Macroeconomics - Economic Growth Test Questions with complete Solutions Graded A+
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Macroeconomics
Macroeconomics - Economic Growth Test Questions with complete Solutions Graded A+
Economic growth is - Answers a sustained expansion of production possibilities measured as the increase in real GDP over a given period.
In 2008, Armenia had real GDP of $4.21 billion and a population of 2.98 millio...
Macroeconomics - Economic Growth Test Questions with complete Solutions Graded A+
Economic growth is - Answers a sustained expansion of production possibilities measured as the
increase in real GDP over a given period.
In 2008, Armenia had real GDP of $4.21 billion and a population of 2.98 million. In 2009, real GDP was
$4.59 billion and population was 2.97 million. What was Armenia's economic growth rate in 2009? -
Answers 9.0 percent
In 2008, Armenia had real GDP of $4.21 billion and a population of 2.98 million. In 2009, real GDP was
$4.59 billion and population was 2.97 million. Between 2008 and 2009, Armenia's standard of living
________. - Answers increased
In 2008, Armenia had real GDP of $4.21 billion and a population of 2.98 million. In 2009, real GDP was
$4.59 billion and population was 2.97 million. Armenia's real GDP per person in 2009 was - Answers
$1,545.
During 2009, the country of Economia had real GDP of $115 billion and the population was 0.9 billion. In
2008, real GDP was $105 billion and the population was 0.85 billion. In 2009, real GDP per person was -
Answers $128.
During 2009, the country of Economia had real GDP of $115 billion and the population was 0.9 billion. In
2008, real GDP was $105 billion and the population was 0.85 billion. In 2008, real GDP per person was -
Answers $124.
Suppose a country's population grows by 2 percent a year and, at the same time, its real GDP grows by 5
percent a year. Real GDP per person is increasing by ________ a year. - Answers 3 percent
The Rule of 70 is used to - Answers estimate how long it will take the level of any variable to double.
Using the Rule of 70, if the country of Flowerdom's current growth rate of real GDP per person is 7
percent a year, how long will it take the country's real GDP per person to double? - Answers 10 years
Using the Rule of 70, if the country of Flowerdom's current growth rate of real GDP per person is 10
percent a year, how long will it take the country's real GDP per person to double? - Answers 7 years
Slowdonia's current growth rate of real GDP per person is 2 percent a year. How long will it take to
double real GDP per person? - Answers 35 years
Slowdonia's current growth rate of real GDP per person is 1 percent a year. How long will it take to
double real GDP per person? - Answers 70 years
If real GDP per person is growing at 4 percent per year, it will double in - Answers 17.5 years.
Suppose a country is producing $20 million of real GDP. If the economy grows at 10 percent per year,
approximately how many years will to take for real GDP to grow to $80 million? - Answers 14
, Real GDP per person in the country of Flip is $10,000, and the growth rate is 10 percent a year. Real GDP
per person in the country of Flap is $20,000 and the growth rate is 5 percent a year. When will real GDP
per person be greater in Flip than in Flap? - Answers in 15 years
Growthland's real GDP per capita was $112 billion in 2009 and $117 billion in 2010. What is the growth
rate of Growthland's real GDP per capita? - Answers 4.5%
In which of the following decades did Canada experience the slowest economic growth? - Answers
1980s
Canada's economic growth rate was highest in which of the following decades? - Answers the 1960s
Which of the following statements about Canada's long - Answers term growth trends is false?-
Economic growth rates have been steady, except for the business cycle.
Between 1926 and 2007 real GDP per person in Canada grew at an average rate of - Answers 2.1 percent
a year.
Compared to growth in other countries, between 1960 and 2007 Canada - Answers did as well or better
than most countries except certain Asian countries.
Between 1990 and 2008, the gap between real GDP per person in Canada and real GDP per person in
Japan ________ - Answers widened
Between 1926 and 2007, the average growth rate of real GDP per person in Canada was ________
percent a year. During this period, ________ grew at a faster rate than ________. - Answers 2.1; real
GDP; the population
Convergence between real GDP per person in Canada and Japan was relatively ________ during the
1960s; convergence has recently been ________ - Answers rapid; decreasing
The gap between real GDP per person in Canada and Hong Kong has ________ since 1960. During this
period, the growth rate of real GDP per person in Canada has been ________ than in Hong Kong. -
Answers reversed; slower
Between 1960 and 2008, growth rates in real GDP per person in Hong Kong, Korea, Singapore, Taiwan,
and China ________ the growth rate of real GDP per person in Canada. China's real GDP per person
today is approximately equal to real GDP per person in Hong Kong in ________ - Answers exceeded;
1968
An increase in labour hours will lead to - Answers a movement along the aggregate production function.
The aggregate production function is graphed as - Answers an upward-sloping line that becomes flatter
as the quantity of labour increases.
The decreasing slope of the aggregate production function reflects - Answers diminishing returns.
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