(1 of 15) Suppose that all we know about Econland is that its 2019 real GDP was $2.5 trillion. Based on that, what else do we know about the characteristics of Econland? O Econland maintains a safe, efficient, and healthy financial system O Incomes in Econland are distributed fairly among its population O Most of Econland's citizens have access to medical care and clean water O The vast majority of its citizens have Internet access O We can make none of these statements based on Econland's real GDP(2 of15) Suppose that in 2010, Econland had a real GDP of $400 million, and a population of 50000. By 2020, Econland's real GDP had grown to $450 million, while its population was now 70,000. What can we say about Econland's economic growth and its standard of living? (I) Econland experienced economic growth as well as an improvement in its standard of living 0 Econland experienced economic growth but a decline in its standard of living 0 Econland experienced economic growth but no change in its standard of living 0 Econland experienced negative economic growth and a decline in its standard of living 0 Econland experienced negative economic growth but no change in its standard of living (3 of15) According to the World Bank, China's real GDP in 2018 was nearly $11 trillion. Suppose that its economy continues to grow at 7% per year on average. How large will its economy be in 20 years (the year 2038)? (9 $22 trillion 0 $33 trillion O $44 trillion O $70 trillion 0 $88 trillion (4 of15) Hooray! You landed a job on the president's top council of economic advisers. The president has summoned for you to brief her on how the overall quality of life has changed in the country over the last 25 years. You have access to unlimited data, but the meeting is in 10 minutes and you only have time to research one variable! Which do you choose? 0 Real GDP per capita 0 Percentage of the population with a high school degree 0 Life expectancy 0 Adult literacy rate 0 Percentage of population with access to clean water In 2018, Nigeria had a real GDP per capita of $2,400, while Kenya's real GDP per capita was $1,200. Suppose that Nigeria's real GDP per capita grows at 2% on average per year, while Kenya's grows at 2.8%. Approximately, how long will it take for Kenya to catch up and pass Nigeria's standard of living? O About 25 years O About 50 years O About 70 years O About 100 years O About 150 yearsIn 1960, Nigeria's real GDP per capita was around $1,200. In 2018, it was roughly $2,400. What was its average growth rate? (Hint: you can use the Rule of 70.) O 0.7% O 1.2% O 2.0% O 2.8% O 3.3%(7 of15) Which of the following scenarios would yield the fastest annual growth in a country's standard of living? 0 An increase in real GDP of 2% and population growth of 0% 0 An increase in real GDP of 5% and a population growth rate of 6% 0 An increase in real GDP of 4% and a population growth rate of 1% 0 An increase in real GDP of 6% and a population growth rate of 5% 0 An increase in real GDP of 3% and a population growth rate of 1.5% (8 of15) .Japan's overall population has begun to decline, and it projected to continue to do so. When thinking strictly about the relationship between a country's population and size of its workforce, this has the effect of economic output and growth. 0 Increasing O Slowing (9 ONE) In 2010, the Chilean government began a bold new vision and a very large-scale projectStart-Up Chile. The program is aimed at encouraging and fostering the startup of new businesses, both in Chile and out. Essentially, the government granted free equity (up to $80,000), work visas, office space, and training. Currently, over 1,600 companies from over 85 countries have participated. This would be an example of to help achieve economic growth. 0 Chile using government policy to increase the use of raw materials and natural resources 0 Chile using government policy to guard against market failure 0 Chile using the nancial system to build physical capital 0 Chile using government policy to enhance foreign trade 0 Chile using government policy to build, encourage, and enhance entrepreneurship and technology (10 of 15) Since 1980, the total number of people around the globe living in extreme poverty has _, , while the percentage of people around the globe living in extreme poverty has O Fallen; fallen O Fallen; remained constant O Remained constant; increased O Increased; fallen O Increased; increased(11 of15) Over the last 69 years (from 1948 to 2018), US real GDP has increased roughly eightfold. What was the average annual rate of growth in real GDP during that time frame, approximately? 013% O 2.2% O 3.0% O 5.1% O 7.8% (12 of 15) The overall point of the very last section of this chapter was that O economic growth alone is sufficient to ensure that people's overall lives actually improve. O how an economy grows is just as important as the growth itself to ensure that people's overall lives actually improve. O advancements in technology of production will certainly continue into the future, ensuring an improvement in people's overall lives. O maintaining, supporting and enforcing a flexible and safe financial system can, by itself, ensure that people's overall lives actually improve. O relying on GDP measurements alone is sufficient to capture all economic activity and determine the state of people's overall lives.[13of15) Considerthe following policies listed. Which of them would generally be characteristic of countries with a high standard of living? i. Politically stable ii. Strong rule of law; strong legal system iii. Nontransparent and poorly regulated financial system iv. Economic system that fosters the efcient use of resources v. Discouraging free trade with other countries vi. Low investments in public infrastructure vii. Competitive but closely monitored markets viii. Investments in research and development (R 8. D) 0 All of the above are examples of policies that would foster economic growth 0 Political stability, strong rule of law, efficient use of resources, competitive markets, investments in R & D 0 Political stability, poorly regulated financial system, efficient use of resources, low investment in public infrastructure, competitive markets 0 Strong rule of law, efficient use of resources, discouraging free international trade, low investments in public infrastructure, investments in R & D 0 Strong rule of law, poorly regulated financial system, discouraging free international trade, competitive markets (14of15) Consider the following quality of life measures listed. Which of them would generally be the characteristic of countries with a high standard of living? i. High labor productivity ii. High levels of unemployment iii. Low infant mortality rates iv. Shorter life expectancies v. Greater access to medical care vi. Greater Internet access vii. Higher overall crime levels viii. Greater political freedoms 0 All of the above are characteristic of countries with a high standard of living 0 High labor productivity, high unemployment, greater access to medical care, higher crime rates 0 High labor productivity, lower infant mortality, shorter life expectancies, higher crime rates, greater political freedom 0 High labor productivity, low infant mortality, greater access to medical care, greater Internet access, greater political freedoms 0 High unemployment, low infant mortality, shorter life expectancies, higher crime rates (15of15) A quick research project. Do a quick internet search (the World Bank would be good). Which of the countries listed below has the shortest life expectancy? O The United States 0 Spain 0 Singapore 0 Japan 0 Greece