Question 1

Conditional convergence suggests that if adjustments were made for differences in education, infrastructure, and other factors that contribute to growth, poorer countries would have higher growth rates.

Accepted Answer

A) True 
 B)False

Question 2

In 1798, the Essay on the Principle of Population was published by:

Accepted Answer

A)   Adam Smith.
B)   Karl Marx.
C)   Thomas Malthus.
D)   David Ricardo.

Question 3

Economists use real GDP per capita to measure economic growth:

Accepted Answer

A)   because it ignores the effect of price changes.
B)   because poor nations have a large population and the population of richer nations is declining.
C)   because it is the inflation-adjusted value of a country's production of goods and services corrected for the change in a country's population.
D)   even though nominal GNP per capita is a far superior measure of economic growth.

Question 4

The key measure used to track economic growth is:

Accepted Answer

A)   real GDP per capita.
B)   nominal GDP.
C)   real GDP.
D)   nominal GDP per capita.

Question 5

According to the rule of 70, if a country's real GDP per capita grows at an annual rate of 2% instead of 3%, it will take _____ additional years for that country to double its level of real GDP per capita.

Accepted Answer

A)   35
B)   11.67
C)   23.3
D)   30

Question 6

A typical family in the United States in 1900 had a purchasing power equal to _____% of the real U.S. GDP per capita in 2015.

Accepted Answer

A)   1
B)   12
C)   70
D)   136

Question 7

If real GDP doubles in 35 years, its average annual growth rate is approximately:

Accepted Answer

A)   1%.
B)   2%.
C)   3%.
D)   4%.

Question 8

Long-run economic growth depends almost entirely on:

Accepted Answer

A)   labor productivity growth.
B)   population growth.
C)   agricultural production growth.
D)   the number of hours worked.

Exam 9: Long-Run Economic Growth

Economists use real GDP per capita to measure economic growth:

Correct Answer
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Long-run economic growth depends almost entirely on:

Correct Answer
verified

Conditional convergence suggests that if adjustments were made for differences in education, infrastructure, and other factors that contribute to growth, poorer countries would have higher growth rates.

Correct Answer
verified

In 1798, the Essay on the Principle of Population was published by:

Correct Answer
verified

A typical family in the United States in 1900 had a purchasing power equal to _____% of the real U.S. GDP per capita in 2015.

Correct Answer
verified

According to the rule of 70, if a country's real GDP per capita grows at an annual rate of 2% instead of 3%, it will take _____ additional years for that country to double its level of real GDP per capita.

Correct Answer
verified

The key measure used to track economic growth is:

Correct Answer
verified

If real GDP doubles in 35 years, its average annual growth rate is approximately:

Correct Answer
verified

Exam 9: Long-Run Economic Growth

Economists use real GDP per capita to measure economic growth:

Correct AnswerverifiedShow Answer

Long-run economic growth depends almost entirely on:

Correct AnswerverifiedShow Answer

Conditional convergence suggests that if adjustments were made for differences in education, infrastructure, and other factors that contribute to growth, poorer countries would have higher growth rates.

Correct AnswerverifiedShow Answer

In 1798, the Essay on the Principle of Population was published by:

Correct AnswerverifiedShow Answer

A typical family in the United States in 1900 had a purchasing power equal to _____% of the real U.S. GDP per capita in 2015.

Correct AnswerverifiedShow Answer

According to the rule of 70, if a country's real GDP per capita grows at an annual rate of 2% instead of 3%, it will take _____ additional years for that country to double its level of real GDP per capita.

Correct AnswerverifiedShow Answer

The key measure used to track economic growth is:

Correct AnswerverifiedShow Answer

If real GDP doubles in 35 years, its average annual growth rate is approximately:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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