What prices are used to compute real GDP?

a. the ratio of current-year prices to constant prices

b. current-year periods

c. future-year periods

d. constant prices

Why is the debt-to-GDP ratio important?

a. A declining debt-to-GDP ratio raises concerns about a country's financial difficulties.

b. It is a better measure than the level of debt because it takes into account a country's political stability.

c. It allows international comparisons of how indebted countries are.

d. If GDP is rising slower than debt, the government is, in some sense, living within its means.

Over the past 100 years, Canadian real GDP per person has doubled about every 35 years. If in the next 100 years it doubles every 20 years, then what will Canadian real GDP per person be a century from now?

a. 12 times higher than it is now

b. 32 times higher than it is now

c. 16 times higher than it is now

d. 10 times higher than it is now

In 2018, real GDP in the Kingdom of Fife was $500 billion and the population was 2 million. In 2019, real GDP was $660 billion and the population was 2.2 million. What was the approximate growth rate of real GDP per person?

a. 20%

b. 14%

c. 11%

d. 17%