CH8 - CHAPTER 8 Introduction to Economic Growth and...

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CHAPTER 8 Introduction to Economic Growth and Instability Topic Question numbers ___________________________________________________________________________________________________ 1. Economic growth 1-14 2. Business cycle 15-26 3. Unemployment 27-66 4. GDP gap; Okun's law 67-79 5. Inflation: measurement, rule of 70 80-89 6. Demand-pull and cost-push inflation 90-102 7. Nominal versus real income 103-109 8. Inflation effects 110-120 Last Word 121-124 True-False 125-139 ___________________________________________________________________________________________________ Multiple Choice Questions Economic growth 1. Economic growth is best defined as an increase in: A) either real GDP or real GDP per capita. B) nominal GDP. C) total consumption expenditures. D) wealth in the economy. 2. Real GDP per capita is found by: 3. Growth is advantageous to a nation because it: 4. For comparing changes in potential military strength and political preeminence, the most meaningful Page 1
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measure of economic growth would be: Use the following to answer questions 5-8: A l t a Z o r n A l t a Z o r n Y e a r ( r e a l G D P ) ( r e a l G D P ) ( p o p u l a t i o n ) ( p o p u l a t i o n ) 1 $ 2 , 0 0 0 $ 1 5 0 , 0 0 0 2 0 0 5 0 0 2 2 , 1 0 0 1 5 2 , 0 0 0 2 0 2 5 0 5 3 2 , 2 0 0 1 5 4 , 0 0 0 2 1 0 5 0 8 5. Refer to the above table. Between years 1 and 2, real GdP grew by __________ percent in Alta: A) 3 percent. B) 4 percent. C) 5 percent. D) 10 percent. 6. Refer to the above table. Between years 1 and 2, real GDP per capita grew by __________ percent in Alta: 7. Refer to the above table. Between years 2 and 3: 8. Refer to the above table. Per capita GDP was about: 9. If a nation's real GDP is growing by 5 percent per year, its real GDP will double in approximately: A) 22 years. B) 20 years. C) 14 years. D) 8 years. 10. If the economy's real GDP doubles in 18 years, we can: Page 2
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