U.S. real GDP in 2018 was $18,638 billion, and real GDP in 2019 was $19,073 billion (constant 2012 $). What was the rate of growth in U.S. real GDP from 2018 to 2019. just prior to the coronavirus pandemic? - answer-2.3%
The best economic measure of the standard of living is - answer-real GDP pe...
ECO213 Exam #2 Questions and
Answers 2024
U.S. real GDP in 2018 was $18,638 billion, and real GDP in 2019 was $19,073
billion (constant 2012 $). What was the rate of growth in U.S. real GDP from 2018
to 2019. just prior to the coronavirus pandemic? - answer-✔2.3%
The best economic measure of the standard of living is - answer-✔real GDP per
capita
If an economy is growing at a rate of 2.5% per year, how long will it take the
economy to double in size? - answer-✔28 years
Workers in ________ countries have ________ to work with than do workers in
low income countries. - answer-✔high income; more physical capital
The federal budget deficit can be reduced by - answer-✔lower government
spending
A government budget deficit will shift the ________ curve for loanable funds to
the ________ and the equilibrium real interest rate will _________. - answer-
✔supply; left; rise
Technological change is shown in the above diagram by the movement from -
answer-✔B to D
Endogenous growth theory - answer-✔states that the rate of technological change
is caused by economic incentives
,An increase in ________ shifts the production function________ , and makes it
possible to produce a higher level of GDP with ________ capital per hour worked.
- answer-✔technology; up; the same amount of
According to Joseph Schumpeter, which of the factors of production is central to
economic growth? - answer-✔the entrepreneur
Which of the following accurately describes the impact of the rule of law on a
country's economic growth rate? - answer-✔Countries with a strong rule of law
governing property rights and contract enforcement have faster economic growth
Globalization (international trade, open economies, free flow of capital and labor,
economic interdependence among countries) is positively associated with - answer-
✔economic growth
Corruption by a country's government and ruling officials - answer-✔undermines
the rule of law and curtails economic growth
If property rights are not enforced in a country - answer-✔entrepreneurs are
unlikely to invest their own funds in such a country
Policies to promote growth by increasing savings and investment work through -
answer-✔increasing the supply of loanable funds, lowering the interest rate, raising
the level of investment in physical capital
In the above diagram, the movement from A to B to C illustrates - answer-✔an
increase in capital per worker and diminishing returns to capital
, Suppose the economy gains more capital per hour worked and experiences
technological improvements. This is shown in the above diagram by the movement
from - answer-✔A to D
The aggregate expenditure model focuses on the relationship between ________
and ________ in the short run, assuming ________ is constant. - answer-✔total
planned spending; real GDP; the price level
Which of the following is the largest component of aggregate expenditure? -
answer-✔consumption expenditures
Given the following consumption schedule,
Consumption Disposable Income
$600 $1,000
$900 $1,500
$1,200 $2,000
The marginal propensity to consume (MPC) is - answer-✔0.6
If the marginal propensity to consume (MPC) is 0.75, then the marginal propensity
to save (MPS) is - answer-✔0.25
________ spending follows a relatively smooth trend whereas, ________ spending
is much more volatile and subject to fluctuations. - answer-✔Consumer;
investment
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