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

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

Economics

Daytona State College - ACG 2022

Chapter 7 quiz

Question1)Economic growth is most commonly measured by:

Question 1 options:

a) 

real GDP per capita.

b) 

GDP per capita.

c) 

GDP.

d) 

Genuine Progress Indicator per capita.

 

Question 2 

 

Which statement about the Rule of 70 is TRUE?

Question 2 options:

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.

 

Question 3 

 

Which of the following occurrences is the key explanation for the high economic growth in the United States in the past century?

Question 3 options:

a) 

technology improvements

b) 

an increase in population

c) 

increasing the capital-to-labor ratio

d) 

investment in human capital

 

Question 4 

 

In the United States, real GDP is measured by:

Question 4 options:

a) 

the Congressional Budget Office.

b) 

the Federal Reserve.

c) 

the National Bureau of Economic Research.

d) 

the Bureau of Economic Analysis.

 

Question 5 

 

Land and natural resources include:

Question 5 options:

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.

 

Question 6 

 

Physical capital includes:

Question 6 options:

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.

 

Question 7 

 

If technology is held constant, an increase in capital concurrent with a decrease in labor input causes output to:

Question 7 options:

a) 

rise, fall, or stay the same.

b) 

stay the same.

c) 

rise.

d) 

fall.

 

Question 8 

 

The capital-to-labor ratio measures:

Question 8 options:

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.

 

Question 9 

 

On-the-job training can lead to an increase in:

Question 9 options:

a) 

population.

b) 

the quality of the labor force.

c) 

the capital-to-labor ratio.

d) 

the financial capital ratio.

 

Question 10 

 

Developed nations tend to have:

Question 10 options:

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.

 

Question 11 

 

All of the following are considered sources of long-run growth EXCEPT:

Question 11 options:

a) 

increases in productivity.

b) 

increases in capital.

c) 

improvements in technology.

d) 

increases in demand.

 

Question 12 

 

Increases in ___________ often lead to economic growth.

Question 12 options:

a) 

money supply

b) 

technology

c) 

public goods

d) 

government regulations

 

Question 13 

 

The catch-up effect tends to:

Question 13 options:

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.

 

Question 14 

 

Malthus believed that population increased ______ and food resources increased ______.

Question 14 options:

a) 

irresponsibly; economically

b) 

meagerly; substantially

c) 

arithmetically; geometrically

d) 

geometrically; arithmetically

 

Question 15 

 

The historical evidence shows that:

Question 15 options:

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.

 

Question 16 

 

Infrastructure is defined as a country's:

Question 16 options:

a) 

public capital.

b) 

investment in human capital.

c) 

private stock of capital.

d) 

financial capital.

 

Question 17 

 

Protection of property rights is:

Question 17 options:

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.

 

Question 18 

 

A stable financial system is important for all of the following reasons EXCEPT:

Question 18 options:

a) 

keeping the purchasing power of the currency stable.

b) 

facilitating transactions.

c) 

tax rate stability.

d) 

permitting credit institutions to arise.

 

Question 19 

 

The relationship between economic freedom and per capita GDP is:

Question 19 options:

a) 

negative for advanced economies and positive for developing economies.

b) 

negative.

 

c) 

positive for advanced economies and negative for developing economies.

 

d) 

positive.

 

Question 20 

 

Which is NOT a characteristic of a stable financial system?

Question 20 options:

a) 

stable prices

 

b) 

flourishing credit markets

 

c) 

ease of making financial transactions

 

d) 

unanticipated high inflation

 

 

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