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ECON_CH22.pdf

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Department
Administrative Studies
Course
ADMS 1010
Professor
All Professors
Semester
Winter

Description
University of LethbridgeDepartment of EconomicsECON 1012Introduction to MicroeconomicsInstructorMichael G LanyiChapter 22Economic Growth1Economic growth isAequal to real GDP per capita multiplied by 70Balways accompanied by a rising price levelCa sustained expansion of production possibilities measured as the increase in real GDP over a givenperiodDa sustained expansion of consumption expenditure over a given periodEa sustained expansion of production possibilities measured as the increase in nominal GDP over a givenperiodTopicThe Basics of Economic GrowthIn 2005 Armenia had a real GDP of approximately 421 billion and a population of 298 millionIn 2006 real GDP was 459 billionand population was 297 million2In 2008 Armenia had real GDP of 421 billion and a population of 298 millionIn 2009 real GDP was 459billion and population was 297 million What was Armenias economic growth rate in 2009A038 percentB83 percentC111 percentD38 percentE90 percentTopicThe Basics of Economic Growth3In 2008 Armenia had real GDP of 421 billion and a population of 298 millionIn 2009 real GDP was 459billion and population was 297 million Between 2008 and 2009 Armenias standard of living AdoubledBdecreasedCdid not changeDmight have increased decreased or remained unchangedEincreasedTopicThe Basics of Economic Growth4In 2008 Armenia had real GDP of 421 billion and a population of 298 millionIn 2009 real GDP was 459billion and population was 297 million Armenias real GDP per person in 2009 wasA141B132C1545D1413E380TopicThe Basics of Economic Growth15During 2009 the country of Economia had real GDPof 115 billion and the population was 09 billionIn 2008real GDP was 105 billion and the population was 085 billionIn 2009 real GDP per person wasA12778B117C128D135E124TopicThe Basics of Economic Growth6During 2009 the country of Economia had real GDPof 115 billion and the population was 09 billionIn 2008real GDP was 105 billion and the population was 085 billionIn 2008 real GDP per person wasA135B124C117D1235E128TopicThe Basics of Economic Growth7Suppose a countrys population grows by 2 percent a year and at the same time its real GDP grows by 5percent a year Real GDP per person is increasing bya yearA10 percentB5 percentC2 percentD16 percentE3 percentTopicThe Basics of Economic Growth8The Rule of 70 is used toAcalculate the economys growth rateBestimate how long it will take the level of any variable to doubleCestimate how much of an economys growth rate is attributable to technological advanceDestimate how much of an economys growth rate is attributable to increases in capital per hour of labourEcalculate the standard of livingTopicThe Basics of Economic Growth9Using the Rule of 70 if the country of Flowerdoms current growth rate of real GDP per person is 7 percent ayear how long will it take the countrys real GDP per person to doubleA7 yearsB1 yearC49 yearsD2 yearsE10 yearsTopicThe Basics of Economic Growth2
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