9 Economic Growth
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | 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 | show 🗑
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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? | show 🗑
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| Using the data in the table above, the growth rate for real GDP for 2005 is equal to | show 🗑
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| show | Real GDP/Population
$14,257.43
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| Using the data in the table above, the growth rate of real GDP has | show 🗑
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| In growth theory, the standard of living is measured using the growth rate of | show 🗑
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| show | Real GDP must grow more rapidly than the population
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| show | Growth Rate - Population Rate
Percentage Change formula to both: 2.8%
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| show | 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 | show 🗑
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| show | 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 | show 🗑
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| The widespread adoption of computers in the workplace has likely caused a | show 🗑
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| show | from formal education and on-the-job learning
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| Thomas Malthus was an economist who contributed to the _______ theory of growth | show 🗑
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| Classical growth theory predicts that increases in real GDP per person will | show 🗑
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| According to the new growth theory, real GDP per person grows because | show 🗑
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| The new growth theory asserts that profits are | show 🗑
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| An important condition required for economic growth is | show 🗑
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| Economic freedom requires | show 🗑
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| show | don't have social institutions with a strong rule of law and economic freedom
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| show | the government will not confiscate their income or savings
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| show | savings finances investment
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Created by:
malanave