Review Questions for Macro Economics ch 6.docx

A 15 b 20 c 25 d 10 e 50 15 productivity is usually

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A) 15 B) 20 C) 25 D) 10 E) 50 15) Productivity is usually measured by the A) quality of real GDP per hour of labour. B) quantity of real GDP per hour of labour. C) potential GDP per person. D) capital to labour ratio. E) labour force participation rate. 16) In 2015, nominal GDP was $250 and real GDP was $200. In 2016, nominal GDP was $360 and real GDP was $240. What is the growth rate of real GDP between 2015 and 2016? A) 60% B) 40% C) 25% D) 20% E) none of the above answers 17) Which is not a source of economic growth? A) immigration into Canada B) technological change C) better educated workers D) growing stock of capital equipment E) increasing stock market prices
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18) In Gagaland, real GDP is $200 billion and potential GDP is $160 billion. Gagaland has a(n) A) inflationary gap of $40 billion. B) recessionary gap of $40 billion. C) growth rate of 40 percent. D) growth rate of 20 percent. E) growth rate of -25 percent. 19) During the most recent three quarters, real GDP decreased from $200 to $180 to $170. Economists describe this as a(n) A) concession. B) expansion. C) depression. D) recession. E) deflation.
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