Daytona State College - ACG 2022 Chapter 7 quiz Question1)Economic growth is most commonly measured by: Question 1 options: a)  real GDP per capita

a) 

real GDP per capita.

b) 

GDP per capita.

c) 

GDP.

d) 

Genuine Progress Indicator per capita.

a) 

It states that the number of years required for a value to double in size is 70 times the growth rate.

b) 

It becomes more accurate over time.

c) 

It provides an exact estimate of compounded values over time.

d) 

It is fairly accurate for small growth rates.

a) 

technology improvements

b) 

an increase in population

c) 

increasing the capital-to-labor ratio

d) 

investment in human capital

a) 

the Congressional Budget Office.

b) 

the Federal Reserve.

c) 

the National Bureau of Economic Research.

d) 

the Bureau of Economic Analysis.

a) 

human capital.

b) 

manufactured products that are used to produce other goods and services.

c) 

water and minerals that come from the earth.

d) 

the mental and physical talents of people.

a) 

the physical talents of people.

b) 

manufactured products that are used to produce other goods and services.

c) 

land and raw resources that come from land.

d) 

the ability to take physical resources and use them in creative ways to produce goods and services.

a) 

rise, fall, or stay the same.

b) 

stay the same.

c) 

rise.

d) 

fall.

a) 

the rate of technological improvement.

b) 

the financial resources of a company divided by the number of employees.

c) 

the amount of economic capital per worker.

d) 

the average number of hours worked.

a) 

population.

b) 

the quality of the labor force.

c) 

the capital-to-labor ratio.

d) 

the financial capital ratio.

a) 

low capital-to-labor ratios.

b) 

limited labor supplies but lots of capital.

c) 

large amounts of both labor and capital.

d) 

limited amounts of both labor and capital.

a) 

increases in productivity.

b) 

increases in capital.

c) 

improvements in technology.

d) 

increases in demand.

a) 

money supply

b) 

technology

c) 

public goods

d) 

government regulations

a) 

speed up over time.

b) 

slow down over time.

c) 

remain the same over time unless new technologies are developed.

d) 

remain the same over time.

a) 

irresponsibly; economically

b) 

meagerly; substantially

c) 

arithmetically; geometrically

d) 

geometrically; arithmetically

a) 

a country's degree of freedom is related to the level of economic growth.

b) 

economic freedom is detrimental to growth, because market participants tend to make mistakes.

c) 

there is no connection between citizens' freedoms and economic prosperity.

d) 

despotic governments invest wisely, because they have access to all relevant information.

a) 

public capital.

b) 

investment in human capital.

c) 

private stock of capital.

d) 

financial capital.

a) 

an intangible resource that is part of the infrastructure.

b) 

independent of a stable legal system.

c) 

not part of the infrastructure.

d) 

a tangible resource, such as a dam or a road.

a) 

keeping the purchasing power of the currency stable.

b) 

facilitating transactions.

c) 

tax rate stability.

d) 

permitting credit institutions to arise.

a) 

negative for advanced economies and positive for developing economies.

b) 

negative.

c) 

positive for advanced economies and negative for developing economies.

d) 

positive.

a) 

stable prices

b) 

flourishing credit markets

c) 

ease of making financial transactions

d)