Exam 28: Economic Growth

Per capita real GDP is of limited use as a measure of economic well being for all the following reasons, except:

If real GDP for Mexico was 19.8 trillion pesos at the end of 1999 and 21.3 trillion pesos at the end of 2000, then Mexico's economy grew at an annual rate of _____.

A country with a low living standard can save easily.

What is the annual rate of economic growth in Japan if real GDP at the beginning of the year is 11.9 trillion yen and real GDP at the end of the year is 11.1 trillion yen?

_____ is the sum of capital and labor productivity.

Because fewer people are now needed to perform an average job, it is said that the information technology revolution has played an important role in slowing down productivity in the United States.

Economic growth measured in terms of an increase in per capita real GDP is a good measure of _____.

Which of the following is a barrier to economic growth in low-income countries?

Other things equal, a country's long-run aggregate supply will shift to the left when _____.

If real GDP in Korea amounted to 448.3 trillion wons in 1999 and 473.7 trillion wons in 2000, compute the growth experienced by this country in 2000?

If natural gas is replaced by solar power as a more efficient form of energy, we should expect _____.

The rule of 72 is a formulation that allows us to know, in a very quick and simple manner, the approximate time it takes to double a number that grows at a constant rate.

In economics, the term technology refers to different ways of combining resources to produce output.In this sense, technological advances make possible the production of more output from a given amount of resources.

What is the approximate per capita income of the US if the population is 3, 405, 813 and its GDP is $24 million?

If an investment of $400 increases to $800 in 16 years, the annual interest rate of the investment must be _____.

If you invest $1, 000 in a savings account and the annual interest rate is 3.6 percent, your account balance will double in value in approximately _____ years.

Using the rule of 72, calculate the average annual growth rate of GDP needed for a country to double its size in just four years?

Labor productivity is measured as:

By the late 1990s, the growth rate of total factor productivity in the United States _____.

Since the definition of economic growth does not take into account the growth of the country's population, the income of the average person in a country with high real GDP growth could be declining through time.