Economics Test #2

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1.
2 points
The following are national income account data for a hypothetical economy in billions of dollars: gross private domestic investment ($320), imports ($35), exports ($22), personal consumption expenditures ($2,460) and government purchases ($470). What is the GDP of the economy ?

(Please add dollar sign and comma)
2.
2 points
The GDP tends to:
3.
2 points
Which is best considered a supply factor for long-run economic growth?
4.
2 points
MPS is change in savings divided by change in consumption.
5.
2 points
Growth is advantageous to a nation because it
6.
2 points
The nominal interest rate is 7%, and the Real interest rate is 7%, what is the inflation rate ?

(Please add the % decimal)
7.
2 points
Which would be considered an investment according economists?
8.
2 points
Economists who believe that the recent increase in the average productivity growth rate may be permanent claim that the above-normal economic growth in the United States between 1995 and 2009 was caused by
9.
2 points
Increased lifespan is one of the benefits of economic growth, as well as wages, increased income.
10.
2 points
MPC is calculated by change in consumption divided by change income.
11.
2 points
Nominal interest rate is 5%, and the inflation rate is 9%.
What is the Real Interest rate ?
12.
2 points
Exhausting of the earths resources and adding to environmental hazard is a negative consequence of economic growth.
13.
2 points
The business cycle depicts:
14.
2 points
Before the period of modern economic growth:
15.
2 points
Critics of economic growth:
16.
2 points
Real GDP per capita
17.
2 points
Real GDP and nominal GDP differ because the real GDP:
18.
2 points
Real GDP measures: