Question 1

Over the last century,U.S.real GDP per person grew at a rate of about

Accepted Answer

A) 2 percent per year,so that it is now 2 times as high as it was a century ago. 
B) 2 percent per year,so that it is now 8 times as high as it was a century ago. 
C) 4 percent per year,so that it is now 2 times as high as it was a century ago. 
D) 4 percent per year,so that it is now 8 times as high as it was a century ago. 
A) 2 percent per year,so that it is now 2 times as high as it was a century ago. 
B) 2 percent per year,so that it is now 8 times as high as it was a century ago. 
C) 4 percent per year,so that it is now 2 times as high as it was a century ago. 
D) 4 percent per year,so that it is now 8 times as high as it was a century ago. B

Question 2

Which of the following is a good gauge of economic progress?

Accepted Answer

A) the level of real GDP per person,but not the growth rate of real GDP per person 
B) the level of real GDP per person and the growth rate of real GDP per person 
C) the growth rate of real GDP per person,but not the level of real GDP per person 
D) neither the level nor the growth rate of real GDP per person 
A) the level of real GDP per person,but not the growth rate of real GDP per person 
B) the level of real GDP per person and the growth rate of real GDP per person 
C) the growth rate of real GDP per person,but not the level of real GDP per person 
D) neither the level nor the growth rate of real GDP per person C

Question 3

In which of the following countries did real GDP per person fall by about 13% from 2000 to 2014?

Accepted Answer

A) India 
B) Singapore 
C) Zimbabwe 
D) None of the above are correct. 
A) India 
B) Singapore 
C) Zimbabwe 
D) None of the above are correct. C

Question 4

A country experiencing a growth rate of 12% per year can go from being one of the poorest to one of the richest in

Accepted Answer

A) one generation.In the last couple of decades China's growth rate has been higher than 12%. 
B) one generation.However,in the last couple of decades not even China's growth rate has been this high. 
C) three generations.In the last couple of decades China's growth rate has been higher than 12%. 
D) three generations.However,in the last couple of decades not even China's growth rate has been this high. 
A) one generation.In the last couple of decades China's growth rate has been higher than 12%. 
B) one generation.However,in the last couple of decades not even China's growth rate has been this high. 
C) three generations.In the last couple of decades China's growth rate has been higher than 12%. 
D) three generations.However,in the last couple of decades not even China's growth rate has been this high.

Question 5

The average income in a rich country,such as the United States or Japan,is more than

Accepted Answer

A) 3 times,but less than 5 times,the average income in a poor country,such as Indonesia or Nigeria. 
B) 5 times,but less than 10 times,the average income in a poor country,such as Indonesia or Nigeria. 
C) 10 times,but less than 20 times,the average income in a poor country,such as Indonesia or Nigeria. 
D) more than 20 times the average income in a poor country,such as Indonesia or Nigeria. 
A) 3 times,but less than 5 times,the average income in a poor country,such as Indonesia or Nigeria. 
B) 5 times,but less than 10 times,the average income in a poor country,such as Indonesia or Nigeria. 
C) 10 times,but less than 20 times,the average income in a poor country,such as Indonesia or Nigeria. 
D) more than 20 times the average income in a poor country,such as Indonesia or Nigeria.

Question 6

In which of the following countries has economic growth been sufficiently high that income would double every ten years?

Accepted Answer

A) India 
B) Mexico 
C) South Korea 
D) Zimbabwe 
A) India 
B) Mexico 
C) South Korea 
D) Zimbabwe

Question 7

Average income has been stagnant for many years in

Accepted Answer

A) Western European counties. 
B) some Asian countries like South Korea and Singapore. 
C) some Sub-Saharan African countries. 
D) All of the above are correct. 
A) Western European counties. 
B) some Asian countries like South Korea and Singapore. 
C) some Sub-Saharan African countries. 
D) All of the above are correct.

Question 8

A country experiencing a growth rate of 12% per year can go from being one of the poorest to one of the richest in how many generations?

Accepted Answer

A) one 
B) two 
C) three 
D) four 
A) one 
B) two 
C) three 
D) four

Question 9

In which of the following countries has economic growth been sufficiently high that income would double every ten years?

Accepted Answer

A) Singapore 
B) Nigeria 
C) India 
D) Indonesia 
A) Singapore 
B) Nigeria 
C) India 
D) Indonesia

Question 10

There are large differences in the standard of living

Accepted Answer

A) across countries,but not within countries. 
B) within countries ​over time,but not across countries. 
C) across countries and within countries over time. 
D) across countries,but not in technology or healthcare. 
A) across countries,but not within countries. 
B) within countries ​over time,but not across countries. 
C) across countries and within countries over time. 
D) across countries,but not in technology or healthcare.

Question 11

During the past century the average growth rate of U.S.real GDP per person implies that it doubled,on average,about every

Accepted Answer

A) 100 years. 
B) 70 years. 
C) 35 years. 
D) 25 years. 
A) 100 years. 
B) 70 years. 
C) 35 years. 
D) 25 years.

Question 12

Over the past century in the United States,real GDP per person has grown,on average,by about

Accepted Answer

A) 1 percent per year. 
B) 2 percent per year. 
C) 3 percent per year. 
D) 5 percent per year. 
A) 1 percent per year. 
B) 2 percent per year. 
C) 3 percent per year. 
D) 5 percent per year.

Question 13

Which of the following are residents of rich countries likely to have in greater quantities,or better quality,than residents of poor countries?

Accepted Answer

A) housing 
B) healthcare 
C) life expectancy 
D) All of the above. 
A) housing 
B) healthcare 
C) life expectancy 
D) All of the above.

Question 14

The average income in a rich country

Accepted Answer

A) is about 5 times that in a poor country.Further,people in rich countries have longer life expectancy. 
B) is about 5 times that in a poor country.However,people in rich countries have about the same life expectancy as those in poor countries. 
C) is more than ten times that in a poor country.Further,people in rich countries have longer life expectancy. 
D) is more than ten times that in poor country.However,people in rich countries have about the same life expectancy as those in poor countries. 
A) is about 5 times that in a poor country.Further,people in rich countries have longer life expectancy. 
B) is about 5 times that in a poor country.However,people in rich countries have about the same life expectancy as those in poor countries. 
C) is more than ten times that in a poor country.Further,people in rich countries have longer life expectancy. 
D) is more than ten times that in poor country.However,people in rich countries have about the same life expectancy as those in poor countries.

Question 15

Which of the following countries has had the greatest productivity per worker within the last ten years?

Accepted Answer

A) ​Germany 
B) ​Nigeria 
C) ​Nicaragua 
D) ​India 
A) ​Germany 
B) ​Nigeria 
C) ​Nicaragua 
D) ​India

Question 16

Average income in some East Asian countries,as measured by real GDP per person,has recently grown at an average annual rate that implies income will double about every

Accepted Answer

A) 10 years. 
B) 15 years. 
C) 20 years. 
D) 25 years. 
A) 10 years. 
B) 15 years. 
C) 20 years. 
D) 25 years.

Exam 12: Production and Growth

Over the last century,U.S.real GDP per person grew at a rate of about

Which of the following is a good gauge of economic progress?

In which of the following countries did real GDP per person fall by about 13% from 2000 to 2014?

A country experiencing a growth rate of 12% per year can go from being one of the poorest to one of the richest in

The average income in a rich country,such as the United States or Japan,is more than

In which of the following countries has economic growth been sufficiently high that income would double every ten years?

Average income has been stagnant for many years in

A country experiencing a growth rate of 12% per year can go from being one of the poorest to one of the richest in how many generations?

In which of the following countries has economic growth been sufficiently high that income would double every ten years?

There are large differences in the standard of living

During the past century the average growth rate of U.S.real GDP per person implies that it doubled,on average,about every

Over the past century in the United States,real GDP per person has grown,on average,by about

Which of the following are residents of rich countries likely to have in greater quantities,or better quality,than residents of poor countries?

The average income in a rich country

Which of the following countries has had the greatest productivity per worker within the last ten years?

Average income in some East Asian countries,as measured by real GDP per person,has recently grown at an average annual rate that implies income will double about every

Ten Principles of Economics

Ten Principles of Economics: How People Make Decisions

Ten Principles of Economics: How People Interact

Ten Principles of Economics: How the Economy As a Whole Works

Ten Principles of Economics: Part A

Ten Principles of Economics: Part B

Thinking Like an Economist

Thinking Like an Economist: The Economist As Scientist

Thinking Like an Economist: The Economist As Policy Adviser

Thinking Like an Economist: Why Economists Disagree

Thinking Like an Economist: Lets Get Going

Thinking Like an Economist: Graphing a Brief Review

Thinking Like an Economist: Part A

Thinking Like an Economist: Part B

Interdependence and the Gains From Trade

Interdependence and the Gains From Trade: A Parable for the Modern Economy

Interdependence and the Gains From Trade: Comparative Advantage the Driving Force of Specialization

Interdependence and the Gains From Trade: Applications of Comparative Advantage

Interdependence and the Gains From Trade: Conclusion

Interdependence and the Gains From Trade: Part A

Interdependence and the Gains From Trade: Part B

The Market Forces of Supply and Demand

The Market Forces of Supply and Demand:Markets and Competition

The Market Forces of Supply and Demand: Demand

The Market Forces of Supply and Demand: Supply

The Market Forces of Supply and Demand: Supply and Demand Together

The Market Forces of Supply and DemandConclusion How Prices Allocate Resources

The Market Forces of Supply and Demand: Part A

The Market Forces of Supply and Demand: Part B

Elasticity and Its Applications

Elasticity and Its Applications: The Elasticity of Demand

Elasticity and Its Applications: The Elasticity of Supply

Elasticity and Its Applications: Three Applications of Supply,demand,and Elasticity

Elasticity and Its Applications: Part A

Elasticity and Its Applications: Part B

Supply Demand and Government Policies

Supply Demand and Government Policies: Controls on Prices

Supply Demand and Government Policies: Taxes

Supply Demand and Government Policies: Part A

Supply Demand and Government Policies: Part B

Consumers Producers and the Efficiency of Markets

Consumers Producers and the Efficiency of Markets: Consumer Surplus

Consumers Producers and the Efficiency of Markets: Producer Surplus

Consumers Producers and the Efficiency of Markets: Market Efficiency

Consumers Producers and the Efficiency of Markets: Conclusion Market Efficiency and Market Failure

Consumers Producers and the Efficiency of Markets: Part A

Consumers Producers and the Efficiency of Markets: Part B

Application the Cost of Taxation

Application the Cost of Taxation: The Deadweight Loss of Taxation

Application the Cost of Taxation: The Determinants of the Deadweight Loss

Application the Cost of Taxation: Deadweight Loss and Tax Revenue As Taxes Vary

Application the Cost of Taxation: Conclusion

Application the Cost of Taxation: Part A

Application the Cost of Taxation: Part B

Application International Trade

Application International Trade: The Determinants of Trade

Application International Trade: The Winners and Losers From Trade

Application International Trade: The Arguments for Restricting Trade

Application International Trade: Conclusion

Application International Trade: Part A

Application International Trade: Part B

Measuring a Nations Income

Measuring a Nations Income: The Economy's Income and Expenditure