Which of the following does not correctly characterize modern economic growth?
answer
It has not affected the average lifespan of human beings.
question
Which of the following best measures improvements in the standard of living of a nation?
answer
growth of real GDP per capita
question
Which of the following is a measure of economic growth that is most useful for comparing changes in standards of living?
answer
increases in real GDP per capita
question
If the economy's real GDP doubles in 18 years, we can
answer
conclude that its average annual rate of growth is 4%.
question
A nation's average annual real GDP growth rate is 6%. Based on the "rule of 72," the approximate number of years that it would take for this nation's real GDP to double is
answer
12 years.
question
A nation's average annual real GDP growth rate is 5%. Based on the "rule of 72," the approximate number of years that it would take for this nation's real GDP to double is
answer
14.4 years.
question
Per capita GDP was about
Alta /Zorn
answer
$303 in year 3 in Zorn.
question
A nation's real GDP was $250 billion in 2014 and $265 billion in 2015. Its population was 120 million in 2014 and 125 million in 2015. What is its real GDP growth rate in 2015?
answer
6.0%
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