(1)Per capita real GDP is:

Group of answer choices

higher in developing countries than in developed countries.

a measure of the value of output produced and available to an average person.

equivalent to the real GDP level.

(2)An economy doubles in size every 35 years if it maintains a steady annual growth rate of about __________ percent.

Group of answer choices

2.8

3.5

2.0

4.0

(3)Which of the following factors contribute to economic growth?

Group of answer choices

growth in physical capital

an increase in the productivity of labor

technological advances

all of the above

(4)An expansion in a country's capital stock is associated with a(n) _____.

Group of answer choices

decline in future consumption

increase in potential GDP

increase in national debt

decline in the rate of investment

increase in human capital

(5)Economists generally define economic growth as an increase in the nominal income of the population.

True

False

(6)Increases in the quality and quantity of an economy's resources have little effect on its potential output in the long run.

True

False

(7)A country will roughly double its GDP in 24 years if its annual growth rate is:

Group of answer choices

2.5 percent.

7.5 percent.

3 percent.

12 percent.

(8)An increase in the quantity of labor inputs always leads to economic growth.

True

False

(9)According to the rule of 72, if you have $15,000 in an account that grows at the rate of 12 percent annually, it will take approximately six years for the $15,000 to double to $30,000.

True

False

(10)Other things equal, advances in technology make resources more productive.

True

False