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Economics

ECON 1010

Steven Edwards

Winter

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Economics Canada in the Global Environment 7e ParkinChapter 22 Economic Growth221 The Basics of Economic Growth1 Economic growth isA a sustained expansion of production possibilities measured as the increase in nominal GDP over a given periodB a sustained expansion of consumption expenditure over a given periodC always accompanied by a rising price levelD equal to real GDP per capita multiplied by 70E a sustained expansion of production possibilities measured as the increase in real GDP over a given periodAnswerEDiff 2TopicThe Basics of Economic GrowthSkillRecognitionAACSBReflective Thinking2 In 2008 Armenia had real GDP of 421 billion and a population of 298 millionIn 2009 real GDP was 459 billion and population was 297 million What was Armenias economic growth rate in 2009A 038 percentB 38 percentC 83 percentD 90 percentE 111 percentAnswerDTopicThe Basics of Economic GrowthSkillAnalyticalAACSBAnalytical Skills3 In 2008 Armenia had real GDP of 421 billion and a population of 298 millionIn 2009 real GDP was 459 billion and population was 297 million Between 2008 and 2009 Armenias standard of living A increasedB decreasedC did not changeD might have increased decreased or remained unchangedE doubledAnswerATopicThe Basics of Economic GrowthSkillConceptualAACSBAnalytical Skills1 2010 Pearson Education Canada4 In 2008 Armenia had real GDP of 421 billion and a population of 298 millionIn 2009 real GDP was 459 billion and population was 297 million Armenias real GDP per person in 2009 wasA 1545B 380C 1413D 132E 141AnswerATopicThe Basics of Economic GrowthSkillAnalyticalAACSBAnalytical Skills5 During 2009 the country of Economia had real GDPof 115 billion and the population was 09 billionIn 2008 real GDP was 105 billion and the population was 085 billionIn 2009 real GDP per person wasA 124B 135C 117D 12778E 128AnswerEDiff 2TopicThe Basics of Economic GrowthSkillAnalyticalAACSBAnalytical Skills6 During 2009 the country of Economia had real GDPof 115 billion and the population was 09 billionIn 2008 real GDP was 105 billion and the population was 085 billionIn 2008 real GDP per person wasA 128B 124C 135D 117E 1235AnswerBDiff 2TopicThe Basics of Economic GrowthSkillAnalyticalAACSBAnalytical Skills2 2010 Pearson Education Canada7 Suppose a countrys population grows by 2 percent a year and at the same time its real GDP grows by 5 percent a year Real GDP per person is increasing bya yearA 2 percentB 5 percentC 10 percentD 16 percentE 3 percentAnswerETopicThe Basics of Economic GrowthSkillAnalyticalAACSBAnalytical Skills8 The Rule of 70 is used toA estimate how much of an economys growth rate is attributable to increases in capital per hour of labourB calculate the standard of livingC calculate the economys growth rateD estimate how long it will take the level of any variable to doubleE estimate how much of an economys growth rate is attributable to technological advanceAnswerDTopicThe Basics of Economic GrowthSkillRecognitionAACSBReflective Thinking9 Using the Rule of 70 if the country of Flowerdoms current growth rate of real GDP per person is 7 percent a year how long will it take the countrys real GDP per person to doubleA 1 yearB 2 yearsC 10 yearsD 49 yearsE 7 yearsAnswerCDiff 2TopicThe Basics of Economic GrowthSkillAnalyticalAACSBAnalytical Skills3 2010 Pearson Education Canada

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