Question 1

Real GDP per capita in the United States (as of 2010) exceeds that of France primarily because:

Accepted Answer

A)   the United States had higher annual rates of growth than France from 1960 through 2010.
B)   the United States has a much larger population than France.
C)   the United States has a higher percentage of the working-age population in the labor force and because U.S.employees average about 14 percent more hours worked per year.
D)   European Union rules severely limit France's access to technologies developed outside the region.E) B) and D)
F) B) and C)

Question 2

Real GDP = worker-hours × labor productivity.

Accepted Answer

A) True 
 B)False

Question 3

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2.We could conclude that this economy's:

Accepted Answer

A)   real GDP declined.
B)   capital stock increased.
C)   production possibilities curve shifted outward.
D)   actual production moved from one point to another on a fixed production possibilities curve.E) B) and D)
F) A) and B)

Question 4

What percentage of the U.S.adult population has a college or post-college education (as of 2012) ?

Accepted Answer

A)   8 percent.
B)   31 percent.
C)   41 percent.
D)   88 percent.E) A) and B)
F) C) and D)

Question 5

Other things equal,which of the following would increase labor productivity the most?

Accepted Answer

A)   The stock of real capital and inputs of labor increase proportionately.
B)   The increase in the stock of real capital exceeds the increase in inputs of labor.
C)   The increase in inputs of labor exceeds the increase in the stock of real capital.
D)   Inputs of labor increase and the stock of real capital remains constant.E) None of the above
F) C) and D)

Question 6

Given the annual rate of economic growth,the "rule of 70" allows one to:

Accepted Answer

A)   determine the accompanying rate of inflation.
B)   calculate the size of the GDP gap.
C)   calculate the number of years required for real GDP to double.
D)   determine the growth rate of per capita GDP.E) C) and D)
F) None of the above

Question 7

Real per capita GDP in the United States in 2012 was approximately:

Accepted Answer

A)   $13,300.
B)   $39,800.
C)   $43,900.
D)   $13.3 trillion.E) None of the above
F) A) and D)

Question 8

(Consider This) According to the Consider This box about hypothetical countries Slogo,Sumgo,and Speedo,small differences in __________ make for large differences in _________ over several decades,assuming the same growth of population for each country.

Accepted Answer

A)   inflation rates;unemployment rates
B)   unemployment rates;economic growth rates
C)   economic growth rates;real GDP per capita
D)   tax rates;real GDP per capitaE) B) and C)
F) C) and D)

Question 9

To fully realize economic growth through the efficiency factor,an economy must increase its stock of capital goods and improve its technology.

Accepted Answer

A) True 
 B)False

Exam 27: Economic Growth

Given the annual rate of economic growth,the "rule of 70" allows one to:

Correct Answer
verified

To fully realize economic growth through the efficiency factor,an economy must increase its stock of capital goods and improve its technology.

Correct Answer
verified

Real per capita GDP in the United States in 2012 was approximately:

Correct Answer
verified

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2.We could conclude that this economy's:

Correct Answer
verified

(Consider This) According to the Consider This box about hypothetical countries Slogo,Sumgo,and Speedo,small differences in __ make for large differences in _ over several decades,assuming the same growth of population for each country.

Correct Answer
verified

Real GDP per capita in the United States (as of 2010) exceeds that of France primarily because:

Correct Answer
verified

What percentage of the U.S.adult population has a college or post-college education (as of 2012) ?

Correct Answer
verified

Other things equal,which of the following would increase labor productivity the most?

Correct Answer
verified

Real GDP = worker-hours × labor productivity.

Correct Answer
verified

Exam 27: Economic Growth

Given the annual rate of economic growth,the "rule of 70" allows one to:

Correct AnswerverifiedShow Answer

To fully realize economic growth through the efficiency factor,an economy must increase its stock of capital goods and improve its technology.

Correct AnswerverifiedShow Answer

Real per capita GDP in the United States in 2012 was approximately:

Correct AnswerverifiedShow Answer

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2.We could conclude that this economy's:

Correct AnswerverifiedShow Answer

(Consider This) According to the Consider This box about hypothetical countries Slogo,Sumgo,and Speedo,small differences in __________ make for large differences in _________ over several decades,assuming the same growth of population for each country.

Correct AnswerverifiedShow Answer

Real GDP per capita in the United States (as of 2010) exceeds that of France primarily because:

Correct AnswerverifiedShow Answer

What percentage of the U.S.adult population has a college or post-college education (as of 2012) ?

Correct AnswerverifiedShow Answer

Other things equal,which of the following would increase labor productivity the most?

Correct AnswerverifiedShow Answer

Real GDP = worker-hours × labor productivity.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

(Consider This) According to the Consider This box about hypothetical countries Slogo,Sumgo,and Speedo,small differences in __ make for large differences in _ over several decades,assuming the same growth of population for each country.

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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