Homework - Problem Set 05

# Homework - Problem Set 05 - Introduction to Economics II...

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1 Introduction to Economics II (Macroeconomics) Homework Homework 5 Ana Fernandes 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. 2. 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. 3. The level of real GDP person a. differs widely across countries, but the growth rate of real GDP per person is similar across countries. b. is very similar across countries, but the growth rate of real GDP per person differs widely across countries. c. and the growth rate of real GDP per person are similar across countries. d. and the growth rate of real GDP per person vary widely across countries. 4. Over the past century in the United States, average income as measured by real GDP per person has grown about a. 3.5 percent per year, which implies a doubling about every 20 years. b. 2 percent per year, which implies a doubling about every 35 years. c. 4 percent per year, which implies a doubling about every 17.5 years. d. none of the above are correct. 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.

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2 ) Chapter 12/Production and Growth 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. 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. Which of the following countries, had the highest growth rate over the last 100 years? a. Brazil b. Germany c. Canada d. United States 12. Of the following countries which grew the slowest over the last 100 years? a. Brazil. b. Mexico. c. China. d. United States. 13. In 1870, the richest country in the world was a. the United States. b. Spain.
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## This note was uploaded on 02/06/2011 for the course ECON 203 taught by Professor Tracey during the Spring '11 term at Aligarh Muslim University.

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Homework - Problem Set 05 - Introduction to Economics II...

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