Question 1

If an economy's real GDP doubles in fourteen years, then the average annual rate of growth in real GDP is about:

Accepted Answer

A)   3 percent.
B)   4 percent.
C)   5 percent.
D)   6 percent.E) B) and C)
F) A) and D)

Question 2

Productivity growth is a minor source of improvements in real wage rates and the standard of living.

Accepted Answer

A) True 
 B)False

Question 3

The historical reallocation of labour from agriculture to manufacturing in Canada has:

Accepted Answer

A)   been inflationary.
B)   had no effect upon the average productivity of labour.
C)   increased the average productivity of labour.
D)   reduced the average productivity of labour.E) None of the above
F) B) and C)

Question 4

Improvements in education and training explain nearly 80 percent of the historical growth of Canadian labour productivity.

Accepted Answer

A) True 
 B)False

Question 5

The best measure of economic growth adjusted for the population of a nation is the increase in:

Accepted Answer

A)   aggregate demand over time.
B)   real GDP per worker over time.
C)   real GDP per capita over time.
D)   real GDP per dollar of capital stock over time.E) B) and D)
F) B) and C)

Question 6

If a nation's real GDP is growing by 5 percent per year, its real GDP will double in approximately:

Accepted Answer

A)   22 years.
B)   20 years.
C)   14 years.
D)   8 years.E) C) and D)
F) A) and D)

Question 7

Economic growth is defined as the increase in nominal GDP which occurs over a period of time.

Accepted Answer

A) True 
 B)False

Question 8

One of the distinguishing features of the recent productivity growth is:

Accepted Answer

A)   decreasing returns to scale in manufacturing.
B)   the need for less specialized inputs in manufacturing.
C)   technological progress from the investment in the space program.
D)   technological progress from the microchip and information technology.E) C) and D)
F) B) and D)

Question 9

Over a year, a nation's GDP at current prices rose by 15 percent while the price index increased from 100 to 110. GDP at constant prices rose by about:

Accepted Answer

A)   3 percent.
B)   5 percent.
C)   7 percent.
D)   9 percent.E) A) and D)
F) None of the above

Question 10

The achievement of full employment through time will:

Accepted Answer

A)   diminish labour productivity.
B)   reduce the level of investment as a percentage of GDP.
C)   increase the rate of growth of real GDP.
D)   have no impact on the rate of growth of real GDP.E) C) and D)
F) None of the above

Question 11

The movement of workers from lower productivity jobs to higher productivity jobs would be an example of a(n) :

Accepted Answer

A)   technological advance.
B)   network effects.
C)   simultaneous consumption.
D)   improved resource allocation.E) A) and C)
F) A) and D)

Question 12

The slowdown of a nation's rate of productivity growth may:

Accepted Answer

A)   slow the growth of its standard of living.
B)   contribute to deflation.
C)   make its industries more competitive in world markets.
D)   reduce real wages.E) C) and D)
F) B) and C)

Question 13

Real GDP was $9,950 billion in Year 1 and $10,270 billion in Year 2. What was the approximate rate of economic growth from Year 1 to Year 2?

Accepted Answer

A)   1.6 percent
B)   2.4 percent
C)   3.2 percent
D)   4.3 percentE) B) and C)
F) A) and D)

Exam 6: Economic Growth

The best measure of economic growth adjusted for the population of a nation is the increase in:

Correct Answer
verified

The slowdown of a nation's rate of productivity growth may:

Correct Answer
verified

The achievement of full employment through time will:

Correct Answer
verified

Improvements in education and training explain nearly 80 percent of the historical growth of Canadian labour productivity.

Correct Answer
verified

If a nation's real GDP is growing by 5 percent per year, its real GDP will double in approximately:

Correct Answer
verified

The historical reallocation of labour from agriculture to manufacturing in Canada has:

Correct Answer
verified

Real GDP was $9,950 billion in Year 1 and $10,270 billion in Year 2. What was the approximate rate of economic growth from Year 1 to Year 2?

Correct Answer
verified

Over a year, a nation's GDP at current prices rose by 15 percent while the price index increased from 100 to 110. GDP at constant prices rose by about:

Correct Answer
verified

Economic growth is defined as the increase in nominal GDP which occurs over a period of time.

Correct Answer
verified

Productivity growth is a minor source of improvements in real wage rates and the standard of living.

Correct Answer
verified

The movement of workers from lower productivity jobs to higher productivity jobs would be an example of a(n) :

Correct Answer
verified

One of the distinguishing features of the recent productivity growth is:

Correct Answer
verified

If an economy's real GDP doubles in fourteen years, then the average annual rate of growth in real GDP is about:

Correct Answer
verified

Exam 6: Economic Growth

The best measure of economic growth adjusted for the population of a nation is the increase in:

Correct AnswerverifiedShow Answer

The slowdown of a nation's rate of productivity growth may:

Correct AnswerverifiedShow Answer

The achievement of full employment through time will:

Correct AnswerverifiedShow Answer

Improvements in education and training explain nearly 80 percent of the historical growth of Canadian labour productivity.

Correct AnswerverifiedShow Answer

If a nation's real GDP is growing by 5 percent per year, its real GDP will double in approximately:

Correct AnswerverifiedShow Answer

The historical reallocation of labour from agriculture to manufacturing in Canada has:

Correct AnswerverifiedShow Answer

Real GDP was $9,950 billion in Year 1 and $10,270 billion in Year 2. What was the approximate rate of economic growth from Year 1 to Year 2?

Correct AnswerverifiedShow Answer

Over a year, a nation's GDP at current prices rose by 15 percent while the price index increased from 100 to 110. GDP at constant prices rose by about:

Correct AnswerverifiedShow Answer

Economic growth is defined as the increase in nominal GDP which occurs over a period of time.

Correct AnswerverifiedShow Answer

Productivity growth is a minor source of improvements in real wage rates and the standard of living.

Correct AnswerverifiedShow Answer

The movement of workers from lower productivity jobs to higher productivity jobs would be an example of a(n) :

Correct AnswerverifiedShow Answer

One of the distinguishing features of the recent productivity growth is:

Correct AnswerverifiedShow Answer

If an economy's real GDP doubles in fourteen years, then the average annual rate of growth in real GDP is about:

Correct AnswerverifiedShow Answer

Correct Answer
verified

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