{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Pre-Test Chapter 16 ed17 - Pre-Test Chapter 16 ed17...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Prof Keep Econ Chap 16 ed 17 Pre Test Chap 16 Page 1 of 7 Pre-Test Chapter 16 ed17 Multiple Choice Questions 1. Suppose total output (real GDP) is $4000 and labor productivity is 8. We can conclude that: A. real GDP per capita must be $500. B. the price-level index must be greater than 100. C. nominal GDP must be $500. D. the number of worker-hours must be 500. 2. Proponents of economic growth make all of the following arguments except : 3. If the secular trend of labor productivity is 3 percent per year, the number of years that it will take for the standard of living to double will be about: 4. A rightward shift of a nation's long-run aggregate supply curve is equivalent to:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Prof Keep Econ Chap 16 ed 17 Pre Test Chap 16 Page 2 of 7 5. Refer to the above diagram. Suppose that in a specific year the long-run and short-run aggregate supply curves shift from AS 1 and AS' 1 to AS 2 and AS' 2 . If the aggregate demand curve also shifts rightward from AD 1 to AD 2 , the rates of economic growth and inflation for the year will be: A. 4 percent each. B. 6 percent and 5 percent, respectively. C. 8 percent and 3 percent, respectively. D. 5 percent and 8 percent, respectively. 6. Refer to the above diagram. Realized economic growth is best represented by a:
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}