Question 1

According to the text, in which countries did economic growth begin? Which countries lag behind?

Accepted Answer

Modern economic growth began primarily i

Question 2

If per capita GDP in 2015 was $1,000 and in 2016 was $1,200, the growth rate of per capita GDP was:

Accepted Answer

A)  1.2 percent. 
B)  about 17 percent. 
C)  20 percent. 
D)  120 percent. 
E)  Not enough information is given. 
A)  1.2 percent. 
B)  about 17 percent. 
C)  20 percent. 
D)  120 percent. 
E)  Not enough information is given.

Question 3

The president of the World Bank is on his way to a meeting with the president of Uruguay. He bumps into you in the hallway and wants to know how long it will take for Uruguayan per capita GDP to double. All he knows is that the average growth rate has been about 1 percent. You quickly tell him it will take about ________ years because you know ________.

Accepted Answer

A)  60; the rule of 60 
B)  7; the rule of 70 
C)  700; percent change 
D)  70; the rule of 70 
E)  1; exponential growth 
A)  60; the rule of 60 
B)  7; the rule of 70 
C)  700; percent change 
D)  70; the rule of 70 
E)  1; exponential growth

Question 4

The growth rate of any variable y between periods t and t + 1 is the percentage change in that variable, given by   
.

Accepted Answer

A) True 
 B)False

Question 5

Despite the costs associated with economic growth, most believe:

Accepted Answer

A)  they will only get higher. 
B)  there are not too many benefits. 
C)  they are higher than the benefits. 
D)  the benefits far outweigh the costs. 
E)  the benefits are negative. 
A)  they will only get higher. 
B)  there are not too many benefits. 
C)  they are higher than the benefits. 
D)  the benefits far outweigh the costs. 
E)  the benefits are negative.

Question 6

If x grows at 3 percent and y grows at -2 percent and w = x/y, then w grows at 5 percent.

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

Between 1970 and 1976, Israel's average inflation rate was about 65 percent per year. With that rate of inflation, prices would double about every ________ years, using the rule of 70.

Accepted Answer

A)  93 
B)  107.7 
C)  0.95 
D)  1.1 
E)  9.3 
A)  93 
B)  107.7 
C)  0.95 
D)  1.1 
E)  9.3

Question 9

English philosopher Thomas Hobbes is notable for observing that life was ________ for thousands of years.

Accepted Answer

A)  nasty, brutish, and short 
B)  just like the legend of King Arthur 
C)  great, if you were a king 
D)  halcyon, fulsome, but short 
E)  comfortable and prosperous 
A)  nasty, brutish, and short 
B)  just like the legend of King Arthur 
C)  great, if you were a king 
D)  halcyon, fulsome, but short 
E)  comfortable and prosperous

Question 10

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 11

Suppose y0=100 and assume k grows at a constant rate   
percent per year. If   
what is the approximate value of y in 50 years?

Accepted Answer

This is a two-part question. First, you

Question 12

The president of the World Bank has asked you to calculate the average per capita GDP growth rate of Rwanda from 1980 to 2010. In 1980, per capita GDP was about $728 and in 2010 was about $1,025. You tell him the average growth rate of per capita GDP is about ________ percent.

Accepted Answer

A)  1.1 
B)  -1.1 
C)  0.0 
D)  -2.3 
E)  20.2 
A)  1.1 
B)  -1.1 
C)  0.0 
D)  -2.3 
E)  20.2

Question 13

One of the nice properties of the rule of 70 is that it simply approximates how long it will take for a variable to double, but it is dependent on the level of the variable.

Accepted Answer

A) True 
 B)False

Question 14

The costs of economic growth include which of the following?

Accepted Answer

A)  pollution and the depletion of natural resources 
B)  global warming 
C)  increased income inequality 
D)  technological advances, which may lead to the loss of specific jobs and industries 
E)  All of these answers are correct. 
A)  pollution and the depletion of natural resources 
B)  global warming 
C)  increased income inequality 
D)  technological advances, which may lead to the loss of specific jobs and industries 
E)  All of these answers are correct.

Question 15

Name three of the fastest-growing countries from 1960 to 2010. Name three of the slowest over the same period. Are there any similarities?

Accepted Answer

@#LAT-DLM& Fast-South Korea, Hong Kong, Thailand,

Question 16

According to historical data, wages in ancient Greece and Rome were about the same as wages in fifteenth-century Britain.

Accepted Answer

A) True 
 B)False

Question 17

The "birthplace" of modern economic growth was the mid-nineteenth-century United States.

Accepted Answer

A) True 
 B)False

Question 18

If the population of Romania was about 20.3 million in 1970 and the average population growth rate is 0.2 percent, then Romania's population would have been about ________ million in 2010.

Accepted Answer

A)  20.3 
B)  22.0 
C)  40.6 
D)  17.4 
E)  23.6 
A)  20.3 
B)  22.0 
C)  40.6 
D)  17.4 
E)  23.6

Question 19

A benefit of economic growth is the expansion in the variety of goods and services available to individuals.

Accepted Answer

A) True 
 B)False

Question 20

The president of the World Bank has asked you to calculate the average population growth rate of Hungary from 1970 to 2010. You know the population was about 10.4 million in 1970 and about 9.5 million in 2010. The average growth rate is about ________ percent.

Accepted Answer

A)  0.2 
B)  -0.2 
C)  98.4 
D)  2.7 
E)  -200 
A)  0.2 
B)  -0.2 
C)  98.4 
D)  2.7 
E)  -200

According to the text, in which countries did economic growth begin? Which countries lag behind?

If per capita GDP in 2015 was $1,000 and in 2016 was $1,200, the growth rate of per capita GDP was:

The growth rate of any variable y between periods t and t + 1 is the percentage change in that variable, given by .

Despite the costs associated with economic growth, most believe:

If x grows at 3 percent and y grows at -2 percent and w = x/y, then w grows at 5 percent.

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

Between 1970 and 1976, Israel's average inflation rate was about 65 percent per year. With that rate of inflation, prices would double about every ________ years, using the rule of 70.

English philosopher Thomas Hobbes is notable for observing that life was ________ for thousands of years.

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

Suppose y₀=100 and assume k grows at a constant rate percent per year. If what is the approximate value of y in 50 years?

The president of the World Bank has asked you to calculate the average per capita GDP growth rate of Rwanda from 1980 to 2010. In 1980, per capita GDP was about $728 and in 2010 was about $1,025. You tell him the average growth rate of per capita GDP is about ________ percent.

One of the nice properties of the rule of 70 is that it simply approximates how long it will take for a variable to double, but it is dependent on the level of the variable.

The costs of economic growth include which of the following?

Name three of the fastest-growing countries from 1960 to 2010. Name three of the slowest over the same period. Are there any similarities?

According to historical data, wages in ancient Greece and Rome were about the same as wages in fifteenth-century Britain.

The "birthplace" of modern economic growth was the mid-nineteenth-century United States.

If the population of Romania was about 20.3 million in 1970 and the average population growth rate is 0.2 percent, then Romania's population would have been about ________ million in 2010.

A benefit of economic growth is the expansion in the variety of goods and services available to individuals.

The president of the World Bank has asked you to calculate the average population growth rate of Hungary from 1970 to 2010. You know the population was about 10.4 million in 1970 and about 9.5 million in 2010. The average growth rate is about ________ percent.

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

According to the text, in which countries did economic growth begin? Which countries lag behind?

If per capita GDP in 2015 was $1,000 and in 2016 was $1,200, the growth rate of per capita GDP was:

The growth rate of any variable y between periods t and t + 1 is the percentage change in that variable, given by .

Despite the costs associated with economic growth, most believe:

If x grows at 3 percent and y grows at -2 percent and w = x/y, then w grows at 5 percent.

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

Between 1970 and 1976, Israel's average inflation rate was about 65 percent per year. With that rate of inflation, prices would double about every ________ years, using the rule of 70.

English philosopher Thomas Hobbes is notable for observing that life was ________ for thousands of years.

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

Suppose y0=100 and assume k grows at a constant rate percent per year. If what is the approximate value of y in 50 years?

The president of the World Bank has asked you to calculate the average per capita GDP growth rate of Rwanda from 1980 to 2010. In 1980, per capita GDP was about $728 and in 2010 was about $1,025. You tell him the average growth rate of per capita GDP is about ________ percent.

One of the nice properties of the rule of 70 is that it simply approximates how long it will take for a variable to double, but it is dependent on the level of the variable.

The costs of economic growth include which of the following?

Name three of the fastest-growing countries from 1960 to 2010. Name three of the slowest over the same period. Are there any similarities?

According to historical data, wages in ancient Greece and Rome were about the same as wages in fifteenth-century Britain.

The "birthplace" of modern economic growth was the mid-nineteenth-century United States.

If the population of Romania was about 20.3 million in 1970 and the average population growth rate is 0.2 percent, then Romania's population would have been about ________ million in 2010.

A benefit of economic growth is the expansion in the variety of goods and services available to individuals.

The president of the World Bank has asked you to calculate the average population growth rate of Hungary from 1970 to 2010. You know the population was about 10.4 million in 1970 and about 9.5 million in 2010. The average growth rate is about ________ percent.

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

Suppose y₀=100 and assume k grows at a constant rate percent per year. If what is the approximate value of y in 50 years?