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Economics Test

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1.
According to the new growth theory, real GDP per person grows because
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2.
Economic freedom requires
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3.
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
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4.
Using the data in the table above, the growth rate for real GDP for 2005 is equal to
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5.
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
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6.
India's real GDP grew from $800 billion in 1996 to $888 billion. What was the growth rate of India's real GDP?
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7.
Classical growth theory predicts that increases in real GDP per person will
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8.
If real GDP is $6,460 billion, the population is 184.6 million people, and total labor hours are 170 billion, labor productivity is
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9.
Property rights assure people that
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10.
The new growth theory asserts that profits are
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11.
Using the data in the table above, real GDP per person in 2004 is
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12.
Increases in human capital can come
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13.
Economic growth is defined as
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14.
Retirement savings accounts, such as IRAs, help increase economic growth because
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15.
For an economy's standard of living to increase, which of the following must be true?
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16.
If Real GDP was 16 billion last year and is 18 billion this year what is the growth rate
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17.
Using the data in the table above, the growth rate of real GDP has
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18.
Using the rule of 70, a sustained 2.5 percent per year real GDP growth rate will
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19.
In growth theory, the standard of living is measured using the growth rate of
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20.
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
A.
18-16/16 * 100 = 12.5%
B.
Real GDP must grow more rapidly than the population
C.
savings finances investment
D.
Calculate Growth Rate for Time Periods slowed down from year to year
E.
real GDP per person
F.
people make choices in pursuit of profits
G.
temporary, because discoveries that lead to profits will eventually be used by all - replicated
H.
from formal education and on-the-job learning
I.
11%
J.
Real GDP/Aggregate Hours 6,460/170=38
K.
Not last because higher income leads to a population explosion
L.
Real GDP/Population $14,257.43
M.
the government will not confiscate their income or savings
N.
a sustained expansion of production possibilities
O.
45
P.
2.25-2.16/2.16 * 100 = 4.17%
Q.
the rule of law and ability to enforce the laws
R.
How many times does Cape Verde have to double:? 1-2-4-8=3X 70/5.2=13 13X3=40
S.
70/2.5 = 28 Double the current level of real GDP in about 28 years
T.
Growth Rate - Population Rate Percentage Change formula to both: 2.8%
Type the Answer that corresponds to the displayed Question.
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21.
Thomas Malthus was an economist who contributed to the _______ theory of growth
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22.
An important condition required for economic growth is

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