6)Which country experienced the larger increase in goods and services? a. Bearla

Question

6)Which country experienced the larger increase in goods and services?
a. Bearland experienced the larger increase in goods and services.
b. Bullville experienced the larger increase in goods and services.
c. Bullville and Bearland experienced the same amount of increase in goods and services.
d. More information is required to determine which country had a greater increase in goods and services. 7. Flinstonia has a real GDP of $100,000 and Bedrockton has a real GDP of $100,000,000. Which country has the higher standard of living?
a. There is not enough information provided to make that determination.
b. Flinstonia has the higher standard of living.
c. Bedrockton has the higher standard of living.
d. The people of Flinstonia and Bedrockton enjoy the same standard of living.
8. Productivity is
a. the ratio of how much output is produced per unit of input per unit of time.
b. the quantity of output produced within a country within a year.
c. the number of hours it takes to produce a certain level of output.
d. the quantity of workers it takes to produce a certain level of output.
9. A measure of standard of living is
a. GDP.
b. GDP per capita.
c. real GDP.
d. real GDP per capita.
10. To calculate the average economic growth rate over the 10-year period 2002 through 2011,
a. add the 10 years of GDP growth rates and divide that number by 10.
b. add the 10 years of real GDP growth rates and divide that number by 10.
c. add the 10 years of productivity gains and divide that number by 10.
d. add the 10 years of real GDP per capita growth rates and divide that number by 10. 6)Which country experienced the larger increase in goods and services?
a. Bearland experienced the larger increase in goods and services.
b. Bullville experienced the larger increase in goods and services.
c. Bullville and Bearland experienced the same amount of increase in goods and services.
d. More information is required to determine which country had a greater increase in goods and services. 7. Flinstonia has a real GDP of $100,000 and Bedrockton has a real GDP of $100,000,000. Which country has the higher standard of living?
a. There is not enough information provided to make that determination.
b. Flinstonia has the higher standard of living.
c. Bedrockton has the higher standard of living.
d. The people of Flinstonia and Bedrockton enjoy the same standard of living.
8. Productivity is
a. the ratio of how much output is produced per unit of input per unit of time.
b. the quantity of output produced within a country within a year.
c. the number of hours it takes to produce a certain level of output.
d. the quantity of workers it takes to produce a certain level of output.
9. A measure of standard of living is
a. GDP.
b. GDP per capita.
c. real GDP.
d. real GDP per capita.
10. To calculate the average economic growth rate over the 10-year period 2002 through 2011,
a. add the 10 years of GDP growth rates and divide that number by 10.
b. add the 10 years of real GDP growth rates and divide that number by 10.
c. add the 10 years of productivity gains and divide that number by 10.
d. add the 10 years of real GDP per capita growth rates and divide that number by 10. 6)Which country experienced the larger increase in goods and services?
a. Bearland experienced the larger increase in goods and services.
b. Bullville experienced the larger increase in goods and services.
c. Bullville and Bearland experienced the same amount of increase in goods and services.
d. More information is required to determine which country had a greater increase in goods and services. 7. Flinstonia has a real GDP of $100,000 and Bedrockton has a real GDP of $100,000,000. Which country has the higher standard of living?
a. There is not enough information provided to make that determination.
b. Flinstonia has the higher standard of living.
c. Bedrockton has the higher standard of living.
d. The people of Flinstonia and Bedrockton enjoy the same standard of living.
8. Productivity is
a. the ratio of how much output is produced per unit of input per unit of time.
b. the quantity of output produced within a country within a year.
c. the number of hours it takes to produce a certain level of output.
d. the quantity of workers it takes to produce a certain level of output.
9. A measure of standard of living is
a. GDP.
b. GDP per capita.
c. real GDP.
d. real GDP per capita.
10. To calculate the average economic growth rate over the 10-year period 2002 through 2011,
a. add the 10 years of GDP growth rates and divide that number by 10.
b. add the 10 years of real GDP growth rates and divide that number by 10.
c. add the 10 years of productivity gains and divide that number by 10.
d. add the 10 years of real GDP per capita growth rates and divide that number by 10.

Explanation / Answer

6 B

Bullville's GDP of $100000 increased by 1% ie by $1000 while Bearland's GDP of $10000 increased by 5% ie $500. Bullvills's GDP increased by a larger amount.

7A

Standard of lving is determine by GDP per Capita which is GDP divided by population. Since population is not given, we cannot deduce which country has higher standard of living.

8A

Productivity is given by output per unit of input per period.

9 D

GDP is a measure of total economic output. Real GDP per capita is the inflation-adjusted share everybody will receive if this output was to be shared equally among all.

10B

Economic growth rate is annual percent change of real GDP. Average economic growth rate can be calculated by averaging real GDP growth rates over required years.

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