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Final

# ECON 1010 Study Guide - Final Guide: Association To Advance Collegiate Schools Of Business, Pearson Education, Technological ChangeExam

Department
Economics
Course Code
ECON 1010
Professor
Edward Haltrecht
Study Guide
Final

This preview shows pages 1-3. to view the full 31 pages of the document.
Chapter 22 Economic Growth
22.1 The Basics of Economic Growth
1) Economic growth is
A) a sustained expansion of production possibilities measured as the increase in nominal GDP
over a given period.
B) a sustained expansion of consumption expenditure over a given period.
C) always accompanied by a rising price level.
D) equal to real GDP per capita multiplied by 70.
E) a sustained expansion of production possibilities measured as the increase in real GDP over a
given period.
Diff: 2 Type: MC
Topic: The Basics of Economic Growth
Skill: Recognition
AACSB: Reflective Thinking
2) In 2010, Northland had real GDP of \$4.21 billion and a population of 2.98 million. In 2011,
real GDP was \$4.59 billion and population was 2.97 million. What was Northland's economic
growth rate in 2011?
A) 0.38 percent
B) 3.8 percent
C) 8.3 percent
D) 9.0 percent
E) 11.1 percent
Type: MC
Topic: The Basics of Economic Growth
Skill: Analytical
AACSB: Analytical Skills
3) In 2010, Northland had real GDP of \$4.21 billion and a population of 2.98 million. In 2011,
real GDP was \$4.59 billion and population was 2.97 million. Between 2010 and 2011,
Northland's standard of living ________.
A) increased
B) decreased
C) did not change
D) might have increased, decreased, or remained unchanged
E) doubled.
Type: MC
Topic: The Basics of Economic Growth
Skill: Conceptual
AACSB: Analytical Skills

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

4) In 2010, Northland had real GDP of \$4.21 billion and a population of 2.98 million. In 2011,
real GDP was \$4.59 billion and population was 2.97 million. Northland's real GDP per person in
2011 was
A) \$1,545.
B) \$380.
C) \$1,413.
D) \$132.
E) \$1.41.
Type: MC
Topic: The Basics of Economic Growth
Skill: Analytical
AACSB: Analytical Skills
5) During 2011, the country of Economia had real GDP of \$115 billion and the population was
0.9 billion. In 2010, real GDP was \$105 billion and the population was 0.85 billion. In 2011,
real GDP per person was
A) \$124.
B) \$135.
C) \$117.
D) \$12,778.
E) \$128.
Diff: 2 Type: MC
Topic: The Basics of Economic Growth
Skill: Analytical
AACSB: Analytical Skills
6) During 2011, the country of Economia had real GDP of \$115 billion and the population was
0.9 billion. In 2010, real GDP was \$105 billion and the population was 0.85 billion. In 2010,
real GDP per person was
A) \$128.
B) \$124.
C) \$135.
D) \$117.
E) \$1,235.
Diff: 2 Type: MC
Topic: The Basics of Economic Growth
Skill: Analytical
AACSB: Analytical Skills

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

7) Suppose a country's 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 by ________ a year.
A) 2 percent
B) 5 percent
C) 10 percent
D) 16 percent
E) 3 percent
Type: MC
Topic: The Basics of Economic Growth
Skill: Analytical
AACSB: Analytical Skills
8) The Rule of 70 is used to
A) estimate how much of an economy's growth rate is attributable to increases in capital per hour
of labour.
B) calculate the standard of living.
C) calculate the economy's growth rate.
D) estimate how long it will take the level of any variable to double.
E) estimate how much of an economy's growth rate is attributable to technological advance.
Type: MC
Topic: The Basics of Economic Growth
Skill: Recognition
AACSB: Reflective Thinking
9) Using the Rule of 70, if the country of Flowerdom's current growth rate of real GDP per
person is 7 percent a year, how long will it take the country's real GDP per person to double?
A) 1 year
B) 2 years
C) 10 years
D) 49 years
E) 7 years