Multiple Choice

Which of the following could cause nominal GDP to decrease next year, but real GDP to increase?

The price level rises and the quantity of final goods and services produced rises.

The price level falls and the quantity of final goods and services produced rises.

The price level rises and the quantity of final goods and services produced falls.

The price level falls and the quantity of final goods and services produced falls.

Which of the following equations correctly measures GDP in an economy?

GDP = C + I + G + X

GDP = C + net I + G + NX

GDP = C + I + G + NX

GDP = C + G + I - taxes

Which of the following advances contributed to the productivity growth of the mid-1990s?

Question 3 options:

the increased use of the Internet in selling products and services

expanded cell phone use

increased availability of wireless Internet access, smartphones, tablets, and laptop computers

all of the above

In a small Asian country, it is estimated that a $10,000 increase in capital per hour worked will increase real GDP per hour worked by $600. Based on this information, what is the slope of the per-worker production function in this range?

0.06

6.6

66.6

666

The small group of East Asian countries that experienced high rates of growth in the 1980s and 1990s are referred to as

newly industrializing countries.

countries with low standards of living.

education-deprived countries.

industrial countries.