ECON+2105+Study+Guide+for+Exam+2+Chapters+9-11 (1)

ECON+2105+Study+Guide+for+Exam+2+Chapters+9-11 (1) - ECON...

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Page 1 ECON 2105 Study Guide for Exam 2 Chapters 9-11 Exam Date: October 20th, 2011 Name: __________________________ Date: _____________ 1. Latin American growth since the 1920s has been relatively slow due to all of the following except: A) a lack of savings to finance investment. B) a lack of a solid education system. C) a lack of political stability. D) U.S. intervention. 2. According to Thomas Malthus's work, which of the following is true concerning his pessimistic prediction of future productivity? A) As population grew so would output per worker. B) The amount of capital per worker would fall. C) Technology could be counted on to increase output per worker. D) The amount of land per worker would eventually decline. Use the following to answer question 3: Table: Economy of Graceland 3. (Table: Economy of Graceland) Population at the end of 2008 was: A) 1,200,000. B) 1,020,000. C) 1,002,000. D) 1,000,200.
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Page 2 4. The rule of 70 states that: A) the average score on standardized tests is normally distributed with a mean of 70 and a standard deviation of 10. B) everyone should retire by age 70. C) the number of years for a variable to double equals 70 divided by its annual growth rate. D) Social Security benefits should increase when people reach 70. 5. The growth in real GDP per capita: A) was smaller than the growth of per capita oil consumption before 1973. B) was larger than the growth of per capita oil consumption before 1973. C) was greater than the growth of per capita oil consumption after 1973. D) was smaller than the growth of per capita oil consumption after oil prices began to increase in 2004. 6. Sources of funds for investment spending are: A) savings by households, government, and foreigners. B) taxes and transfer payments. C) always equal to U.S. spending on imports. D) directed to their most productive uses by the U.S. government. 7. The most important driver for economic growth appears to be: A) more physical capital. B) more human capital. C) progress in technology. D) Jeff Gordon. 8. Information technology was widely introduced in the economy at the same time the growth rate of labor productivity slowed down. A possible explanation for this is that: A) the world supply of electricity could not keep up with the increased use of computers. B) one-story factories were poorly suited to accommodate the new technology. C) microprocessors were so slow that they actually hampered, rather than helped, work. D) for new technologies to increase productivity, they have to be used in new ways.
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Page 3 9. Suppose a panel of economists is predicting that a nation's real GDP per capita will double in approximately 20 years. Based upon the Rule of 70, what must be the predicted annual growth rate of real GDP per capita? A) 140% B) 3.5% C) 2.85% D) 14% 10. Computers started to become more common in the 1970s in America. From this time until the mid-1990s: A) the economy started to grow rapidly.
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This note was uploaded on 01/30/2012 for the course ECON 2105 taught by Professor Iacopetta during the Fall '08 term at Georgia Institute of Technology.

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ECON+2105+Study+Guide+for+Exam+2+Chapters+9-11 (1) - ECON...

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