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Econ 211 Exam 2 – UNL Study Guide with Complete Solutions
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Econ 211 Exam 2 – UNL Study Guide with Complete Solutions 2 ways economic growth is measured - Answer️️ -Nominal and real GDP Nominal GDP - Answer️️ -often appear higher than real GDP, not adjusted for inflation (GDP17=P17 x Q17) Real GDP - Answer️️ -adjusted for inflation (GDP17...

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  • August 29, 2024
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  • 2024/2025
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©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM




Econ 211 Exam 2 – UNL Study Guide
with Complete Solutions

2 ways economic growth is measured - Answer✔️✔️-Nominal and real GDP

Nominal GDP - Answer✔️✔️-often appear higher than real GDP, not
adjusted for inflation (GDP17=P17 x Q17)

Real GDP - Answer✔️✔️-adjusted for inflation (GDP17=P09 X Q17)

GDP is reported.. - Answer✔️✔️-Quarterly (Advanced, Premlim and final)

Economic growth is measured as - Answer✔️✔️-a % change in real GDP on
an annual basis (real GDP2 - real GDP 1 / real GDP 1) x 100

another way to measure economic growth - Answer✔️✔️-change in real
GDP per capita ( Per capita GDP2 - per capita GDP1 / pre capita GDP1) X
100

Importance of economic growth - Answer✔️✔️-- lessens the burden of
scarcity

- expand production possibilities

- more resources & incomes

- get more goods & services to meet unlimited wants




1

, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM



Rule of 70 - Answer✔️✔️-- how many years it will take for an economy to
double

- divide average annual % rate of economic growth into 70 (70/1.0% = 70
years to double)

Modern economic growth - Answer✔️✔️-After late 1770's, sustained and
continual economic growth

History of modern economic growth - Answer✔️✔️-before the late 1770's
nations experienced limited/sporadic economic growth which lead to
living standards not changing much from century to century

- living standards improved

-changes occur w/in less than a human lifetime

Economic growth started when - Answer✔️✔️-- industrial revolution in 1776

- James Watt invented the steam engine which lead to new factories, mass
production of goods, different forms of transportation, later was replaced
by electric power and oil

How can follower nations catch up to leader nations? - Answer✔️✔️--
Leader nations invent technology while follower nations adopt technology

- higher long-term growth rates for follower nations

Institutional structures that promote growth (main 6) - Answer✔️✔️-- strong
property rights


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