Question 1

Which of the following is correct?

Accepted Answer

A)  Over the last 100 years Japan had a higher average growth rate than the United States.It follows that,today,the standard of living in Japan is higher than in the United States.
B)  The typical person in Bangladesh today has about twice the real income of a typical American 100 years ago.
C)  The typical citizen of China today has about one-half as much real income as the typical citizen of America today.
D)  None of the above is correct.E) A) and B)
F) A) and C) D

Question 2

Which of the following nations experienced average rates of economic growth of less than 2 percent over the last 100 years or so?

Accepted Answer

A)  Bangladesh
B)  Pakistan
C)  United Kingdom
D)  All of the above are correct.E) All of the above
F) C) and D) D

Question 3

Which of these countries' growth rates of real GDP per person have exceeded the United States' growth rate of real GDP per person over the last century?

Accepted Answer

A)  Canada and China
B)  China and India
C)  Germany and India
D)  Germany and PakistanE) C) and D)
F) None of the above

Question 4

A nation's standard of living is best measured by its

Accepted Answer

A)  real GDP.
B)  real GDP per person.
C)  nominal GDP.
D)  nominal GDP per person.E) A) and D)
F) A) and C)

Question 5

One can argue that the average American today is "richer" than the richest American 100 years ago,given that 100 years ago,

Accepted Answer

A)  people's nominal incomes were,on average,much lower than they are today.
B)  personal fortunes were not accurately measured.
C)  many of the goods and services that we now take for granted were not available.
D)  international trade had not yet begun to flourish.E) C) and D)
F) None of the above

Question 6

Which of the following correctly ranks the three countries,from highest to lowest,for percentage of college-age children in school?

Accepted Answer

A)  United Kingdom,Mali,Mexico.
B)  Mexico,Mali,United Kingdom.
C)  United Kingdom,Mexico,Mali.
D)  Mali,Mexico,United Kingdom.E) All of the above
F) None of the above

Question 7

Which country has had a higher growth rate than the U.S.over about the last 120 years?

Accepted Answer

A)  India
B)  Mexico
C)  United Kingdom
D)  PakistanE) B) and D)
F) A) and C)

Question 8

Last year the imaginary nation of Panglossia had real GDP of 400 billion.This year it had real GDP of 472.5 billion.Which of the following changes in population is consistent with a 5 percent growth rate of real GDP per person over the last year?

Accepted Answer

A)  The population decreased from 75 million to 72 million.
B)  The population decreased from 60 million to 50 million.
C)  The population increased from 70 million to 80 million.
D)  The population increased from 80 million to 90 million.E) A) and C)
F) A) and B)

Question 9

Countries that grew the fastest over the last 100 or so years had average growth rates of real income per person of about

Accepted Answer

A)  1.5 percent per year.
B)  2.0 percent per year.
C)  2.5 percent per year.
D)  3.0 percent per year.E) A) and B)
F) A) and C)

Question 10

Which of the following pairs of countries experienced approximately the same rate of growth of real income per person over about the last 120 years?

Accepted Answer

A)  Germany and Japan
B)  Indonesia and Bangladesh
C)  the United States and Argentina
D)  Mexico and PakistanE) B) and C)
F) All of the above

Question 11

Which of the following is indicated by the data on real income per person for various countries over the past 100 or so years?

Accepted Answer

A)  If,in a relatively poor country,real income per person had grown by 3.5 percent per year for the last 100 years,it would be a relatively rich country today.
B)  Rich countries became richer and poor countries became poorer.
C)  In the United States,real income per person today is about four times as high as it was 120 years ago.
D)  All of the above are correct.E) A) and D)
F) All of the above

Question 12

Which of the following countries had the lowest level of real GDP per person in 2014?

Accepted Answer

A)  Bangladesh
B)  Indonesia
C)  Mexico
D)  ChinaE) B) and C)
F) B) and D)

Question 13

Which of the following statements is correct?

Accepted Answer

A)  In 1870,real income per person was higher in the United States than in any other country at that time.
B)  Over about the last 100 years India experienced significantly higher growth of real income per person than did the United States.
C)  Over about the last 100 years the United States experienced significantly higher growth of real income per person than did Japan.
D)  None of the above are correct.E) B) and D)
F) C) and D) D

Question 14

Last year the imaginary nation of Freedonia had a population of 2,800 and real GDP of 16,800,000.This year it had a population of 2,700 and real GDP of 15,390,000.About what was the growth rate of real GDP per person between last year and this year?

Accepted Answer

A)  -5.3 percent
B)  -5 percent
C)  5 percent
D)  5.3 percentE) A) and D)
F) None of the above

Question 15

In 1870,the richest country in the world was

Accepted Answer

A)  Germany.
B)  Japan
C)  the United Kingdom.
D)  the United States.E) C) and D)
F) B) and D)

Question 16

In 2012,the imaginary nation of Dorados had a population of 8,000 and real GDP of 3,000,000.During the year its real GDP grew by about 2.9%.Which of the following sets of growth rates is consistent with this growth in real GDP?

Accepted Answer

A)  2% population growth and 6% real GDP growth
B)  6% population growth and 2% real GDP growth
C)  4% population growth and 7% real GDP growth
D)  7% population growth and 4% real GDP growthE) A) and D)
F) A) and C)

Question 17

Which list contains,in this order,a country whose real GDP per person grew faster and one whose real GDP per person grew slower than real GDP per person in the U.S.over about the last 100 years?

Accepted Answer

A)  Bangladesh,India
B)  China,United Kingdom
C)  Japan,Brazil
D)  Pakistan,MexicoE) C) and D)
F) A) and B)

Question 18

In 2012,the imaginary nation of Kanmiw had a population of 8,044 and real GDP of 36,198,000.In 2013 it had a population of 7,800 and real GDP of 35,880,000.What was the growth rate of real GDP per person in Kanmiw between 2012 and 2013?

Accepted Answer

A)  -2.2 percent
B)  -0.7 percent
C)  2.2 percent
D)  4.5 percentE) B) and D)
F) B) and C)

Question 19

In 2009,the imaginary nation of Mainland had a population of 7,000 and real GDP of 210,000.In 2010 the population was 7,300 and real GDP of 223,380.Over the year in question,real GDP per person in Mainland grew by

Accepted Answer

A)  2 percent,which is high compared to average U.S.growth over the last one-hundred years.
B)  2 percent,which is about the same as average U.S.growth over the last one-hundred years.
C)  4 percent,which is high compared to average U.S.growth over the last one-hundred years.
D)  4 percent,which is about the same as average U.S.growth over the last one-hundred years.E) All of the above
F) C) and D)

Question 20

Last year real GDP per person in the imaginary nation of Olympus was 4,250.The year before it was 4,100.By about what percentage did Olympian real GDP per person grow during the period?

Accepted Answer

A)  1.6 percent
B)  2.5 percent
C)  3.7 percent
D)  6 percentE) All of the above
F) B) and D)

Exam 12: Production and Growth: Economic Growth Around the World

Which of the following is correct?

Correct AnswerverifiedD

Which of the following nations experienced average rates of economic growth of less than 2 percent over the last 100 years or so?

Correct AnswerverifiedD

Which of these countries' growth rates of real GDP per person have exceeded the United States' growth rate of real GDP per person over the last century?

Correct AnswerverifiedShow Answer

A nation's standard of living is best measured by its

Correct AnswerverifiedShow Answer

One can argue that the average American today is "richer" than the richest American 100 years ago,given that 100 years ago,

Correct AnswerverifiedShow Answer

Which of the following correctly ranks the three countries,from highest to lowest,for percentage of college-age children in school?

Correct AnswerverifiedShow Answer

Which country has had a higher growth rate than the U.S.over about the last 120 years?

Correct AnswerverifiedShow Answer

Last year the imaginary nation of Panglossia had real GDP of 400 billion.This year it had real GDP of 472.5 billion.Which of the following changes in population is consistent with a 5 percent growth rate of real GDP per person over the last year?

Correct AnswerverifiedShow Answer

Countries that grew the fastest over the last 100 or so years had average growth rates of real income per person of about

Correct AnswerverifiedShow Answer

Which of the following pairs of countries experienced approximately the same rate of growth of real income per person over about the last 120 years?

Correct AnswerverifiedShow Answer

Which of the following is indicated by the data on real income per person for various countries over the past 100 or so years?

Correct AnswerverifiedShow Answer

Which of the following countries had the lowest level of real GDP per person in 2014?

Correct AnswerverifiedShow Answer

Which of the following statements is correct?

Correct AnswerverifiedD

Last year the imaginary nation of Freedonia had a population of 2,800 and real GDP of 16,800,000.This year it had a population of 2,700 and real GDP of 15,390,000.About what was the growth rate of real GDP per person between last year and this year?

Correct AnswerverifiedShow Answer

In 1870,the richest country in the world was

Correct AnswerverifiedShow Answer

In 2012,the imaginary nation of Dorados had a population of 8,000 and real GDP of 3,000,000.During the year its real GDP grew by about 2.9%.Which of the following sets of growth rates is consistent with this growth in real GDP?

Correct AnswerverifiedShow Answer

Which list contains,in this order,a country whose real GDP per person grew faster and one whose real GDP per person grew slower than real GDP per person in the U.S.over about the last 100 years?

Correct AnswerverifiedShow Answer

In 2012,the imaginary nation of Kanmiw had a population of 8,044 and real GDP of 36,198,000.In 2013 it had a population of 7,800 and real GDP of 35,880,000.What was the growth rate of real GDP per person in Kanmiw between 2012 and 2013?

Correct AnswerverifiedShow Answer

In 2009,the imaginary nation of Mainland had a population of 7,000 and real GDP of 210,000.In 2010 the population was 7,300 and real GDP of 223,380.Over the year in question,real GDP per person in Mainland grew by

Correct AnswerverifiedShow Answer

Last year real GDP per person in the imaginary nation of Olympus was 4,250.The year before it was 4,100.By about what percentage did Olympian real GDP per person grow during the period?

Correct AnswerverifiedShow Answer

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