Question 1

If a nation's real GDP increases from 100 billion to 106 billion and its population jumps from 200 million to 212 million, its real GDP per capita will

Accepted Answer

A)  remain constant.
B)  fall by 6 percent.
C)  rise by 6 percent.
D)  fall by 12 percent.E) A) and B)
F) None of the above

Question 2

Historically, the total amount of real capital per worker in the United States has

Accepted Answer

A)  provided financing for the industrial expansion of business.
B)  increased significantly and made labor more productive.
C)  been the single most important determinant of economic growth.
D)  remained relatively constant, although the quality of capital has improved dramatically.E) B) and C)
F) A) and D)

Question 3

The percentage of the working-age population in the labor force (= employed + officially unemployed)  is called the

Accepted Answer

A)  labor force participation rate.
B)  employment-population ratio.
C)  work-activity rate.
D)  work-nonwork ratio.E) B) and D)
F) A) and C)

Question 4

In 2015, what approximate percentage of adults in the U.S.were college graduates or higher?

Accepted Answer

A)  10 percent
B)  30 percent
C)  50 percent
D)  70 percentE) C) and D)
F) B) and C)

Question 5

Which of the following arguments is not made by critics of growth policies?

Accepted Answer

A)  Growth has resulted in resource degradation and pollution.
B)  Sociological problems like poverty have not been solved by growth.
C)  Growth may have given us the good life, but we cannot better it anymore.
D)  Rapid growth is not sustainable in the long term due to resource limitations.E) A) and B)
F) A) and C)

Question 6

Nation A's real GDP was $520 billion in 2015 and $550 billion in 2016.Its population was 150 million in 2015 and 155 million in 2016.On the other hand, Nation B's real GDP was $200 billion in 2015 and $210 billion in 2016; and its population was 53 million in 2015 and 55 million in 2016.Which of the following statements is true?

Accepted Answer

A)  Nation A's GDP per capita increased from 2015 to 2016, while Nation B's decreased.
B)  Nation B's GDP per capita increased from 2015 to 2016, while Nation A's decreased.
C)  Nation A's and Nation B's GDP per capita both decreased from 2015 to 2016.
D)  Nation A's and Nation B's GDP per capita both increased from 2015 to 2016.E) B) and C)
F) A) and C)

Question 7

Which of the following does not correctly characterize modern economic growth?

Accepted Answer

A)  It spread slowly across the globe, with some societies not having experienced it yet.
B)  It has occurred only in the last 200 or so years.
C)  It drastically alters the culture and politics of society.
D)  It has not affected the average lifespan of human beings.E) A) and D)
F) B) and C)

Question 8

The number of years required for real GDP to double can be found by

Accepted Answer

A)  dividing the annual growth rate by 0.07.
B)  multiplying the annual growth rate by 70.
C)  dividing 70 by the annual growth rate.
D)  adding 14 to annual growth rate.E) A) and B)
F) C) and D)

Question 9

If the growth trend of labor productivity is 3 percent per year, the number of years that it will take for the standard of living to double will be about

Accepted Answer

A)  15 years.
B)  17 years.
C)  20 years.
D)  23 years.E) B) and D)
F) All of the above

Question 10

Real GDP per capita

Accepted Answer

A)  cannot grow more rapidly than real GDP.
B)  cannot grow more slowly than real GDP.
C)  necessarily grows more rapidly than real GDP.
D)  can grow either more slowly or more rapidly than real GDP.E) B) and D)
F) None of the above

Question 11

One of the main arguments against further growth for industrialized nations focuses on the problem of

Accepted Answer

A)  technological knowledge.
B)  environmental quality.
C)  feedback mechanisms.
D)  infrastructure.E) A) and D)
F) B) and C)

Question 12

Strong economic growth since 1960 has allowed nations like Singapore and Ireland to surpass nations such as the United Kingdom and France in real GDP per capita.

Accepted Answer

A) True 
 B)False

Question 13

Between 1950 and 2015, U.S.real GDP grew at an average annual rate of about

Accepted Answer

A)  2.0 percent.
B)  3.1 percent.
C)  5.1 percent.
D)  8.6 percent.E) All of the above
F) A) and D)

Question 14

Between 1953 and 2015, rising labor productivity contributed more to U.S.economic growth than did increases in inputs.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following economic regions has experienced the most growth in real GDP per capita since 1820?

Accepted Answer

A)  Japan
B)  United States
C)  Latin America
D)  Western EuropeE) C) and D)
F) None of the above

Question 16

Increases in household and business spending are a demand factor in economic growth.

Accepted Answer

A) True 
 B)False

Question 17

Suppose that an economy's labor productivity and total worker-hours each grew by 3 percent between year 1 and year 2.We could conclude that this economy's

Accepted Answer

A)  real GDP remained constant.
B)  capital stock increased by 3 percent.
C)  production possibilities curve shifted inward.
D)  production possibilities curve shifted outward.E) B) and D)
F) B) and C)

Question 18

What percentage of the U.S.adult population has a college or post-college education (as of 2015) ?

Accepted Answer

A)  8 percent
B)  33 percent
C)  41 percent
D)  88 percentE) A) and B)
F) A) and C)

Question 19

Which of the following is a main source of increasing returns in recent years?

Accepted Answer

A)  more learning by doing
B)  the concentration of development costs
C)  the use of less specialized inputs as firms grow
D)  more resources devoted to agricultural productionE) None of the above
F) B) and D)

Question 20

Modern economic growth often results in the following, except

Accepted Answer

A)  less time for ordinary people to enjoy leisure activities because the primary focus is on production and work.
B)  vast increases in wealth and living standards for many groups in the economy.
C)  the spread of universal education and elimination of ancient social norms.
D)  movement toward democracy and the abolition of feudalism.E) B) and D)
F) None of the above

Exam 28: Economic Growth

Which of the following economic regions has experienced the most growth in real GDP per capita since 1820?

Correct Answer
verified

Between 1950 and 2015, U.S.real GDP grew at an average annual rate of about

Correct Answer
verified

If the growth trend of labor productivity is 3 percent per year, the number of years that it will take for the standard of living to double will be about

Correct Answer
verified

The percentage of the working-age population in the labor force (= employed + officially unemployed) is called the

Correct Answer
verified

One of the main arguments against further growth for industrialized nations focuses on the problem of

Correct Answer
verified

Increases in household and business spending are a demand factor in economic growth.

Correct Answer
verified

Modern economic growth often results in the following, except

Correct Answer
verified

Historically, the total amount of real capital per worker in the United States has

Correct Answer
verified

Between 1953 and 2015, rising labor productivity contributed more to U.S.economic growth than did increases in inputs.

Correct Answer
verified

Real GDP per capita

Correct Answer
verified

Correct Answer
verified

The number of years required for real GDP to double can be found by

Correct Answer
verified

Which of the following does not correctly characterize modern economic growth?

Correct Answer
verified

In 2015, what approximate percentage of adults in the U.S.were college graduates or higher?

Correct Answer
verified

Suppose that an economy's labor productivity and total worker-hours each grew by 3 percent between year 1 and year 2.We could conclude that this economy's

Correct Answer
verified

Strong economic growth since 1960 has allowed nations like Singapore and Ireland to surpass nations such as the United Kingdom and France in real GDP per capita.

Correct Answer
verified

What percentage of the U.S.adult population has a college or post-college education (as of 2015) ?

Correct Answer
verified

Which of the following is a main source of increasing returns in recent years?

Correct Answer
verified

Which of the following arguments is not made by critics of growth policies?

Correct Answer
verified

If a nation's real GDP increases from 100 billion to 106 billion and its population jumps from 200 million to 212 million, its real GDP per capita will

Correct Answer
verified

Exam 28: Economic Growth

Which of the following economic regions has experienced the most growth in real GDP per capita since 1820?

Correct AnswerverifiedShow Answer

Between 1950 and 2015, U.S.real GDP grew at an average annual rate of about

Correct AnswerverifiedShow Answer

If the growth trend of labor productivity is 3 percent per year, the number of years that it will take for the standard of living to double will be about

Correct AnswerverifiedShow Answer

The percentage of the working-age population in the labor force (= employed + officially unemployed) is called the

Correct AnswerverifiedShow Answer

One of the main arguments against further growth for industrialized nations focuses on the problem of

Correct AnswerverifiedShow Answer

Increases in household and business spending are a demand factor in economic growth.

Correct AnswerverifiedShow Answer

Modern economic growth often results in the following, except

Correct AnswerverifiedShow Answer

Historically, the total amount of real capital per worker in the United States has

Correct AnswerverifiedShow Answer

Between 1953 and 2015, rising labor productivity contributed more to U.S.economic growth than did increases in inputs.

Correct AnswerverifiedShow Answer

Real GDP per capita

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The number of years required for real GDP to double can be found by

Correct AnswerverifiedShow Answer

Which of the following does not correctly characterize modern economic growth?

Correct AnswerverifiedShow Answer

In 2015, what approximate percentage of adults in the U.S.were college graduates or higher?

Correct AnswerverifiedShow Answer

Suppose that an economy's labor productivity and total worker-hours each grew by 3 percent between year 1 and year 2.We could conclude that this economy's

Correct AnswerverifiedShow Answer

Strong economic growth since 1960 has allowed nations like Singapore and Ireland to surpass nations such as the United Kingdom and France in real GDP per capita.

Correct AnswerverifiedShow Answer

What percentage of the U.S.adult population has a college or post-college education (as of 2015) ?

Correct AnswerverifiedShow Answer

Which of the following is a main source of increasing returns in recent years?

Correct AnswerverifiedShow Answer

Which of the following arguments is not made by critics of growth policies?

Correct AnswerverifiedShow Answer

If a nation's real GDP increases from 100 billion to 106 billion and its population jumps from 200 million to 212 million, its real GDP per capita will

Correct AnswerverifiedShow Answer

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