Econ2

Front 1

Economic growth is best defined as an increase in:

Back 1

either real GDP or real GDP per capita.

Front 2

Real GDP per capita is found by:

Back 2

dividing real GDP by population.

Front 3

Which of the following best measures improvements in the standard of living of a nation?

Back 3

growth of real GDP per capita

Front 4

For a nation's real GDP per capita to rise during a year:

Back 4

real GDP must increase more rapidly than population.

Front 5

At an annual growth rate of 4 percent, real GDP will double in about:

Back 5

17 ½ years.

Front 6

Economic historians date the start of the Industrial Revolution around the year 1776, when James Watt:

Back 6

invented and built a more powerful and efficient steam engine.

Front 7

Which of the following economic regions has experienced the least growth in real GDP per capita since 1820?

Back 7

Africa

Front 8

Economic growth rates in follower countries:

Back 8

tend to exceed those in leader countries because followers can cheaply adopt the new technologies that leaders developed at relatively high costs.

Front 9

Which of the following institutional structures is most likely to promote growth?

Back 9

A. A well-enforced system of patents and copyrights.
B. A competitive market system.
C. An educational system that produces large numbers of literate, well-educated graduates.
D. All of these.

Front 10

Economic growth can be portrayed as a:

Back 10

outward shift of the production possibilities curve.

Front 11

Which of the following is not a supply factor in economic growth?

Back 11

aggregate expenditures of households, businesses, and government

Front 12

Which of the following is not considered to be a growth-promoting institutional structure?

Back 12

Strong government restrictions on international trade.

Front 13

Human capital refers to:

Back 13

the skills and knowledge that enable a worker to be productive.