Chapter_10

Chapter_10 - Macroeconomics Test Yourself Chapter10 1. Of...

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Macroeconomics Test Yourself Chapter10 1. Of the following, the best indicator of improving living standards is growth in a. nominal GDP. b. real GDP. c. nominal GDP per capita. d. real GDP per capita. e. the money supply. 2. To obtain the most accurate comparison of living standards between the U.S. and Egypt, we would translate Egyptian output into dollars using a. the current nominal exchange rate. b. the current real exchange rate. c. the prior year's real exchange rate. d. an average of the last five years' exchange rates. e. purchasing power parity methods. 3. Using current exchange rates, the U.S. standard of living is ranked a. higher than it would be under the purchasing power parity method. b. lower than it would be under the purchasing power parity method. c. number one in the world. d. among the lowest in the world. e. none of the above. 4. Over the last half-century, which of the following countries has had the highest growth rate of output per capita? a. Japan. b. France. c. Germany. d. United Kingdom. e. United States. 5. A hundred years ago, the average U.S. consumer spent a higher proportion of income on _______ than he/she does today. a. food b. restaurant meals c. transportation d. services e. board games
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Page 2 6. "Leapfrogging" refers to a. the typical irregular pattern of growth: rapid in some decades, and almost non-existent in others. b. the tendency for a country's output per capita to catch up to, and then exceed, that of another country. c. "one-upsmanship" by politicians who use growth statistics to help win
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Chapter_10 - Macroeconomics Test Yourself Chapter10 1. Of...

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