Refer to the above table. How long would it take for a country to triple its GDP if the GDP grew at a 20 percent rate? A) 10 years B) 6 years C) 4 years D) 2 years ANSWER B
Date: September 2nd, 2020
Say’s law argues that I. overproduction is typical in a market economy. II. supply creates its own demand. A) I only B) II only C) Both I and II D) Neither I nor II ANSWER B
Date: September 2nd, 2020
Refer to the above table. Two countries have per capita real GDPs in 2010 of $5000. If country A has a 4 percent growth rate and Country B a 5 percent growth rate, what will the per capita real GDPs of each be in the year 2060? A) A: $15,000; B: $30,000 B) A: $40,000; […]
Date: September 2nd, 2020
The long run aggregate supply curve is vertical because A) a change in the level of prices will have no effect on real output in the long-run. B) the production possibilities curve is vertical. C) the aggregate demand curve is downward sloping. D) technology increases at a constant rate. ANSWER A
Date: September 2nd, 2020
Which of the following will cause the long-run aggregate supply curve to shift? I. Changes in technology II. Changes in government spending III. Changes in the money supply A) I only B) II only C) I, II, and III D) only I and II ANSWER A
Date: September 2nd, 2020
The classical model uses the assumption that A) all wages and prices are flexible. B) interest rates are not flexible. C) monopoly is widespread in the economy. D) economic markets are fragile and have no tendency to move towards an equilibrium. ANSWER A
Date: September 2nd, 2020
Refer to the above table. Suppose one country has a per capita real GDP of $1000 and another has a per capita real GDP of $10,000, or ten times larger. If both countries have a growth rate of 5 percent, how much larger will per capita real GDP be in the second country be than […]
Date: September 2nd, 2020
Suppose per capita real GDP grows by 3.5% per year. Based on the Rule of 70, approximately how many years will it take for the level of per capita real GDP to double (i.e., increase by 100%)? A) 10 years B) 35 years C) 20 years D) 3.5 years ANSWER C
Date: September 2nd, 2020
Refer to the above table. Country A has a per capita real GDP of $1000 and B has a per capita real GDP of $10,000. A is growing at a rate of 5 percent a year and B at a rate of 4 percent a year. After 50 years, how much larger is per capita […]
Date: September 2nd, 2020
Refer to the above table. If an economy’s current per capita real GDP is $3,000, and if its economy grows at an constant annual rate of 5 percent for 50 years, what will be its per capita real GDP at the end of that period? A) $21,330 B) $34,500 C) $55,200 D) $13,140 ANSWER […]
Date: September 2nd, 2020
