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Exam 8: Economic Growth

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Question 101

Multiple Choice

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Which of the following is a measure of economic growth that is most useful for comparing living standards?

A) growth in nominal GDP
B) decreases in the rate of unemployment
C) increases in real GDP per capita
D) increases in real GDP

E) C) and D)
F) A) and D)

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Question 102

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A shift outward in the production possibilities curve is the direct result of improvements in the efficiency factor of economic growth.

A) True
B) False

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Question 103

Multiple Choice

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1. Improvements in technology. 2. Increases in the supply (stock) of capital goods. 3) Purchases of expanding output. 4) Obtaining the optimal combination of goods, each at least-cost production. 5) Increases in the quantity and quality of natural resources. 6) Increases in the quantity and quality of human resources. Which set of items in the accompanying list would shift an economy's production possibilities curve Outward?

The largest contributor to increases in the productivity of American labor is

What economic concept would be most closely associated with a situation where an aluminum plant expands its operations and uses extensive computerization in the production line to reduce per-unit Costs of production?

At what average annual rate have real GDP and real GDP per capita grown from 1950 to 2018?

The movement of workers from lower productivity jobs to higher productivity jobs would be an example of a(n)

Refer to the accompanying graph. If the production possibilities curve for an economy is at CD but the economy is operating at point X, the reasons are most likely to be because of

Many economists studying the productivity-growth patterns in the U.S. believe that in the period 1995-2010, the productivity of labor in the nation

A nation's real GDP will increase by increasing the following, except

A nation's real GDP was $250 billion in Year 1 and $265 billion in Year 2. Its population was 120 million in Year 1 and 125 million in Year 2. What is its real GDP growth rate in Year 2?

More than half the growth of real GDP in the United States is caused by

$\begin{array} { | c | c | c | c | c | } \hline \text { Year } & \text { Alta (Real GDP) } & \text { Zorn (Real GDP) } & \text { Alta (Population) } & \text { Zorn (Population) } \\\hline 1 & \$ 2,000 & \$ 150,000 & 200 & 500 \\\hline 2 & 2,100 & 152,000 & 202 & 505 \\\hline 3 & 2,200 & 154,000 & 210 & 508 \\\hline\end{array}$ Refer to the table. Between years 1 and 2, real GDP per capita grew by approximately __________ percent in Alta.

If the annual growth in a nation's productivity is 2.8 percent rather than 1.5 percent, then the nation's standard of living will double in about

Economic growth can be shown as a movement from a point on one production possibilities curve to a point on a curve located farther from the origin.

Refer to the accompanying diagram. If the production possibilities of an economy are shown by curve AB but the economy is operating at point 4, the reasons are most likely to be because of

Identify the two major ways economic growth is measured.

Modern economic growth often results in the following, except

The rule of 70 is used to find how long it will take an economy to grow by 70 percent.

If the secular trend of labor productivity rises from 2 percent per year to 4 percent, the number of years that it will take for the standard of living to double will decline by about