9 Economic Growth
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| Economic growth is defined as | a sustained expansion of production possibilities
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| If Real GDP was 16 billion last year and is 18 billion this year what is the growth rate | 18-16/16 * 100 = 12.5%
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| India's real GDP grew from $800 billion in 1996 to $888 billion. What was the growth rate of India's real GDP? | 11%
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| Using the data in the table above, the growth rate for real GDP for 2005 is equal to | 2.25-2.16/2.16 * 100 = 4.17%
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| Using the data in the table above, real GDP per person in 2004 is | Real GDP/Population
$14,257.43
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| Using the data in the table above, the growth rate of real GDP has | Calculate Growth Rate for Time Periods
slowed down from year to year
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| In growth theory, the standard of living is measured using the growth rate of | real GDP per person
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| For an economy's standard of living to increase, which of the following must be true? | Real GDP must grow more rapidly than the population
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| The population in the current year is 275 million and the real GDP is $9 trillion The previous a population of 270 million and a real GDP of $8.6 trillion. The change in the standard of living measured by growth in real GDP per person | Growth Rate - Population Rate
Percentage Change formula to both: 2.8%
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| Using the rule of 70, a sustained 2.5 percent per year real GDP growth rate will | 70/2.5 = 28
Double the current level of real GDP in about 28 years
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| Iceland has real GDP per person 8 times greater than Cape Verde in 1998. Cape Verde's growth rate of real GDP per person in 198 was 5.2%.Cape Verde keeps current growth rate How long before Cape Verde's real GDP per person reaches same as Iceland in 1988 | How many times does Cape Verde have to double:?
1-2-4-8=3X 70/5.2=13 13X3=40
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| If real GDP is $6,460 billion, the population is 184.6 million people, and total labor hours are 170 billion, labor productivity is | Real GDP/Aggregate Hours
6,460/170=38
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| Assume the real GDP of the economy is $9,000 billion and total hours worked is 200 billion What is the economy's labor productivity | 45
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| The widespread adoption of computers in the workplace has likely caused a | increase in labor productivity because computers are a capital good
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| Increases in human capital can come | from formal education and on-the-job learning
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| Thomas Malthus was an economist who contributed to the _______ theory of growth | Classical
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| Classical growth theory predicts that increases in real GDP per person will | Not last because higher income leads to a population explosion
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| According to the new growth theory, real GDP per person grows because | people make choices in pursuit of profits
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| The new growth theory asserts that profits are | temporary, because discoveries that lead to profits will eventually be used by all - replicated
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| An important condition required for economic growth is | economic freedom
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| Economic freedom requires | the rule of law and ability to enforce the laws
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| A reason why many of the third world countries are not achieving an increase in their standard of living is that they | don't have social institutions with a strong rule of law and economic freedom
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| Property rights assure people that | the government will not confiscate their income or savings
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| Retirement savings accounts, such as IRAs, help increase economic growth because | savings finances investment
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