Homework 4 - Econ 201 (Spring 2009) Homework 4 (Due on June...

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Econ 201 (Spring 2009) May 27 th , 2009 Homework 4 (Due on June 3 rd in class) Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. A useful rule of thumb called the "Rule of 72" states that if something grows at a constant rate of Z percent per year, it doubles in size approximately every __________ years. a. 72 - Z b. 72/Z c. Z/72 d. 72 U (Z/100) 2. Real GDP in a small country is worth $24 billion. The population of the country is 800,000. What is per capita Real GDP? a. $30,000 b. $40,000 c. $60,000 d. $300,000 3. Economic growth from an efficient level of production can be represented by a a. rightward movement of the AD/SRAS intersection point that ends up closer to the LRAS curve. b. rightward shift of the LRAS curve. c. leftward shift of the SRAS curve. d. pivoting of the SRAS curve to come closer to the LRAS curve. 4. Suppose that in the process of economic growth, the price level rises. This means that the AD curve has been shifting to the right __________ than the __________ curve has shifted to the right. a. faster; LRAS b. slower; LRAS c. faster; SRAS d. slower; SRAS 5. Technological advances make it possible to a. produce goods without using any resources. b. obtain the same output by using more resources. c. obtain the same output by using fewer resources. d. lower labor productivity. 6. An increase in labor productivity without an increase in the labor force leads to __________ real economic growth. a. absolute, but not per-capita b. per-capita, but not absolute
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c. absolute and per-capita d. neither absolute nor per-capita 7. The economist credited with pioneering the "new growth theory" is a. Milton Friedman. b.
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This note was uploaded on 11/28/2010 for the course ECON 201 taught by Professor Dr.sharma during the Spring '08 term at Ohio State.

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Homework 4 - Econ 201 (Spring 2009) Homework 4 (Due on June...

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