Question
1. To measure economic growth, economists look at the ______ real output of services and goods per capita. percentage daily change annual percentage change in
1. To measure economic growth, economists look at the ______ real output of services and goods per capita.
percentage daily change
annual percentage change in
historical yearly change
change in monthly total
2. Which statement most accurately defines economic growth?
the application of new knowledge that creates or improves products
a nation's natural rate of output of goods and services
how much an economy produces at its potential output
an increase in a country's maximum potential output of goods and services
3. An economy's natural rate of output is ______.
equal to its current year's real GDP per capita
unchanging year to year
how much it can produce at its potential output
independent of its resources
4. A country's economic growth is determined by its level of productivity, which in turn is determined by its ______.
population size, infrastructure, physical capital, and natural resources
technology, natural resources, human capital, and physical capital
age, population size, natural resources, and infrastructure
standard of living, natural resources, technology, and human capital
5. What did Malthus believe would be the ultimate result of population growth?
wages that were at a survival-only level
positive per capita economic growth
rapidly fluctuating economic growth
technological innovation and a higher standard of living
6. According to the law of diminishing returns, if population grows, but the amount of available resources stays the same, total output will ______.
stay the same
rise, but by ever shrinking amounts
rise at a steady rate
fall at an inverse rate
7. Focusing on real GDP "per capita" allows economists to take into account how ______ impacts economic growth.
international changes
the standard of living
population growth
annual percentage change
8. If the productivity of the labor supply of a country increases by 2 percent every year, how will this affect the country's production possibilities curve?
The curve will be shifted inward.
The curve will be unaffected.
The curve will be shifted outward.
The curve will be rendered obsolete.
9. According to the rule of 70, a nation that has an economic growth rate of 5 percent will double its output in ______ years.
Group of answer choices
35
14
7
3.5
10. Kauri's country is building new factories to help increase the country's production levels. What is Kauri's country investing in?
physical capital
human capital
technology
natural resources
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
The Strictures Of Inheritance The Dutch Economy In The Nineteenth Century
Authors: Jan Luiten Van Zanden, Arthur Van Riel, Ian Cressie
1st Edition
0691229309, 9780691229300
