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11 Feb 2018

Annual Growth Rates of Real GDP Per Capita

(in percents)

Ending
Year

1929

1933

-8.2

1939

0.2

1940

0.9

1945

3.7

10.3

1950

2.4

4.1

-1.8

1955

2.4

3.6

0.4

2.7

1960

2.2

2.9

0.6

1.7

0.8

1965

2.4

3.0

1.3

2.3

2.1

3.5

1970

2.3

2.9

1.5

2.3

2.2

2.9

2.3

1975

2.3

2.7

1.5

2.2

2.0

2.4

2.0

1.6

1980

2.3

2.7

1.7

2.2

2.1

2.5

2.2

2.1

2.6

1985

2.3

2.6

1.7

2.2

2.2

2.4

2.2

2.1

2.4

2.2

1990

2.3

2.6

1.8

2.2

2.2

2.4

2.2

2.2

2.4

2.2

2.3

1995

2.2

2.5

1.7

2.1

2.1

2.3

2.1

2.0

2.1

1.9

1.8

1.3

2001

2.3

2.5

1.9

2.2

2.2

2.3

2.2

2.2

2.3

2.2

2.2

2.1

2.8

1929

1940

1945

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

Starting Year

Source: Economic Report of the President, various years.


This table keeps changes in real GDP from being overstated by adjusting for

Select one:

a. productivity.

b. inflation.

c. standard of living.

d. population growth.

Question 2

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Per Capita GDP

Luxembourg

$33,609

United States

$33,586

Switzerland

$27,126

Japan

$23,311

Iceland

$23,230

Economists use numbers such as those in the table as a measure of

Select one:

a. net exports.

b. total dollar value of all final goods and services.

c. national income.

d. standard of living.

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Per Capita GDP

Luxembourg

$33,609

United States

$33,586

Switzerland

$27,126

Japan

$23,311

Iceland

$23,230

The numbers in this table were calculated by

Select one:

a. multiplying GDP by total population.

b. dividing GDP by total population.

c. adding the dollar value of all final goods and services produced in the nation.

d. subtracting net exports from GDP.

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A key gauge of future U.S. economic activity declined 0.5% last month, as the Sept. 11 terrorist attacks in New York and Washington weakened an already troubled economy.

The Conference Board said Monday its index of leading economic indicators fell to 109.2 in September,...the largest one-month decline since January 1996.... The index indicates where the overall U.S. economy is headed in the next three to six months....

The economy had been struggling for several months before the Sept. 11 attacks. Many economists have said they believe that a recession is unavoidable with the new uncertainties raised by the disaster.

Source: “Leading Indicators Decline,” USAToday.com, October 22, 2001.

The passage discusses a business fluctuation influenced by

Select one:

a. external shock.

b. monetary factors.

c. innovation.

d. capital expenditures.

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For all the recent talk of cutting taxes, Congress rarely cuts them when the economy is growing robustly, as it is now, and unemployment is low. The worry among economists is that the extra money in people’s pockets may make an already strong economy too strong, finally stoking inflation after a long period of relatively stable prices.


Source: The New York Times, July 14, 1999.

The passage describes rising inflation as a possible result of

Select one:

a. a booming economy.

b. rising unemployment.

c. tax cuts.

d. a prolonged period of stable prices.

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Reid Wolff
Reid WolffLv2
12 Feb 2018
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