Quiz - Chapter 23

# Quiz - Chapter 23 - Points Awarded 120.00 Points Missed...

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Points Awarded 120.00 Points Missed 0.00 Percentage 100% 1. In 2005, Armenia had a real GDP of approximately \$4.21 billion and a population of 2.98 million. In 2006, real GDP was \$4.59 billion and population was 2.97 million. Armenia's real GDP per person in 2006 was A) \$1,545 B) \$380 C) \$1,413 D) \$132 Points Earned: 1.0/1.0 Correct Answer(s): A 2. Suppose a country is producing \$20 million of real GDP. If the economy grows at 10 percent per year, approximately how many years will to take for real GDP to grow to \$80 million? A) 14 B) 7 C) 4 D) 30 Points Earned: 1.0/1.0 Correct Answer(s): A

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3. Underdeveloped countries in which real GDP per person has not grown as fast as in the United States since 1960 include A) Japan. B) countries in Africa. C) Hong Kong. D) Canada. Points Earned: 1.0/1.0 Correct Answer(s): B 4. Over the past forty years, there has been substantial closure of the gap in real GDP per person between which of the following groups of countries? A) the United States and Central and South America B) Africa and Western Europe C) Central and South America and Africa D) the United States and Japan Points Earned: 1.0/1.0 Correct Answer(s): D
5. By measuring ________ we can see that the economies of Hong Kong and Singapore are catching up to the economies of North America but that the economies of Central and South America are not. A) inflation per person B) real GDP per person C) the population D) real GDP Points Earned: 1.0/1.0 Correct Answer(s): B 6. In Country A, the working age population is 100 million, the employment-to-population ratio is 60 percent, and, on average, people work 1,500 hours per year. How many people are employed in Country A? A) 60 million B) 40 million C) 43 million D) 100 million Points Earned: 1.0/1.0 Correct Answer(s): A 7. Labor productivity rises A) if the amount of capital per worker increases.

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B) in the absence of technological progress. C) if firms invest in hiring more workers rather than buying more capital. D) if the amount of capital per worker decreases. Points Earned: 1.0/1.0 Correct Answer(s): A 8. What increased labor productivity during the Industrial Revolution? A) increases in the amount of capital per worker B) decreases in average hours per worker C) increases in average hours per worker D) a slowdown in technological advances Points Earned: 1.0/1.0 Correct Answer(s): A 9. If real GDP is \$800 million and aggregate labor hours are 20 million, labor productivity is ________. A) \$40 per hour B) \$16,000 million C) \$40 million D) \$160 per hour
1.0/1.0 Correct Answer(s): A 10. The more education that workers have, the ________ is their human capital and ________ is their productivity. A) larger; higher B) larger; smaller C) smaller; larger D) smaller; smaller Points Earned: 1.0/1.0 Correct Answer(s): A 11. Separating the sources of economic growth is the purpose behind A) the national income accounts. B) the production possibilities curve.

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Quiz - Chapter 23 - Points Awarded 120.00 Points Missed...

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