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Economics

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1. What are the three main categories of things which affect economic growth in the long run?

 

 

 

 

2.  Which of the above probably explains most of world economic growth over the last 200 years?

 

 

 

 

3.  Which of the above probably explains most of the difference in output between North Korea and South Korea?

 

 

 

 

4.  If an economy grows at 5% per year, how long will it take for per capita real GDP to double?

 

 

 

 

5.  If nominal GDP (the dollar value of goods and services produced in a country) grows by 10%, the population grows by 3% and the price level grows by 5%, what is the rate of economic growth?

 

 

 

 

6.  If real GDP goes from 24,000 to 28,000 what is the percentage change in real GDP?

 

 

 

 

7.  Name one institution which fosters economic growth.

 

 

 

 

8.  According to Adam Smith, the division of labour is limited by the extent of what?