Ch 12 Test Questions Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 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. Income in developing countries like India and Indonesia ____ 3. Over the past century in the United States, real GDP per person has grown by about ____ 4. During the past century the average growth rate of U.S. real GDP per person implies that it doubled about every ____ 5. 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. ____ 6. The level of real GDP person ____ 7. Over the past century in the United States, average income as measured by real GDP per person has grown about ____ 8. 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? ____ 9. New products are invented every year. Consequently real GDP growth a. probably underestimates the rate of real economic growth. b. probably overestimates the rate of real economic growth. c. probably accurately estimates the rate of real economic growth. d. is rarely
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- Spring '11
- gross domestic product