macro sheflin hwk 13

macro sheflin hwk 13 - hw13 Multiple Choice Identify the...

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hw13 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. A nation's standard of living is measured by its a. real GDP. b. real GDP per person. c. nominal GDP. d. nominal GDP per person. ____ 2. Income in developing countries like India and Indonesia a. is 1/10th or less of that in developed countries like Japan and the United States. b. is about 1/8th of that in developed countries like Japan and the United States. c. is about 1/5th of that in developed countries like Japan and the United States. d. is about 1/3 to 1/2 of that in developed countries like Japan and the United States. ____ 3. Over the past century in the United States, real GDP per person has grown by about a. 1 percent per year. b. 2 percent per year. c. 4 percent per year. d. 6 percent per year. ____ 4. During the past century the average growth rate of U.S. real GDP per person implies that it doubled about every a. 100 years on average. b. 70 years. c. 35 years. d. 25 years. ____ 5. In the United States, as measured by real GDP per person, average income is about how many times as high as average income a century ago? a. 2 b. 4 c. 6 d. 8 ____ 6. In recent decades, average income in some East Asian countries, such as Hong Kong, Singapore, and Taiwan, has risen about a. 2 percent per year. b. 4 percent per year. c. 7 percent per year. d. 10 percent per year. ____ 7. In the length of one generation, which of the following countries has gone from being among the poorest countries in the world to being among the richest? a. Chad b. Ethiopia c. India d. South Korea ____ 8. Average income has been stagnant for many years in a. Ireland. b. Singapore. c. Ethiopia. d. All of the above are correct.
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____ 9. The average amount of goods and services produced from each hour of a worker's time is called a. per capita GDP b. per capita GNP c. productivity d. human capital ____ 10. A nation's standard of living is determined by a. its productivity. b. its gross domestic product. c. its national income. d. how much it has relative to others. ____ 11. In 2000, the typical citizen of China had about as much real income as the typical person in the United Kingdom in a. 1870. b. 1920. c. 1945. d. 1975 ____ 12. In 2002, Freedonia had a population of 2,700 and real GDP of about 11,610,000. In 2001 it had a population of 2,500 and real GDP of about 10,000,000. What was the approximate growth rate of real GDP per person in Freedonia between 2001 and 2002? a. 7.5 percent b. 12.5 percent c. 20.5 percent d. 35.5 percent ____ 13. Which of the following is correct? a. If a relatively poor country had grown at 3.5 percent per year for the last 100 years, it would be a relatively rich country today. b. International data on the history of real GDP growth rates shows that the rich
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This note was uploaded on 09/26/2008 for the course ECONOMICS 103 taught by Professor Sheflin during the Spring '08 term at Rutgers.

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macro sheflin hwk 13 - hw13 Multiple Choice Identify the...

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