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Question

Suppose that your income is increasing at a growth rate of 12% per year. Using the Rule of 70, how many years will it take for your income to double? (Round your answer to the nearest whole number.)

12 years

6 years

5 years

70 years

Question

Historically, what has been the main factor in the rapid increase of real GDP per person?

the decline of Rome

the Great Depression

the discovery of America

the Industrial Revolution

Question

If the current GDP is $6.5 trillion from last year's $5.9 trillion, what is the economic growth rate?

12.6%

10.2%

8.6%

11%

Question

What improves the standard of living for a country?

increased spending by individuals

increase in real GDP per person

increased labor force

improved production

Question

The quantity of labor is determined by ________.

the labor force and individual pay rates

both the employed and unemployed within the labor force

the labor force and the average hours per worker

the real GDP produced by one hour of labor

Question

The advancement of technology ________.

exists only through human capital

exists through both human and physical capital

is achieved only through physical capital

is not a factor when calculating economic growth

Question

Which of the following does NOT influence the growth of labor productivity?

discovery of new technologies

saving and investment in physical capital

population growth

expansion of human capital

Question

Given that real GDP is $6,000 billion and aggregate hours are 125 billion, calculate labor productivity.

$30 per hour

$25 per hour

$40 per hour

$48 per hour

Question

New growth theory followed neoclassical theory and ________.

explained the source of technological advances

corrected the ideas about wages

explained the estimates of population growth

corrected the ideas of population growth

Question

The implication of new growth theory is that ________.

economic growth occurs because the production function shifts upward and because the quantity of employment increases

economic growth occurs because the production function shifts upward and because the quantity of employment decreases

economic growth occurs because the population growth shifts downward and because the quantity of employment increases

economic growth occurs because the population growth shifts upward and because the quantity of employment increases

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Question

One economist claims that economic growth is facilitated by the choices we make. What theory best describes his thoughts?

Malthusian theory

classical growth theory

new growth theory

neoclassical growth theory

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Question

Within classical growth theory, labor productivity growth ________.

cannot be sustained

will not stop, even with a lack of resources

will cease once the population begins to decrease

will continue alongside a growing population

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Question

Which of the following is NOT considered an economic freedom?

stringent regulations on business

the ability to enforce contracts

freedom to buy and sell in markets

private property is protected by the rule of law

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Question

A politician is proposing new legislation, claiming that current labor market regulations are too strict. What is the politician's main concern in facilitating economic growth?

allowing economic freedom

increasing the quality of education

encouraging international trade

maintaining property rights

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Question

The principle of property rights ________.

does not include things like inventions

cannot protect someone when their property is stolen

protects physical, financial, and intellectual property

is only concerned with physical property