This quiz in MacroEconomics - Chapter 8 assesses understanding of economic growth, real GDP, and population impacts on GDP per capita. It's designed to evaluate knowledge crucial for grasping changes in national economic standards and individual prosperity.
Adding real GDP and population
Subtracting population from real GDP
Dividing real GDP by population
Dividing population by real GDP
Rate this question:
Cannot grow more rapidly than real GDP
Cannot grow more slowly than real GDP
Necessarily grows more rapidly than real GDP
Can grow either more slowly or more rapidly than GDP
Rate this question:
Growth of nominal GDP
Growth of real GDP
Growth of real GDP per capita
Growth of national income
Rate this question:
Remain constant
Fall by 6%
Rise by 6%
Fall by 12%
Rate this question:
Consumption spending must increase
Real GDP must increase more rapidly than population
Population must increase more rapidly than real GDP
Investment spending must increase
Rate this question:
Promotes faster population growth
Lessens the burden of scarcity
Eliminates the economizing problem
Slows the growth of wants
Rate this question:
Total nominal output
Total real output
Per capita output
Per family output
Rate this question:
3
4
5
10
3
4
5
10
Rate this question:
Alta's real GDP grew more rapidly than Zorn's real GDP
Real GDP fell in Zorn
Population growth reduced Alta's real GDP growth to zero
Population fell in Alta
Rate this question:
$105 in year 3 in Alta
$303 in year 3 in Zorn
$200 in year 1 in Zorn
$5 in year 2 in Alta
Rate this question:
Determine the accompanying rate of inflation
Calculate the size of the GDP gap
Calculate the number of years required for real GDP to double
Determine the growth rate of per capita GDP
Rate this question:
Dividing the annual growth rate by .07
Multiplying the annual growth rate by 70
Dividing 70 by the annual growth rate
Adding 14 to annual growth rate
Rate this question:
11 1/2 years
10 years
13 1/2 years
9 years
Rate this question:
22 years
20 years
14 years
8 years
Rate this question:
Not say anything about the average annual rate of growth
Conclude that its average annual rate of growth is about 5.5%
Conclude that its average annual rate of growth is about 2.4%
Conclude that its average annual rate of growth is about 3.9%
Rate this question:
2%
3.1%
5.1%
8.6%
Rate this question:
5.5%
4.2%
3.2%
2%
Rate this question:
$16,349
$47,845
$50,820
$16.3 trillion
Rate this question:
Economic growth has occurred because of the increased length of the workweek
Product quality has improved
Air quality has declined as real GDP has increased
Population has grown faster than real output
Rate this question:
Economic historians mark modern economic growth is beginning around A.D. 1500
Modern economic growth is characterized by sustained and ongoing increases in living standards
Modern economic growth has virtually eliminated business cycle fluctuations
Modern economic growth has been distributed more or less equally across nations
Rate this question:
Adopt feudalistic institutions
Restrict women and minorities from holding certain economic and political positions
Move toward more democratic forms of government
Have less leisure time for support and artistic activities
Rate this question:
The average human life span more than doubling
A major population shift from urban to rural areas
Increased production by local craftspeople
All of these
Rate this question:
Built the first factory for mass production
Invented the steam locomotive
Successfully lobbied the British Parliament for the enactment of patent legislation to protect new inventions
Invented and built a more powerful and efficient steam engine
Rate this question:
Grows at approximately the same rate for all countries
Was much more equal across nations in 1820 than it is today
Has been about 20 times higher in the richer nations than the poorer nations for about 2000 years
Grows much faster in leader countries then and follower countries
Rate this question:
Africa
Asia excluding Japan
Latin America
Option 4
Rate this question:
Japan
United States
Latin America
Western Europe
Rate this question:
Catching up is unlikely to occur because their growth rates are the same on average
Catching up is unlikely to occur because richer countries tend to grow at a faster rate
Catching up as possible, but only if growth rates in leader countries fall to zero or become negative
Catching up as possible, as follower countries tend to grow faster than leader countries
3
8
14
20
Rate this question:
Tend to be lower than in leader countries because labor forces in follower countries are too small
Tend to exceed those in leader countries because followers can cheaply adopt the new technologies that leaders developed at relatively high costs
Will never bring real GDP per capita up to the same levels as in leader countries, even if follower growth rates are greater than those in leader countries
Typically average aboout 2% per year
Rate this question:
The United States had higher annual rates of growth then France from 1960 through 2010
The United States has a much larger population than France
The United States has a higher percentage of the working age population in the labor force and because US employees average about 14% more hours worked per year
European Union rules severely limit France's access to technologies developed outside the region
Rate this question:
20
34
51
58
Rate this question:
They allow governments to extract the gains from private citizens investments
People are more likely to invest if they don't fear that others can take their returns on investment without compensation
They ensure an equitable distribution of income
Business cycle fluctuations will be smaller and less likely to disrupt investment patterns
Rate this question:
A well enforced system of patents and copyrights
A tightly regulated market system
A system of tariffs and other trade barriers to protect domestic companies
All of these
Rate this question:
Patents and copyrights that expire quickly and are loosely enforced
Strong government control over resource allocation decisions
Unrestricted trade between nations
All of these
Rate this question:
Encourages growth by allowing producers to make profitable investment decisions based on market signals
Encourages growth by ensuring that everyone in society will receive a decent standard of living
Discourages growth because firms busy competing have no time to innovate or invest
Discourages growth unless government protects domestic firms from foreign competition
Rate this question:
Discourages growth by increasing competitive pressures on domestic firms
Encourages growth by effectively eliminating all patent and copyright barriers to growth
Discourages growth compared to situations where the government strongly controls foreign trade
Encourages growth by promoting the rapid spread of new inventions and innovations
Rate this question:
2, 5, and 6 only
2, 4, 5 and 6 only
1, 2, 5, and 6 only
1, 3, and 4 only
Rate this question:
1 only
4 only
1 and 3 only
3 only
Rate this question:
Quiz Review Timeline (Updated): Mar 22, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
Wait!
Here's an interesting quiz for you.