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25 - Chapter 7 Production and Growth MULTIPLE CHOICE 1 A...

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Chapter 7 Production and Growth MULTIPLE CHOICE 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. ANSWER: b. real GDP per person. TYPE: M DIFFICULTY: 1 SECTION: 7.0 2. Income in developing countries like India and Indonesia 3. Over the past century in the United States, real GDP per person has grown by about 4. During the past century the average growth rate of U.S. real GDP per person implies that it doubled about every 5. Over the past 100 years, U.S. real GDP per person has doubled about every 35 years. If in the next 100 years it doubles every 25  years, then a century from now U.S. real GDP per person will be a. 4 times higher than it is now. b. 8 times higher than it is now. c. 12 times higher than it is now. d. 16 times higher than it is now. ANSWER: d. 16 times higher than it is now. TYPE: M DIFFICULTY: 2 SECTION: 7.0 6. The level of real GDP person 175
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176   Chapter 7/Production and Growth
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