31 Which one of the following is a durable consumer good? a. office supplies that will be used up this year b. food c. a home computer d. gasoline 1 points QUESTION 32 Durable consumer goods are goods that last more than a. five years b. three years c. one year d. seven years 1 points QUESTION 33 The components of GDP using the income method are a. consumption expenditures, investment expenditures, and government expenditures b. consumption expenditures, investment expenditures, government expendiures, and net exports c. wages, interest, rents, and profits d. wages and interest 1 points QUESTION 34 Which of the following statements is true? a. GDP = NDP b. GDP = NI c. GDP = GDI d. GDP = PI 1 points QUESTION 35 Suppose Country A and Country B each have the same real Gross Domestic Product (GDP), equal to $440 billion. Country A has 100 million people and Country B has 175 million people. In this situation, per capita real Gross Domestic Product (GDP) is a. the same in both countries. b. higher in Country B. c. higher in Country A. d. an irrelevant factor. 1 points QUESTION 36 Economic growth can be depicted as a. an outward shift on the production possibilities curve. b. a movement down on the production possibilities curve. c. a movement up on the production possibilities curve. d. an inward shift on the production possibilities curve. 1 points QUESTION 37 Suppose per capita real GDP grows by 10% per year. Based on the Rule of 72, approximately how many years will it take for the level of per capita real GDP to double? a. 72 years b. 10 years c. 1 year d. 7 years 1 points QUESTION 38 A small increase in the annual rate of economic growth can lead to a larger increase in growth over time due to the effects of a. averaging b. regression towards the mean c. the money supply d. compounding 1 points QUESTION 39 Suppose that the per capita GDP for Japan in 2016 was $48,500 and in 2017 was $49,470. How much did the Japanese per capita GDP grow between 2016 and 2017? a. 3 percent b. cannot be determined without further information c. 5 percent d. 2 percent 1 points QUESTION 40 Productivity relates to a. producing the same output with more labor hours. b. working harder over time. c. working longer over time. d. producing the same output with fewer labor hours. 1 points QUESTION 41 A long period of very little or no economic growth is commonly known as a. secular stagnation. b. deflation. c. a business cycle. d. economic recession. 1 points QUESTION 42 In the table below there are three years of a basket of retail goods. From this information calculate the price index of 1990 if the base year in 1980? (Round your answer to the nearest whole number.) Good Amount 1980 1985 1990 Tomatoes 25 $0.15 $0.25 $0.55 Milk 5 $1.50 $2.23 $2.95 Eggs 1 $1.00 $1.25 $1.50 a. 303 b. 152 c. 41 d. 245