Assignment 7 Macro

1.

1 point

Refer to the above diagram. Which of the following is the most likely cause for a shift in the production possibilities curve from AB to CD?

The use of the economy's resources in a more efficient way

An increase in the spending of business and consumers

An increase in government purchase of the economy's output

An increase in the quantity and quality of labor resources

2.

1 point

If real GDP grows at an average annual rate of 2.0% instead of 3.5%, then it would take about 35 years - instead of 20 years - for real GDP to double.

TRUE

FALSE

UNCERTAIN

Does not make sense

3.

1 point

Which of the following is a measure of economic growth that is most useful for measuring geopolitical preeminence or military potential?

Growth in nominal GDP

Decreases in the rate of unemployment

Increases in real GDP per capita

Increases in real GDP

4.

1 point

A nation's real GDP was $250 billion in 2013 and $265 billion in 2014. Its population was 120 million in 2013 and 125 million in 2014. What is its real GDP growth rate in 2014?

15.0%

6.0%

5.7%

1.1%

5.

1 point

The "rule of 70" is a formula for determining the approximate number of:

Years that it would take for a value (like real GDP) to expand 70 times

Years that it would take for a value (like real GDP) to double

Times a value (like real GDP) is a multiple of 70

Times one could double a certain value (like real GDP) over 70 years

6.

1 point

A nation's real GDP was $250 billion in 2013 and $265 billion in 2014. Its population was 120 million in 2013 and 125 million in 2014. What is its real GDP per capita in 2014?

$2,120 per person

$212 per person

$21,200 per person

$205 per person

7.

1 point

A nation's average annual real GDP growth rate is 2.5%. Based on the "rule of 70", the approximate number of years that it would take for this nation's real GDP to double is:

175 years

40 years

28 years

17.5 years

8.

1 point

Which of the following is a measure of economic growth that is most useful for comparing living standards?

Growth in nominal GDP

Decreases in the rate of unemployment

Increases in real GDP per capita

Increases in real GDP

9.

1 point

The so-called "Rule of 70" is a formula for finding the approximate number of times that a value will double in a period of 70 years.

TRUE

FALSE

UNCERTAIN

Does not make sense

10.

1 point

The entry of women into the workforce since the 1960s resulted in:

A shift outward in the production possibilities curve of the United States

A shift inward in the production possibilities curve in the United States

A movement along the existing production possibilities curve in the United States

A falling real wage for women workers of the United States