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Chapter 22

Chapter 22 Economic Growth.pdf

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Department
Economics
Course
ECON 1000
Professor
Steven Edwards
Semester
Winter

Description
apter 22Economic GrowthCh1Economic growth isAequal to real GDP perg capita multiplied by 7g0Balways accompanied bgy a rising price levelgCa sustained expansion gof production possibilgities measured as the gincrease in real GDP gover a givenperiodDa sustained expansion gof consumption expendigture over a given periodgEa sustained expansion gof production possibilgities measured as the gincrease in nominal GgDP over a givenperiodTopicThe Basics of Economic GgrowthIn 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 regal GDP of 421 billion agnd a population of 298 mgillionIn 2009 real GDgP was 459billion and populatiogn was 297 million What gwas Armenias economicg growth rate in 2009A038 percentB83 percentC111 percentD38 percentE90 percentTopicThe Basics of Economic Ggrowth3n 2008 Armenia had reagl GDP of 421 billion angd a population of 298 migllionIn 2009 real GDgP was 459Ibillion and populatiogn was 297 million Betwegen 2008 and 2009 Armenigas standard of living gAdoubledBdecreasedCdid not changeDmight have increased dgecreased or remainedg unchangedEincreasedTopicThe Basics of Economic Ggrowth4In 2008 Armenia had regal GDP of 421 billion agnd a population of 298 mgillionIn 2009 real GDgP was 459billion and populatiogn was 297 million Armgenias real GDP per pegrson in 2009 wasA141B132C1545D1413E380TopicThe Basics of Economic Ggrowth15During 2009 the countryg of Economia had real gGDPof 115 billion andg the population was 0g9 billionIn 2008real GDP was 105 billigon and the populationg was 085 billionIn 20g09 real GDP per persogn wasA12778B117C128D135E124TopicThe Basics of Economic Ggrowth6During 2009 the countryg of Economia had real gGDPof 115 billion andg the population was 0g9 billionIn 2008real GDP was 105 billigon and the populationg was 085 billionIn 20g08 real GDP per persogn wasA135B124C117D1235E128TopicThe Basics of Economic Ggrowth7Suppose a countrys pogpulation grows by 2 pergcent a year and at theg same time its real GDPg grows by 5percent a year Real GgDP per person is incrgeasing bya yearA10 percentB5 percentC2 percentD16 percentE3 percentTopicThe Basics of Economic Ggrowth8The Rule of 70 is used togAcalculate the economgys growth rateBestimate how long it willg take the level of any vagriable to doubleCestimate how much of ang economys growth rate gis attributable to techgnological advanceDestimate how much of ang economys growth rate gis attributable to incrgeases in capital per hgour of labourEcalculate the standargd of livingTopicThe Basics of Economic Ggrowth9Using the Rule of 70 if theg country of Flowerdomsg current growth rate of greal GDP per person gis 7 percent ayear how long will it tagke the countrys real GgDP per person to doubgleA7 yearsB1 yearC49 yearsD2 yearsE10 yearsTopicThe Basics of Economic Ggrowth2
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