ECON 2002.01 Study Guide - Quiz Guide: Diminishing Returns, Aggregate Supply, Economic Equilibrium

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Published on 28 Sep 2018
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ECONOMICS(2002.01( ( Autumn(2015(
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1) Suppose that in 2013 real GDP of Estonia grew by 3% and that the population
increased by 5%. Therefore in 2013, Estonia experienced
A) economic growth, but not an increase in living standards.
B) economic growth and an increase in living standards.
C) no economic growth, but an increase in living standards.
D) no economic growth and no increase in living standards.
2) The best measure of a countrys standard of living is
A) GDP per labor hour.
B) GDP per unit of capital.
C) GDP per capita.
D) total nominal GDP.
3) If real GDP per capita rises by 2% between 2013 and 2014, which of the
following is necessarily true?
A) Real GDP has risen by more than 2%.
B) The population has decreased.
C) The population has increased, but by less than 2%.
D) None of the above is necessarily true.
4) Suppose that an increase in capital per hour worked from $15,000 to $20,000
increases real GDP per hour worked by $500. If capital per hour worked
increases further to 25,000, by how much would you expect real GDP per hour
worked to increase if there are diminishing returns?
A) by less than $500
B) by exactly $500
C) by more than $500 but less than $5,000
D) by more than $5,000 but less than $20,000
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