Increases in real gdp since 1900 can actually

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Principles of Economics
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Chapter 23 / Exercise 7
Principles of Economics
Mankiw
Expert Verified
13) Increases in real GDP since 1900 can actually underestimate growth in the standard of living forAmericans since 1900 becauseA) the level of pollution in 1900 was much higher than it is today.B) goods and services are more expensive today as compared to 1900.C) the quality of health care that exists today was not available in 1900.D) the crime rate was higher in 1900 than it is today.Answer: C
13)
Page Ref: 700-701/318-319Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns.14) Economist Robert Fogel has estimated that by the year 2040, individuals in the United States willbe spending
14)
Page Ref: 698-699/316-317Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns.15) If real GDP grows by 3% in 2014, 3.2% in 2015, and 2.5% in 2016, what is the average annualgrowth rate of real GDP?
Page Ref: 699/317Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns.3
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Principles of Economics
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Chapter 23 / Exercise 7
Principles of Economics
Mankiw
Expert Verified
16) Countries with high rates of economic growth tend to have
16)
Page Ref: 700/318Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns.17) According to theʺRule of 70,ʺhow many years will it take for real GDP per capita to doublewhen the growth rate of real GDP per capita is 5%?A) less than 1yearB) 5 yearsC) 14 yearsD) 35 years17)Answer: C
Page Ref: 700/318Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns.

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