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Exam 9: Economic Growth

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Question 81

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In India last year, the growth rate of real GDP was 3.5 percent and the population grew from 1,000 million people to 1,100 million.Real GDP per person

A) increased by 13.5 percent.
B) decreased by 6.5 percent.
C) increased by 6.5 percent.
D) decreased by 13.5 percent.
E) increased by 3.5 percent.

F) A) and B)
G) A) and C)

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Question 82

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The classical growth model is most closely associated with

A) John Maynard Keynes.
B) Ben Bernanke.
C) Adam Smith.
D) Robert Solow.
E) Thomas Malthus.

F) A) and C)
G) A) and E)

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Question 83

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Which of the following is NOT a necessary precondition for economic growth?

According to the new growth theory, real GDP per person grows because

Economic freedom provides the

$\begin{array} { c c c } & \begin{array} { c } \text { Employment } \\\text { Year }\end{array} & \begin{array} { c } \text { Real GDP } \\\text { (millions of people) (billions of 2005 francs) }\end{array} \\\hline 1998 & 58.85 & 8,243.9 \\1997 & 58.61 & 7,992.2 \\\hline\end{array}$ -Suppose that in the future, real GDP per person grows 2 percent a year in the United States and 4 percent a year in China.It will take real GDP per person approximately ________ years to double in the United States and approximately ________ years to double in China.

Suppose India wants to measure how much the standard of living has changed over the last decade. Which piece of data should India use?

In the neoclassical growth theory, technological advances are the result of ________ and in the new growth theory, technological advances are the result of ________.

Growth in the standard of living is measured by the increase in

If aggregate hours are 100 billion hours and labor productivity is $40 an hour, than real GDP equals

$\begin{array} { c c c } & \begin{array} { c } \text { Employment } \\\text { Year }\end{array} & \begin{array} { c } \text { Real GDP } \\\text { (millions of people) (billions of 2005 francs) }\end{array} \\\hline 1998 & 58.85 & 8,243.9 \\1997 & 58.61 & 7,992.2 \\\hline\end{array}$ -If real GDP increases by 6 percent and at the same time the population increases by 2 percent, then real GDP per person grows by

If real GDP grows at a faster rate than does population, then the standard of living, as measured by real GDP per person,

A basic precondition necessary to achieve economic growth is

$\begin{array}{l}\text { Real GDP }\\\begin{array} { c c } \text { Year } & \text { (trillions of 2005 yen) } \\\hline 1997 & 484 \\1996 & 480 \\\hline\end{array}\end{array}$ -The table gives information about the economy of Japan.The economic growth rate in 1997 is ________ percent.

East Asian economies have grown

A key reason why some nations show little or no growth is

Real GDP in the country of Oz is growing at 5 percent and its population is growing at 2 percent.In the country of Lilliput, real GDP is growing at 4 percent and its population is growing at 0.5 percent.Thus,

Economic freedom is present, at least in part, when

________ developed the neoclassical growth theory and proposed that ________ will drive economic growth.

Canada's population is 31 million and Japan's population is 126 million.Labor productivity in the two nations is the same.Hence, real GDP per person is ________ and real GDP is ________.