1An increase in Real GDP:a. is absolute economic growthb.C.always results in a higher standard of livingBoth of the aboveO d. Neither of the above

Option A: "An increase in Real GDP is absolute economic growth."This statement is correct. Real GDP…

Answered: 1 An increase in Real GDP: a. is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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15. Suppese that in 1960 Japan had an initial per capita GDP of $12.000 per year and China had a per capita GOP of 55.000. But China is grewing at 5 percent per year and iapan is growing at 3 percent per year. ia richer in 2010 with a per capita GDP of eporoni mately a lapan $5.000 a. China: $73,500 a. lapen: $31,500 . Not enough information is given. e China $5,000
Last year, real GDP per person was $4,200. The year before it was $4,000. By what percentage did real GDP per person grow during the period? a. 200 percent b. 10 percent c. 5 percent d. 50 percent.
2 How is the steady-state determined after considering the role of technological progress?
A country's standard of living is best measured by O the population growth rate. O real GDP. O real GDP per capita. the inflation rate, ASUS
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13. Assume that an economy experiences both positive population growth (8x ) and technological progress (84 ). Once the economy has reached the balanced growth path, we know that the total output is A. constant. B. growing at a rate of 8.. C. growing at a rate of &x . D. growing at a rate of 84+8% .
5. If a country was growing at a rate of 4% per year how long would it take that country to double its income: a.20 years b.12 years c.17 years d.35 years
How can the study of macroeconomics help a country's economic managers? a. All of these are correct O b. It helps to bring stability in price level and analyses fluctuations in business activities O c. It explains factors which determine balance of payments d. It helps to achieve the goal of economic growth, a higher GDP level, and higher level of employment
If the GDP per capita grows by 5%, it means that O a. The rich people's incomes increased by 5% © b. On the average, the people's income grew by 5% © c Everyone's income grew by 5% d. Employment rates increased by 5%
Most of the poor countries experience slow growth because of all the following reasons except O A. the government's failure to enforce the rule of law. B. low rates of saving and investment. C. frequent civil disturbances such as wars and revolutions. D. excellent public health and education. The unemployment rate A. typically rises during a recession and falls immediately after the recession has ended. B. typically falls during a recession and rises after the recession has ended. C. typically falls during a recession and after the recession has ended. D. typically rises during a recession and after the recession has ended.
Givoen the rule of 72, how long would it take for China's economy to doube in size at a constant growth rate of 8% A.) 9 years B.) 10 years C.) 20 years D.) 3 years
5) Purpleland's Real GDP was 196 billion dollars in 2006 and 206 billion dollars in 2007. Purpleland's population growth rate was 2% in 2007. a. If Purpleland's 2007 economic growth rate and population growth rate are maintained, how long will it take for Purpleland's RGDP/capita to double? menu Ineuo end of b. If Purpleland's 2007 economic growth rate is maintained but the population growth rate falls to 1.5%, how long will it take for Purpleland's RGDP/capita to double? art

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1 An increase in Real GDP: a. is absolute economic growth b. C. always results in a higher standard of living Both of the above O d. Neither of the above