CH 22 Economic Growth Midterm - University of Lethbridge Department of Economics ECON 1012 Introduction to Microeconomics Instructor Michael G Lanyi

CH 22 Economic Growth Midterm - University of Lethbridge...

This preview shows page 1 - 3 out of 25 pages.

University of Lethbridge Department of Economics ECON 1012 Introduction to Microeconomics Instructor: Michael G. Lanyi Chapter 22 Economic Growth 1)Economic growth is A)equal to real GDP per capita multiplied by 70.B)always accompanied by a rising price level.C)a sustained expansion of production possibilities measured as the increase in real GDP over a givenperiod.D)a sustained expansion of consumption expenditure over a given period.E)a sustained expansion of production possibilities measured as the increase in nominal GDP over a givenperiod. Topic: The Basics of Economic Growth In 2005, Armenia had a real GDP of approximately $4.21 billion and a population of 2.98 million. In 2006, real GDP was $4.59 billion and population was 2.97 million. 2)In 2008, Armenia had real GDP of $4.21 billion and a population of 2.98 million. In 2009, real GDP was $4.59billion and population was 2.97 million. What was Armenia's economic growth rate in 2009? Topic: The Basics of Economic Growth 3)In 2008, Armenia had real GDP of $4.21 billion and a population of 2.98 million. In 2009, real GDP was $4.59billion and population was 2.97 million. Between 2008 and 2009, Armenia's standard of living ________. Topic: The Basics of Economic Growth 4)In 2008, Armenia had real GDP of $4.21 billion and a population of 2.98 million. In 2009, real GDP was $4.59billion and population was 2.97 million. Armenia's real GDP per person in 2009 was Topic: The Basics of Economic Growth 1
Image of page 1
5)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 A)$12,778.B)$117.C)$128.D)$135.E)$124. Topic: The Basics of Economic Growth 6)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 Topic: The Basics of Economic Growth 7)Suppose a country's population grows by 2 percent a year and, at the same time, its real GDP grows by 5percent a year. Real GDP per person is increasing by ________ a year. Topic: The Basics of Economic Growth
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 25 pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors