12 Possible Test Questions 10

12 Possible Test Questions 10 - Ch 12 Test Questions...

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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 a. is 1/10th or less of that in developed countries like Japan and the United States. b. is about 1/8th of that in developed countries like Japan and the United States. c. is about 1/5th of that in developed countries like Japan and the United States. d. is about 1/3 to 1/2 of that in developed countries like Japan and the United States. ____ 3. Over the past century in the United States, real GDP per person has grown by about a. 1 percent per year. b. 2 percent per year. c. 4 percent per year. d. 6 percent per year. ____ 4. During the past century the average growth rate of U.S. real GDP per person implies that it doubled about every a. 100 years on average. b. 70 years. c. 35 years. d. 25 years. ____ 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 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. ____ 7. 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. ____ 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? a. 2 b. 4 c. 6 d. 8 ____ 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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used. ____ 10. 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. b. 4 percent per year. c. 7 percent per year. d. 10 percent per year.
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12 Possible Test Questions 10 - Ch 12 Test Questions...

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