1-Economic growth in any country is reflected by an increase in real GDP.

Group of answer choices

True

False

2-If people expect the economy to do well in the future, they will increase their consumption today at every price level.

Group of answer choices

True

False

3- Economic growth measured in terms of an increase in per capita real GDP is not a good measure of the distribution of income in a nation.

Group of answer choices

True

False

4-Assume you borrow $1,000 on credit cards at an annual interest rate of 10 percent. If the inflation rate is 12 percent during the year and the debt has to be paid back in 12 months, then:

Group of answer choices

you will repay the bank with fewer dollars than you borrowed.

the real return for the bank will be greater than initially expected.

income will be redistributed from you to the bank.

the dollars repaid will have less purchasing power than those borrowed.

the bank will obtain the same return on the loan as initially expected.

5- Economic growth measured in terms of an increase in per capita real GDP is not a good measure of the distribution of income in a nation.

True

False

6- According to new classical economics, fiscal policy can change equilibrium real GDP only if it changes the price level or one of the determinants of aggregate supply, and people expect this change.

True

False

7-Economic growth is equal to:

Group of answer choices

growth in total factor productivity plus growth in amounts of resources.

real GDP plus national output.

total factor productivity minus marginal factor productivity.

total factor productivity plus amounts of resources.

GNP plus GDP.

8-Foreign aid that flows from one country to another is called multilateral aid.

True

False

9-According to the labor statistics of the United States, the _____ reported the highest unemployment rate between 1960 and 2008.

Latinos

African Americans

Asians