Macroeconomics Australia Study Set 1

Business

Quiz 8 :

Economic Growth

Quiz 8 :

Economic Growth

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Real GDP per person averaged $150 a year (in 2009 dollars) from 1,000,000 BC until 1620. Then in ________ real GDP began to increase without limit and by 1850 had risen to twice its 1650 level because ________.
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E

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For the world, what period of time experienced the fastest growth rate of real GDP per person?
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C

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If a country experiences a real GDP growth rate of 1 per cent and population growth of 2 per cent, then the growth rate of real GDP per person is
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E

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Which of the following variables is used to determine a country's economic growth? i. Real GDP ii. Wages iii. Inflation
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img -The table above gives information about the economy of Japan. The economic growth rate in 1997 was ________ per cent.
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img -Using the data in the table above, real GDP per person in 2009 is
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Economic growth is defined as
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If real GDP in year 1 is $72 million and real GDP in year 2 is $87 million, then the growth rate of real GDP is
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According to the Rule of 70, if a country grows at 2.0 per cent per year instead of 1.5 per cent per year, how years less will it take to double its level of real GDP?
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If it took 20 years for real GDP to double, what was the growth rate of real GDP?
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The population in the current year is 31.5 million and the real GDP is $814 million. The previous year's statistics were a population of 31 million and a real GDP of $800 million. The change in the standard of living, measured by growth in real GDP per person, is
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If real GDP grows at a faster rate than population, then the standard of living, as measured by real GDP per person,
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img -Using the data in the table above, the growth rate of real GDP has
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Approximately how long will it take Ethiopia to double its real GDP per person of $100 if its growth rate of real GDP per person is 0.9 per cent?
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img -Using the data in the table above, the growth rate of real GDP for 2010 is equal to
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Economic growth is a sustained expansion of production possibilities measured as the increase in ________ over a given period.
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The Rule of 70 states that the level of a variable will double in
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A nation's annual growth rate of real GDP per person is 2 per cent. Its standard of living will
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Real GDP in the country of Oz is growing at 5 per cent and its population is growing at 2 per cent. In the country of Lilliput, real GDP is growing at 4 per cent and its population is growing at 0.5 per cent. Thus,
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If real GDP was $13.1 trillion in 2017 and $13.3 trillion in 2018, what is the growth rate?
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