The best measure of the standard of living is A real GDP per capita B real GDP

The best measure of the standard of living is a real

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40) The best measure of the standard of living is A) real GDP per capita.B) real GDP.C) nominal GDP per capita.D) nominal GDP.Answer: A40)Page Ref: 697/315Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns. 41) According to Robert Fogel, economic growth ________ health, and health ________ economicgrowth. 41)Page Ref: 698-699/316-317Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns. 42) Suppose that real GDP for 2015 was $10,000 billion and real GDP for 2016 was $11,000 billion.What is the rate of growth of real GDP between 2015 and 2016? 42)Page Ref: 699/317Learning Outcome: Macro- 1: Define macroeconomics and identify its basic concerns. 8
43) Suppose that real GDP for 2015 was $10,000 billion and real GDP for 2016 was $9,500 billion.What is the rate of growth of real GDP between 2015 and 2016?43) Page Ref: 699/317Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns. 44) If GDP grew 3% in 1970, 2.2% in 1971 and 2.5% in 1972 then, what is the average annual growthrate over this period? A) 5%B) 4%C) 2.6%D)-2.2%44)Answer: CPage Ref: 699/317Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns.Table 10-2YearReal GDP(billions of2000 dollars)2013$10,100201410,950201511,425201611,300 45)Refer to Table 10-2.Using the table above, what is the approximate growth rate of real GDPfrom 2014 to 2015? Page Ref: 699/317Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns. 46)Refer to Table 10-2.Using the table above, what is the approximate growth rate of real GDPfrom 2015 to 2016? Page Ref: 699/317Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns. 47)Refer to Table 10-2.Using the table above, what is the approximate average annual growth ratefrom 2013 to 2016? 47)Page Ref: 699/317 Learning Outcome: Macro - 1: Define macroeconomics and identify its basic concerns. 9
48) If GDP grows at a rate of 3% per year, approximately how long will it take for GDP to double insize? A) 12 yearsB) 21 yearsC) 23 yearsD) 35 yearsAnswer: C48)Page Ref: 700/318Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns. 49) If an economy is growing at a rate of 2.5% per year, how long will it take the economy to doublein size? Page Ref: 700/318Learning Outcome: Macro- 1: Define macroeconomics and identify its basic concerns.

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