Deck 15: Is Economic Stagnation the New Normal

Question 1

World economic growth, as measured by increases in real per-capita GDP, was essentially zero during the period

A)1300-1750
B)1750-1860
C)1865-1929
D)1946-1980

Answer 1

A

Question 2

Economic growth, as measured by increases in real per-capita GDP, was at its strongest during

A)1960s
B)1990s
C)2000s
D)2010s

Answer 2

A

Question 3

The high school graduation rate rose from 45% to 85% from 1950 to 1980 and this

A)was a significant source of economic growth during that period.
B)was entirely countered by an opposite trend among men so growth was slow.
C)was more than countered by an opposite trend among men so growth was negative.
D)should have been a source of growth but wasn't.

Answer 3

A

Question 4

Economic growth, as measured by increases in real per-capita GDP, exceeded 2% during the

A)1950s, 1960s, 1970s and 1980s
B)1980s, 1990s, 2000s and 2010s
C)1960s, 1970s, and 1980s
D)2000s and 2010s

Question 5

Economic growth, as measured by increases in real per-capita GDP, exceeded 3% during the

A)1960s
B)1980s
C)1990s
D)2000s and 2010s

Question 6

World economic growth, as measured by increases in real per-capita GDP, exceeded 2% during the period

A)1300-1750
B)1750-1860
C)1865-1929
D)1946-1980

Question 7

The sources of economic growth, as measured by increases in real per-capita GDP, include

A)An increase in the number of workers
B)An increase in the productivity of workers
C)An increase in economic freedom
D)All of these are sources of growth

Question 8

Economic growth, as measured by increases in real per-capita GDP, was at its strongest during

A)1950s
B)1960s
C)1970s
D)1980s

Question 9

The labor force participation rate among women 25 to 54 rose rapidly between 1950 and 2000 (from 36% to 77%)and this

A)was a significant source of economic growth during that period.
B)was entirely countered by an opposite trend among men so growth was slow.
C)was more than countered by an opposite trend among men so growth was negative.
D)should have been a source of growth but wasn't.

Question 10

When women entered the workforce in greater numbers after World War II, this had its greatest impact on growth through which source?

A)An increase in the number of workers
B)An increase in the productivity of workers
C)An increase in economic freedom
D)Education

Question 11

When high school graduation and college graduation rates increased during the 1960s through the 1980s, this had its greatest impact on growth through which source?

A)An increase in the number of workers
B)An increase in the productivity of workers
C)An increase in economic freedom
D)None of these

Question 12

Economic growth, as measured by increases in real per-capita GDP, was at its weakest during

A)1970s
B)1980s
C)1990s
D)2000s and 2010s

Question 13

When free trade and free flow of capital rules were put in place in the post-World War II era this had its greatest impact on growth through which source?

A)An increase in the number of workers
B)An increase in the productivity of workers
C)An increase in economic freedom
D)None of these

Question 14

The productivity rose rapidly between 1950 and 2000 through in use of carbon-based energy and the lighting of factories (allowing for 24/7/365 operations)and this

A)was a significant source of economic growth during that period.
B)was entirely countered by an opposite trend among men so growth was slow.
C)was more than countered by an opposite trend among men so growth was negative.
D)should have been a source of growth but wasn't.

Question 15

If a candidate for political office was espousing a "pro-growth" agenda and was focused on innovation, this would have its greatest impact on growth through which source?

A)An increase in the number of workers
B)An increase in the productivity of workers
C)An increase in economic freedom
D)None of these

Question 16

The high school graduation rate ____ between 1950 and 2000

A)Stayed relatively constant
B)Rapidly vacillated
C)Rose dramatically
D)Fell dramatically

Question 17

The labor force participation rate among women 25 to 54 ____ between 1950 and 2000

A)Stayed relatively constant
B)Rapidly vacillated
C)Rose dramatically
D)Fell dramatically

Question 18

World economic growth, as measured by increases in real per-capita GDP, exceeded 2% during the period

A)1865-1929
B)1946-1980
C)1946-2015
D)2009-2015

Question 19

If a candidate for political office was espousing a "pro-growth" agenda and was focused on universal and free college education, this would have its greatest impact on growth through which source?

A)An increase in the number of workers
B)An increase in the productivity of workers
C)An increase in economic freedom
D)None of these

Question 20

If a candidate for political office was espousing a "pro-growth" agenda and was focused on decreasing government regulations, this would have its greatest impact on growth through which source?

A)An increase in the number of workers
B)An increase in the productivity of workers
C)An increase in economic freedom
D)None of these

Question 21

The innovations from 2000 and today

A)were unrepeatable.
B)were the same as those in the period prior to 1980 but didn't have the same impact
C)were never really that important
D)were focused on entertainment

Question 22

The percentage of the population in the two higher income classes (defined by Pew as having more than 200% of median family income) declined from more than 60% in the 1970s to 50% in 2015. Economists see the decline in the middle class as a

A)cause of the decline in growth, not a consequence of it.
B)consequence of the decline in growth, not a cause of it.
C)Unrelated to the decline in growth.
D)Both a cause and a consequence of the decline in growth.

Question 23

Those that believe that the recent period of slow growth will pass and that higher levels of growth can be anticipated

A)Believe that the causes of older growth (increases in the labor force participation rate and the use of energy to replace people power)are still available
B)Believe we are on the cusp of a period of new (artificial intelligence-based)innovations
C)Believe we have to get used to slower growth and hope for the best
D)Have blind faith and not much else.

Question 24

The percentage of the population in the two higher income classes (defined by Pew as having more than 200% of median family income) declined from more than 60% in the 1970s to 50% in 2015. Economists that see the decline in the middle class as a consequence of declining growth argue

A)The middle class is responsible for buying a high portion of the goods and services produced.
B)If the poor can't afford goods, fewer will be produced.
C)The middle class is responsible for most of the investment dollars available
D)That middle class are generated by growth and without it, there are fewer such jobs.

Question 25

The labor force participation rate among both men and women 25 to 54 ____ from 2000 to today

A)Stayed relatively constant
B)Rapidly vacillated
C)Rose dramatically
D)Fell (particularly for men)

Question 26

The percentage of the population in the two higher income classes (defined by Pew as having more than 200% of median family income) declined from more than 60% in the 1970s to 50% in 2015. Economists that see the decline in the middle class as a cause of declining growth argue

A)The middle class is responsible for buying a high portion of the goods and services produced.
B)If the poor can't afford goods, fewer will be produced.
C)The middle class is responsible for most of the investment dollars available
D)That middle class are generated by growth and without it, there are fewer such jobs.

Question 27

Those that believe that the recent period of slow growth will pass and that higher levels of growth can be created

A)Are all conservatives suggesting regulation and pro-business tax policies
B)Are all liberals suggesting increased government spending and redistributive tax and entitlement policies
C)Are all techno-optimists
D)Are a combination of those described above

Question 28

The tightening of credit standards after the Great Recession

A)was a significant reason behind the slowing of economic growth during that period.
B)was entirely countered by an opposite trend in regulation so was nearly zero.
C)was more than countered by an opposite trend in regulation so growth was robust.
D)should have been a source of growth but wasn't.

Question 29

The innovations that allowed from robust economic growth between 1950 and 2000

A)were unrepeatable.
B)were repeated in the period after 1980 but didn't have the same impact
C)were never really that important
D)were focused on entertainment

Question 30

Those that believe that the recent period of slow growth will pass and that higher levels of growth can be created through conservative policies focus on ones that would cause

A)Increases to aggregate demand
B)Increases to aggregate supply
C)Increases in interest rates
D)Decreases in aggregate supply

Question 31

Those that believe that the recent period of slow growth will pass and that higher levels of growth can be created through liberal policies focus on ones that would cause

A)Increases to aggregate demand
B)Increases to aggregate supply
C)Increases in interest rates
D)Decreases in aggregate supply

Question 32

The labor force participation rate among both men and women 25 to 54 fell after 2000 and this

A)was a significant reason behind the slowing of economic growth during that period.
B)was entirely countered by an opposite trend for those over 55 so growth was nearly zero.
C)was more than countered by an opposite trend for those over 55 so growth was rapid.
D)should have been a source of growth but wasn't.

Question 33

The percentage of the population in the two higher income classes (defined by Pew as having more than 200% of median family income)

A)declined from more than 60% in the 1970s to 50% in 2015
B)declined from more than 60% in the 1970s to 20% in 2015
C)remained constant at 60% from the 1970s to 2015
D)increased from the 1970s to 2015

Question 34

Those that believe that the recent period of slow growth is the new normal that we need to get used to

A)Believe that the causes of older growth (increases in the labor force participation rate and the use of energy to replace people power)are still available
B)Believe we are on the cusp of a period of new (artificial intelligence-based)innovations
C)Believe we have to hope for the best
D)Believe that the period of robust growth was actually just a historic anomaly.

Question 35

The percentage of the population in the two lower income classes (defined by Pew as having less than 67% of median family income)

A)declined from more than 60% in the 1970s to 50% in 2015
B)declined from more than 60% in the 1970s to 20% in 2015
C)remained constant at 60% from the 1970s to 2015
D)increased from the 1970s to 2015

Question 36

The slowing rate of population growth in the US after 2000 (from 1.8% per year to 0.9% per year)

A)was a significant reason behind the slowing of economic growth during that period.
B)was entirely countered by an opposite trend in immigration so growth was nearly zero.
C)was more than countered by an opposite trend in immigration so growth was robust.
D)should have been a source of growth but wasn't.

Question 37

Those that believe that the recent period of slow growth is the new normal that we need to get used to

A)Believe that the causes of older growth (increases in the labor force participation rate and the use of energy to replace people power)are still available
B)Believe we are on the cusp of a period of new (artificial intelligence-based)innovations
C)Believe we have to hope for the best
D)Believe that the causes of older growth (increases in the labor force participation rate and the use of energy to replace people power)are unavailable because they are a one-and-done.

Question 38

The aging of the US population growth after 2000

A)was a significant reason behind the slowing of economic growth during that period.
B)was entirely countered by an opposite trend in immigration so growth was nearly zero.
C)was more than countered by an opposite trend in immigration so growth was robust.
D)should have been a source of growth but wasn't.

Question 39

The percentage of the population in the middle-class (defined by Pew as having income between 67% and 200% of median family income)

A)declined from more than 60% in the 1970s to 50% in 2015
B)declined from more than 60% in the 1970s to 20% in 2015
C)remained constant at 60% from the 1970s to 2015
D)increased from the 1970s to 2015

Question 40

Economic growth slowed during the 2000s and 2010s, in part because

A)the sources of growth prior to the 2000 could only happen once (increases in the female labor force participation rate and high school graduation rate)
B)the innovations of the 2000s and 2010s were more likely to increase the entertainment value of spare time
C)baby boomers started to retire
D)all of these

Question 41

Those that believe that the recent period of slow growth will pass and that higher levels of growth can be created through liberal policies focus on

A)redistributive tax alone
B)increased government spending alone
C)entitlement spending alone
D)redistributive tax and entitlement spending as well as on increased government spending

Question 42

Those that believe that the recent period of slow growth will pass and that higher levels of growth can be created through conservative policies focus on

A)Deregulation alone
B)pro-business tax policies alone
C)redistributive tax and entitlement spending
D)both deregulation and pro-business tax policies