ECO213 Exam #2 Questions and Correct Answers | Latest Update
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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?
2.3%
The best economic measure of the standard of living is
real GDP per capi...
Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
ECO213 Exam #2 Questions and Correct
Answers | Latest Update
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?
2.3%
The best economic measure of the standard of living is
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?
28 years
Workers in ________ countries have ________ to work with than do workers in low income
countries.
high income; more physical capital
The federal budget deficit can be reduced by
lower government spending
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
A government budget deficit will shift the ________ curve for loanable funds to the ________
and the equilibrium real interest rate will _________.
supply; left; rise
Technological change is shown in the above diagram by the movement from
B to D
Endogenous growth theory
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.
technology; up; the same amount of
According to Joseph Schumpeter, which of the factors of production is central to economic
growth?
the entrepreneur
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
Which of the following accurately describes the impact of the rule of law on a country's
economic growth rate?
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
economic growth
Corruption by a country's government and ruling officials
undermines the rule of law and curtails economic growth
If property rights are not enforced in a country
entrepreneurs are unlikely to invest their own funds in such a country
Policies to promote growth by increasing savings and investment work through
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
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