Economic Growth and the Wealth of Nations

Practice Chapter 11 - Economic Enlargement and the Influence of Nations

Multiple Choice

Identify the cherished that best completes the proposition or answers the investigation.

1.      Economic enlargement is defined as:

a.        the percent alter of vulgar peculiar fruit (GDP).

b.        the percent alter of actual GDP.

c.        the percent alter of actual per capita GDP.

d.        the percent alter of per capita GDP.

e.        the percent alter of population.

2.      According to the textbook, which of the aftercited computeries is not deemed a “wealthy nation”?

a.        Denmark

b.        Israel

c.        Germany

d.        Liberia

e.        the United States

3.      Higher objurgates of economic enlargement are negatively correlated delay:

a.        amend command.

b.        amend vigor wariness.

c.        shorter individualality confluence.

d.        the calcudeceased of physicians per capita.

e.        adult literacy.

4.      Mediocre universe allowance began to acception speedily during:

a.        the Enlightenment.

b.        the Dark Ages.

c.        the Second Universe War.

d.        the War of the Ring.

e.        the Industrial Revolution.

5.      If an arrangement experiences economic enlargement, does that medium that integralone in that arrangement conquer be amend  off?

a.        No, it mediums that the mediocre individual is amend off.

b.        Yes, that is the restriction of economic enlargement.

c.        Yes, but simply if there is scanty settlement during that opportunity duration.

d.        No, economic enlargement is not correlated delay standards of buttress.

e.        Yes, but simply if pretended vulgar peculiar fruit (GDP) acceptions.

6.      In 2010, U.S. vulgar peculiar fruit (GDP) was roughly $14.6 trillion. Given that the U.S. population was roughly 308 pet commonalty, per capita GDP in the United States in 2010 was roughly:

a.    $4,760.

b.    $0.22.

c.    $47,403.

d.    $22,000.

e.    $475,990.

7.      From 2011 to 2012, U.S. actual GDP acceptiond by 2.2% and the U.S. population grew by 1%. Therefore, per capita actual GDP in the United States acceptiond by:

a.    2.8%.

b.    1.2%.

c.    3.8%.

d.    1.8%.

e.    5.4%.

8.      Pretended vulgar peculiar fruit (GDP) is a inconsiderable value of economic enlargement because:

a.        it does not compute boarding by peculiar businesses.

b.        it overstates the consequence of consumer spending.

c.        it does not apprehend synod spending.

d.        it ignores meanings and exports.

e.        it does not deem alters in requires or population enlargement.

9.      Annual actual per capita vulgar peculiar fruit (GDP) in the United States was roughly $44,000 in 2000. If it grew by 3% the aftercited year, by 2001 the annual actual per capita GDP would be:

a.    $57,200.

b.    $42,718.

c.    $33,846.

d.    $45,320.

e.    $1,320.

10.      From 2009 to 2010, pretended vulgar peculiar fruit (GDP) in the United States grew by 3.8%. Given that requires acceptiond by 1% and the population grew by 1%, we apprehend that per capita actual GDP grew by:

a.    3.8%.

b.    1.8%.

.      2.8%.

d.    4.8%.

e.    5.8%.

11.      From 2009 to 2010, pretended vulgar peculiar fruit (GDP) in the United States grew by 3.8%. Given that requires acceptiond by 1% and per capita actual GDP grew by 1.8%, we apprehend that the population grew by:

a.    2%.

b.    1.8%.

c.    1%.

d.    4.8%.

e.    5.8%.

12.      In 2010, actual vulgar peculiar fruit (GDP) in the United States was roughly $14.6 trillion. In 2011, actual GDP      in the United States was roughly $15.1 trillion. Therefore, among 2010 and 2011, actual GDP grew by:

a.    4.3%.

b.    3.4%.

c.    3.3%.

d.    4.5%.

e.    0.5%.

13.      In 2010, per capita actual vulgar peculiar fruit (GDP) in the United States was roughly $46,000. In 2011, per capita actual GDP in the United States was roughly $48,400. Therefore, among 2010 and 2011, the objurgate of economic enlargement in the United States was:

a.    2.5%.

b.    2.4%.

c.    4.9%.

d.    5.2%.

e.    0.5%.

14.      From 2009 to 2010, per capita actual vulgar peculiar fruit (GDP) in the United States grew by 1.8%. Given  that requires acceptiond by 1% and the population grew by 1%, we apprehend that pretended GDP grew by:

a.    4.8%.

b.    1.8%.

c.    2.8%.

d.    3.8%.

e.    5.8%.

15.      In 2009, per capita actual vulgar peculiar fruit (GDP) in Croatia was $10,059.68. By 2010, it had acceptiond      to $10,257.71. At what objurgate did Croatia’s arrangement accrue in that opportunity?

a.    1.97%

b.    1.93%

c.    2.08%

d.    4.54%

e.    3.33%

16.      If you attempted to recite  if the standard  of buttress of a computery has acceptiond by looking simply at alters    in its pretended vulgar peculiar fruit (GDP), what would you be dropping?

a.        The circumstance that pretended GDP apprehends all economic activity, including sales of used issue and unfair issue

b.        The circumstance that pretended GDP simply deems alters in the require roll but ignores alters in population

c.        The circumstance that an acception in pretended GDP normally mediums that standards of buttress   are onflow, not preferment

d.        The circumstance that, in the desire run, pretended GDP is the best value of overall economic enlargement

e.        The circumstance that an acception in pretended GDP does not necessarily medium that standards    of buttress are preferment, due to alters in requires and the population

17.      If your allowance acceptions at a objurgate of 2% per year, how desire conquer it follow to wrap your allowance?

a.        10 years

b.        25 years

c.        35 years

d.        50 years

e.        75 years

18.      James has achievemented for the similar audience his all individualality. His exoteric allowance is $100,000 per year. When he       was originally compensated, he made $50,000 per year. The audience has given James a harmonious elevate of 2% integral year. How desire has James been delay the audience?

a.        10 years

b.        25 years

c.        35 years

d.        50 years

e.        75 years

19.      From 2006 to 2010, per capita actual vulgar peculiar fruit (GDP) in China grew an mediocre of 10.62% per  year. At that objurgate, according to the Rule of 70, in roughly how manifold years conquer Chinese per capita actual GDP wrap in greatness, initiation in 2006?

a.        7.4 years

b.        5.9 years

c.        8.1 years

d.        6.6 years

e.        9.9 years

20.      From 2006 to 2010, per capita actual vulgar peculiar fruit (GDP) in the Philippines grew an mediocre of 3.16% per year. At that objurgate, according to the Rule of 70, in roughly how manifold years conquer the Filipino arrangement wrap in greatness?

a.        21 years

b.        12 years

c.        22 years

d.        45 years

e.        33 years

21.      An acception in   would manage to an acception in desire-run economic enlargement.

a.        consumer spending and borrowing

b.        synod taxes and fees

c.        media and technology

d.        meanings and exports

e.        requires and attention objurgates

22.      Media are:

a.        the output that firms fruit.

b.        inputs used to fruit issue and services.

c.        the technology that firms use to shape things.

d.        the sciences that allow aptitude.

e.        the require of pliant issue and services.

23.      Which of the aftercited are the three main categories of media?

a.        corporeal consummate, technology, sciences

b.        fix, achievement, technology

c.        sciences, cosmical consummate, fix

d.        intrinsic media, corporeal consummate, cosmical consummate

e.        achievement, corporeal consummate, technology

24.      Which of the aftercited would be classified as a intrinsic contrivance?

a.        obtaining a school degree

b.        a circumstanceory

c.        coal

d.        a loaf of bread

e.        wirenear networking equipment

25.      Lauren owns a bakery. She wants to acception her daily fruition of baked issue, so she apprehends she needs to get further media. Which of the aftercited actions would enact an acception in the corporeal consummate contrivance at her bakery?

a.        moving into a comprehensiver space

b.        increasing employee luxuriance

c.        hiring further employees

d.        buying amend-estate ingredients

e.        hiring an accountant to discuss payroll

26.      Which of the aftercited would be classified as cosmical consummate?

a.        obtaining a school degree

b.        a circumstanceory

c.        coal

d.        a loaf of bread

e.        wirenear networking equipment

27.      Steve owns a bike abundance. He wants to acception the calcudeceased of bikes he retails each month, so he apprehends he needs    to get further media. Which of the aftercited actions would enact an acception in the cosmical consummate contrivance at his bike abundance?

a.        purchasing further bikes for his showroom

b.        increasing the luxuriance for his employees

c.        increasing the hours of operation

d.        increasing the greatness of his abundance

e.        buying further bike-repair equipment

28.      Nathan owns a coffee abundance. He wants to acception the weekly calcudeceased of coffee drinks he retails, and he wants to   use a technological action to do so.   would enact a technological action at his coffee abundance.

a.        An acception in the calcudeceased of employees

b.        An amendment in the estate of coffee drinks he serves

c.        An acception in the calcudeceased of tables and chairs for his customers

d.        Acquiring a new espresso agent that can equip coffee drinks faster than his exoteric model

e.        A comprehensiver building

29.      As they recite to economic enlargement, sciences are:

a.        media, approve achievement and consummate, for stance.

b.        influence, allowance, and requires.

c.        unanalogous rolls of synod: federal, recite, and persomal.

d.        individualal relationships among members of a intercourse.

e.        weighty practices, relationships, or organizations in intercourse.

30.      In 1950, residents in Liberia were influenceier than those in Taiwan. Today, per capita vulgar peculiar fruit (GDP) in Taiwan is further than 20 opportunitys that of Liberia. Which of the aftercited best explains why Taiwan is  now so greatly influenceier than Liberia?

a.        Taiwan is a very comprehensive computery delay lots of media, opportunity Liberia is very trivial.

b.        Liberia lacks the class of sciences that elevate enlargement that Taiwan has.

c.        Taxes in Liberia are very exalted and anticipate the arrangement from accrueing.

d.        All fruition in Taiwan is managed by the synod, opportunity in Liberia, the unimpeded dealing allocates media.

e.        Liberia does not dealing delay other computeries, opportunity Taiwan has manifold trading partners.

31.      Which of the aftercited is an stance of an science that elevates economic enlargement?

a.        peculiar estate rights

b.        bartering as a mediums of dealing

c.        exalted barriers to interdiplomatic dealing

d.        invariable war and conflict

e.        collective estate ownership

32.      Initiation in the deceased 1970s, economic amend in China undisputed farmers, for the primitive opportunity, to hold a portion         of their crops and to retail them to others. Previously, all patronage was together farmed and shared. How did this basic amend amend China’s economic enlargement?

a.        It gave persomal synods an excitation to tax farmers.

b.        It gave farmers an excitation to be further fruitive.

c.        It gave farmers an excitation to achievement near.

d.        It gave the common synod an excitation to meaning patronage.

e.        It gave consumers an excitation to eat near.

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