Question 1

Suppose k grows at a rate of   percent and l grows at a rate of  
Percent. If  
Then y grows at ________ percent.

Accepted Answer

A)  3 
B)  4 
C)  -3 
D)  12 
E)  -4 
A)  3 
B)  4 
C)  -3 
D)  12 
E)  -4

Question 2

In 1960, approximately ________ of the world's population lived on less than $7 per day; by 2004, it ________ to ________ of the population.

Accepted Answer

A)  10 percent; rose; over one-third 
B)  10 percent; rose; over two-thirds 
C)  two-thirds; fell; less than 10 percent 
D)  one-third; fell; less than 1 percent 
E)  one-third; rose; over two-thirds 
A)  10 percent; rose; over one-third 
B)  10 percent; rose; over two-thirds 
C)  two-thirds; fell; less than 10 percent 
D)  one-third; fell; less than 1 percent 
E)  one-third; rose; over two-thirds

Question 3

The birthplace of modern economic growth was in ________ during the ________ century.

Accepted Answer

A)  Japan; mid-twentieth 
B)  the United States; mid-nineteenth 
C)  the United Kingdom; mid-eighteenth 
D)  China; late twentieth 
E)  Germany; early nineteenth 
A)  Japan; mid-twentieth 
B)  the United States; mid-nineteenth 
C)  the United Kingdom; mid-eighteenth 
D)  China; late twentieth 
E)  Germany; early nineteenth

Question 4

Suppose k, l, and m grow at constant rates given by    
And  
What is the growth rate of y if

Accepted Answer

A)    
B)    
C)    
D)    
E)    
A)    
B)    
C)    
D)    
E)

Question 5

Each of the following is a benefit of economic growth:
a. loss of jobs in some sectors,
b. pollution, and
c. increased income inequality.

Accepted Answer

A) True 
 B)False

Question 6

Define   
. If   
,   
, and if   
, then

Accepted Answer

A) True 
 B)False

Question 7

Suppose k, l, and A grow at constant rates given by    
And  
What is the growth rate of y if

Accepted Answer

A)    
B)    
C)    
D)    
E)    
A)    
B)    
C)    
D)    
E)

Question 8

Suppose k grows at a rate of   percent and l grows at a rate of  
Percent. If  
Then y grows at ________ percent.

Accepted Answer

A)  5 
B)  15 
C)  9 
D)  4 
E)  3 
A)  5 
B)  15 
C)  9 
D)  4 
E)  3

Question 9

If the 130,000-year period since anatomically modern humans made their first appearance were compressed into a single day, economic growth would have begun in the last three minutes.

Accepted Answer

A) True 
 B)False

Question 10

Suppose k, l, and A grow at constant rates given by   
   
and   
The growth rate of y if   
is

Accepted Answer

A) True 
 B)False

Question 11

Suppose there are L0 people in the world today. If the population growth rate equals   , then in 50 years, the world population will be:

Accepted Answer

A)    . 
B)    . 
C)    . 
D)    . 
E)    . 
A)    . 
B)    . 
C)    . 
D)    . 
E)    .

Question 12

Suppose k grows at a rate of   percent and l grows at a rate of  
Percent. If  
Then y grows at ________ percent.

Accepted Answer

A)  -6 
B)  5 
C)  6 
D)  -10 
E)  12 
A)  -6 
B)  5 
C)  6 
D)  -10 
E)  12

Question 13

Assuming the current rate of economic growth continues, the average parent of a college student will have a lifetime income twice that of his or her son or daughter.

Accepted Answer

A) True 
 B)False

Question 14

The rule of 70 states that if yt grows at a rate of g percent per year, then the number of years it takes yt to:

Accepted Answer

A)  double is approximately equal to 70/g. 
B)  double is exactly equal to 70/g. 
C)  double is approximately equal to g/70. 
D)  triple is approximately equal to 70/g. 
E)  double is approximately equal to 70/(1 +g). 
A)  double is approximately equal to 70/g. 
B)  double is exactly equal to 70/g. 
C)  double is approximately equal to g/70. 
D)  triple is approximately equal to 70/g. 
E)  double is approximately equal to 70/(1 +g).

Question 15

Until about 12,000 years ago, humans were ________; at that point ________ led to the first towns and true economic development.

Accepted Answer

A)  farmers; the Bronze Age 
B)  hunters and gatherers; the Iron Age 
C)  hunters and gatherers; agriculture 
D)  hunters and gatherers; universities 
E)  farmers; industry 
A)  farmers; the Bronze Age 
B)  hunters and gatherers; the Iron Age 
C)  hunters and gatherers; agriculture 
D)  hunters and gatherers; universities 
E)  farmers; industry

Question 16

In 1955 per capita real GDP in Argentina was $5,200 per year and it grew at a constant growth rate of 1.5 percent per year. In Mexico, 1955 per capita real GDP was $3,600, but it grew at a constant rate of 2 percent (both in 2005 prices).What would per capita real GDP be in each country in 61 years (2015)? What about in 91 years (2045)? Will per capita real GDP in Mexico ever surpass that in Argentina? If so, when, approximately? What inference do we make about growth rates from this example?

Accepted Answer

• In 2015: *Argentina: y₂₀₁₅

Question 17

If x grows at 3 percent and y grows at -2 percent and w = x/y, then w grows at 1 percent.

Accepted Answer

A) True 
 B)False

Question 18

What country or countries do the following characteristics possibly describe?
• Life expectancy at birth is under 50 years.
• More than 90 percent of households do not have electricity.
• Fewer than 10 percent of young adults have graduated from high school.

Accepted Answer

A)  Kenya 
B)  the United States in the late 1800s 
C)  Bangladesh 
D)  Russia 
E)  All of these answers are correct. 
A)  Kenya 
B)  the United States in the late 1800s 
C)  Bangladesh 
D)  Russia 
E)  All of these answers are correct.

Question 19

Per capita GDP in Japan and the UK is about ________ United States per capita GDP, while in Argentina it is about ________ U.S. per capita GDP, and in Ghana only ________.

Accepted Answer

A)  equal to; one-third; one-tenth 
B)  one and a quarter; one-half ; one-third 
C)  three-fourths; one-third; one-fifteenth 
D)  four-fifths; one-half; one-quarter 
E)  one-half; one-half; one-quarter 
A)  equal to; one-third; one-tenth 
B)  one and a quarter; one-half ; one-third 
C)  three-fourths; one-third; one-fifteenth 
D)  four-fifths; one-half; one-quarter 
E)  one-half; one-half; one-quarter

Question 20

Suppose K and L grow at constant rates given by   and  
What is the growth rate of y if

Accepted Answer

A)    
B)    
C)    
D)    
E)    
A)    
B)    
C)    
D)    
E)

Suppose k grows at a rate of percent and l grows at a rate of Percent. If Then y grows at ________ percent.

In 1960, approximately of the world's population lived on less than $7 per day; by 2004, it to of the population.

The birthplace of modern economic growth was in during the century.

Suppose k, l, and m grow at constant rates given by And What is the growth rate of y if

Each of the following is a benefit of economic growth: a. loss of jobs in some sectors, b. pollution, and c. increased income inequality.

Define . If , , and if , then

Suppose k, l, and A grow at constant rates given by And What is the growth rate of y if

Suppose k grows at a rate of percent and l grows at a rate of Percent. If Then y grows at ________ percent.

If the 130,000-year period since anatomically modern humans made their first appearance were compressed into a single day, economic growth would have begun in the last three minutes.

Suppose k, l, and A grow at constant rates given by and The growth rate of y if is

Suppose there are L₀ people in the world today. If the population growth rate equals , then in 50 years, the world population will be:

Suppose k grows at a rate of percent and l grows at a rate of Percent. If Then y grows at ________ percent.

Assuming the current rate of economic growth continues, the average parent of a college student will have a lifetime income twice that of his or her son or daughter.

The rule of 70 states that if y_t grows at a rate of g percent per year, then the number of years it takes y_t to:

Until about 12,000 years ago, humans were ; at that point led to the first towns and true economic development.

If x grows at 3 percent and y grows at -2 percent and w = x/y, then w grows at 1 percent.

What country or countries do the following characteristics possibly describe? • Life expectancy at birth is under 50 years. • More than 90 percent of households do not have electricity. • Fewer than 10 percent of young adults have graduated from high school.

Per capita GDP in Japan and the UK is about United States per capita GDP, while in Argentina it is about U.S. per capita GDP, and in Ghana only .

Suppose K and L grow at constant rates given by and What is the growth rate of y if

Introduction to Macroeconomics

Measuring the Macroeconomy

A Model of Production

The Solow Growth Model

Growth and Ideas

The Labor Market, Wages, and Unemployment

Inflation

An Introduction to the Short Run

The Great Recession: a First Look

The Is Curve

Monetary Policy and the Phillips Curve

Stabilization Policy and the Asad Framework

The Great Recession and the Short-Run Model

Dsge Models: the Frontier of Business Cycle Research

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

Exam 3: An Overview of Long-Run Economic Growth

Suppose k grows at a rate of percent and l grows at a rate of Percent. If Then y grows at ________ percent.

In 1960, approximately ________ of the world's population lived on less than $7 per day; by 2004, it ________ to ________ of the population.

The birthplace of modern economic growth was in ________ during the ________ century.

Suppose k, l, and m grow at constant rates given by And What is the growth rate of y if

Each of the following is a benefit of economic growth: a. loss of jobs in some sectors, b. pollution, and c. increased income inequality.

Define . If , , and if , then

Suppose k, l, and A grow at constant rates given by And What is the growth rate of y if

Suppose k grows at a rate of percent and l grows at a rate of Percent. If Then y grows at ________ percent.

If the 130,000-year period since anatomically modern humans made their first appearance were compressed into a single day, economic growth would have begun in the last three minutes.

Suppose k, l, and A grow at constant rates given by and The growth rate of y if is

Suppose there are L0 people in the world today. If the population growth rate equals , then in 50 years, the world population will be:

Suppose k grows at a rate of percent and l grows at a rate of Percent. If Then y grows at ________ percent.

Assuming the current rate of economic growth continues, the average parent of a college student will have a lifetime income twice that of his or her son or daughter.

The rule of 70 states that if yt grows at a rate of g percent per year, then the number of years it takes yt to:

Until about 12,000 years ago, humans were ________; at that point ________ led to the first towns and true economic development.

If x grows at 3 percent and y grows at -2 percent and w = x/y, then w grows at 1 percent.

What country or countries do the following characteristics possibly describe? • Life expectancy at birth is under 50 years. • More than 90 percent of households do not have electricity. • Fewer than 10 percent of young adults have graduated from high school.

Per capita GDP in Japan and the UK is about ________ United States per capita GDP, while in Argentina it is about ________ U.S. per capita GDP, and in Ghana only ________.

Suppose K and L grow at constant rates given by and What is the growth rate of y if

Introduction to Macroeconomics

Measuring the Macroeconomy

A Model of Production

The Solow Growth Model

Growth and Ideas

The Labor Market, Wages, and Unemployment

Inflation

An Introduction to the Short Run

The Great Recession: a First Look

The Is Curve

Monetary Policy and the Phillips Curve

Stabilization Policy and the Asad Framework

The Great Recession and the Short-Run Model

Dsge Models: the Frontier of Business Cycle Research

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

In 1960, approximately of the world's population lived on less than $7 per day; by 2004, it to of the population.

The birthplace of modern economic growth was in during the century.

Suppose there are L₀ people in the world today. If the population growth rate equals , then in 50 years, the world population will be:

The rule of 70 states that if y_t grows at a rate of g percent per year, then the number of years it takes y_t to:

Until about 12,000 years ago, humans were ; at that point led to the first towns and true economic development.

Per capita GDP in Japan and the UK is about United States per capita GDP, while in Argentina it is about U.S. per capita GDP, and in Ghana only .