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Unit 4 Test Bank - Unit 4 Test Bank CHAPTER 7 1 Economic...

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Unit 4 Test Bank CHAPTER 7 1. Economic growth is best defined as an increase in: A) either real GDP or real GDP per capita. B) nominal GDP. C) total consumption expenditures. D) wealth in the economy. 2. Real GDP per capita is found by: 6. For a nation's real GDP per capita to rise during a year: 7. Growth is advantageous to a nation because it: 15. At an annual growth rate of 4 percent, real GDP will double in about: A) 17 ½ years. B) 20 years. C) 13 ½ years. D) 15 years. 18. If the economy's real GDP doubles in 18 years, we can: 19. About ________ of U.S. economic growth comes from improved productivity (as opposed to added inputs). 23. Recurring upswings and downswings in an economy's real GDP over time are called: 24. In the United States, business cycles have occurred against a backdrop of a long-run trend of: A) declining unemployment.
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B) stagnant productivity growth. C) rising real GDP. D) rising inflation. 25. The immediate determinant of the volume of output and employment is the: 26. As it relates to economic growth, the term long-run trend refers to:
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