilings and Floors

GDP and the Measurement of Progress

Growth,capital Accumulation

Saving,investment,and the Financial System

Stock Markets and Personal Finance

Unemployment and Labor Force Participation

Inflation and the Quantity Theory of Money

Business Fluctuations

Transmission and Amplification Mechanisms

The Federal Reserve System

Monetary Policy

The Federal Budget- Taxes and Spending

Fiscal Policy

International Trade

International Finance

Political Economy and Public Choice

Filters

Exam 7: The Wealth of Nations and Economic Growth

Which country has the lowest rate of economic growth?

India could be on the order of four times richer than it is today if it were to:

Which is NOT an example of human capital?

If U.S.per capita GDP is $50,000 and grows at 5% per year,what will U.S.per capita GDP be in 70 years?

Which would be the best way for a government to encourage economic growth?

According to the rule of 70,a country with an annual growth rate of 10% will double its GDP per capita in:

Over the past 200 years,economic growth in the United States has been:

If the average annual growth rate of a country increases from 2% to 3%,how much faster will its GDP double?

When the Communist Party took over China,"The Great Leap Forward" was instituted as a system to encourage the growth of agricultural production in China.Yet,during this time,millions of people starved to death.Why did this occur?

The Big Ideas

The Power of Trade

Supply and Demand

Equilibrium- How Supply and Demand

Price Ceilings and Floors

GDP and the Measurement of Progress

Growth,capital Accumulation

Saving,investment,and the Financial System

Stock Markets and Personal Finance

Unemployment and Labor Force Participation

Inflation and the Quantity Theory of Money

Business Fluctuations

Transmission and Amplification Mechanisms

The Federal Reserve System

Monetary Policy

The Federal Budget- Taxes and Spending

Fiscal Policy

International Trade

International Finance

Political Economy and Public Choice

Filters