Chapter 3--MacroTB - CHAPTER 3 An Overview of Long-Run...

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MULTIPLE-CHOICE 1. Economic growth can be useful in describing why a. Europeans are better off in 2007 than they were in 1907 and why Europeans are better off than Thais. b. Europeans are better off in 2007 than they were in 1907 and why Europeans are worse off than Thais. c. Europeans are better off in 2007 than they were in 1907 only. d. Europeans are worse off than Thais only. e. Europeans are worse off in 2007 than they were in 1907 and why Europeans are better off than Thais. Answer: a. Section: 3.1 2. What country or countries do the following characteristics possibly describe? • Life expectancy at birth is under 50 years. • More than 90 percent of households do not have electricity. • Fewer than 10 percent of young adults have graduated from high school. a. Kenya b. the United States in late 1800s c. Bangladesh d. Russia e. a, b, and c. Answer: b. Section: 3.1 3. According to historical data, the wages in ancient Greece and Rome were __________ in sixteenth- century Britain or eighteenth-century France a. somewhat lower than b. a lot higher than c. a lot lower than d. about the same as e. None of the above. Answer: d. Section: 3.2 4. If the 130,000-year period since anatomically modern humans made their first appearance were compressed into a single day, economic growth would have begun in the last __________. a. three hours b. hour c. three minutes d. half hour e. two hours Answer: c. Section: 3.2 5. The era of modern economic growth began about a. the time of the Egyptian Pharaohs. b. 500 years ago. c. the time of Caesar. d. the time of the Renaissance. e. 300 years ago. Answer: e. Section: 3.2 6. The birthplace of modern economic growth was in __________ during the __________ century. a. Japan; mid-twentieth b. the United States; mid-nineteenth c. the United Kingdom; mid-eighteenth d. China; late twentieth e. Germany; early nineteenth Answer: c. Section: 3.2 16 An Overview of Long-Run Economic Growth CHAPTER 3
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An Overview of Long-Run Economic Growth | 17 7. Developed countries’ average incomes rose from about __________ in 1700 to about __________ today. a. $100; $30,000 b. $2,500; $70,000 c. $500; $70,000 d. $500; $30,000 e. $500; $100,000 Answer: d. Section: 3.2 8. Until about 12,000 years ago, humans were __________; at that point __________ led to the first towns and true economic development. a. farmers; the Bronze Age b. hunters and gatherers; the Iron Age c. hunters and gatherers; agriculture d. hunters and gatherers; universities e. farmers; industry Answer: c. Section: 3.2 9. In 2000 prices adjusted for inflation, the U.S. per capita GDP was about __________ in 1870, and by 2004 it had grown to about __________. a. $500; $37,000 b. $2,500; $37,000 c. $500; $17,000 d. $10,000; $11,000 e. $100; $100,000 Answer: b. Section: 3.2 10. Assuming the current rate of economic growth continues, the average college student will have a lifetime income __________ that of his or her parents. a. five times b. 10 times c. about the same as d. about twice e. half Answer: d. Section: 3.2 11. Assuming the current rate of economic growth continues, the average parent of a college student will have a lifetime income __________ that of his or her son or daughter.
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Chapter 3--MacroTB - CHAPTER 3 An Overview of Long-Run...

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