17) The best measure of a countryʹs standard of living isA) GDP per labor hour.B) total nominal GDP.C) GDP per unit of capital.D) GDP per capita.Answer: D17)Page Ref: 733/351Learning Outcome: Macro-4: Explain the sources of productivity growth.18) If a countryʹs real GDP is rising by 3% per year while its population is rising at 5% per year,which of the following is true?18)Page Ref: 735/353Learning Outcome: Macro-4: Explain the sources of productivity growth.Table 11-1CountryGDP(billions ofdollars)Population(millions ofpeople)Sweden$3.859.05Ireland2.234.2119)Refer to Table 11-1.Based on the table above, which country has a higher standard of living andwhy?19)Page Ref: 735/353Learning Outcome: Macro-4: Explain the sources of productivity growth.20) According to the World Bank, in 2006, Chinaʹs GDP was approximately $2.7 trillion (or $2,700billion). That same year, Indiaʹs GDP was approximately $906.3 billion. With which of thefollowing populations would Chinaʹs standard of living have been considered higher than Indiaʹsthat year?20)Page Ref: 734/352Learning Outcome: Macro-4: Explain the sources of productivity growth.4
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- Summer '19
- Economics, Prime number, per capita, Page Ref, productivity growth