Spring-2202-ECO2013-4200-O
- Question 1
| Definition of GDP Which of the following is included in the measure of U.S. GDP? | ||||
| Correct Answer: A pizza produced and sold in the United States. |
- Question 2
| GDP Expenditure Approach Net exports of goods and services increase when ______. | ||||
| Correct Answer: exports of goods and services decrease but imports of goods and services decrease by more than exports decrease |
- Question 3
| Differences between RGDP and NGDP Real GDP is the value of the _____ goods and services produced in a given year expressed in terms of the prices in _____ year. Nominal GDP is the value of the _____ goods and services produced in a given year expressed in terms of the prices of _____ year. | ||||
| Correct Answer: final; a base; final; that same |
- Question 4
| Calculation of RGDP The table below shows an hypothetical economy’s total production and corresponding prices (you can think of them as average prices) of all the final goods and services it produced in 2015 and 2016. The base year is 2015. Calculate real GDP in 2015 and real GDP in 2016. By what percentage did real GDP change in 2016? Real GDP in 2015 was____________________. Year 2015 Item Quantity Price Goods 120 $50 Services 100 $65 Year 2016 Item Quantity Price Goods 130 $55 Services 110 $70 | ||||
| Selected Answer: 12500 Correct Answer: 12,500 Answer range +/- 0 (12500.0 – 12500.0) |
- Question 5
| Real GDP in 2016 was____________________. | ||||
| Selected Answer: 13650 Correct Answer: 13,650 Answer range +/- 0 (13650.0 – 13650.0) |
- Question 6
1.50000 out of 1.50000 points
| Real GDP in 2016 changed by _______ percent. Round up your answer to the second decimal. | ||||
| Selected Answer: 9.20 Correct Answer: 9.2 Answer range +/- 0 (9.2 – 9.2) |
- Question 7
3.50000 out of 3.50000 points
| Economic Growth Rate Look at the following chart summarizing NGDP and RGDP for the U.S. in billions of dollars. Year NGDP RGDP 2000 10,284.8 12,559.7 2001 10,621.8 12,682.2 2002 10,977.5 12,908.8 2003 11,510.7 13,271.1 2004 12,274.9 13,773.5 2005 13,093.7 14,234.2 2006 13,855.9 14,613.8 2007 14,477.6 14,873.7 2008 14,718.6 14,830.4 2009 14,418.7 14,418.7 2010 14,964.4 14,783.8 2011 15,517.9 15,020.6 2012 16,155.3 15,354.6 2013 16,663.2 15,583.3 2014 17,348.1 15,961.7 2015 17,942.9 16,345.0 Source: Bureau of Economic Analysis Calculate the annual growth rate of NGDP and RGDP in 2005. Calculate the annual growth rate of NGDP and RGDP in 2015. The annual growth rate of NGDP in 2015 was ______ than in 2005, and the annual growth rate of RGDP in 2015 was ______ than in 2005. | ||||
| Selected Answer: smaller; smaller Correct Answer: smaller; smaller |
- Question 8
1.00000 out of 1.00000 points
|
RGDP
per Person Growth Rate
The
following table summarizes Bureau of Economic Analysis data on NGDP and RGDP
from 2010 – 2016. Data are in billions of dollars.
Year
NGDP
RGDP
2010
14,964.40
14,783.80
2011
15,517.90
15,020.60
2012
16,155.30
15,354.60
2013
16,663.20
15,583.30
2014
17,348.10
15,961.70
2015
17,942.90
16,345.00
The following table summarizes U.S. Census Bureau data on population estimates from 2010 – 2016. 2010 2011 2012 2013 2014 2015 2016 309,348,193 311,663,358 313,998,379 316,204,908 318,563,456 320,896,618 323,127,513 What was the RGDP per person in 2010 and 2011? Round up your answer to a full number (no decimals). On the “short scale,” one billion is 1,000 million, or 1 and 9 zeroes (1,000,000,000). RGDP per person in 2010 was $ ________. | ||||
| Selected Answer: 47790 Correct Answer: 47,790 Answer range +/- 0 (47790.0 – 47790.0) |
- Question 9
1.00000 out of 1.00000 points
| RGDP per person in 2011 was $ ________. | ||||
| Selected Answer: 48195 Correct Answer: 48,195 Answer range +/- 0 (48195.0 – 48195.0) |
- Question 10
1.50000 out of 1.50000 points
| Using the exact formula calculate the annual growth rate of RGDP per person in 2011. Round up your answer to the second decimal. The annual growth rate of RGDP per person in 2011 was ________ percent. | ||||
| Selected Answer: .85 Correct Answer: 0.85 Answer range +/- 0 (0.85 – 0.85) |
- Question 11
| Rule of the 70 RGDP in the United States has grown at an average annual rate of 3% in the last couple of decades. If the RGDP annual growth rate were to increase at 7%, calculate how many years earlier will it take the U.S. to double its RGDP when comparing a 7% growth rate to a 3% growth rate. It will take the U.S. _____ years earlier to double its RGDP. Round up your answer to the second decimal. | ||||
| Correct Answer: 13.33 Answer range +/- 0 (13.33 – 13.33) Response Feedback: Use the Rule of 70 formula: Number of years it takes to double any level variable = 70 divided by the growth rate of that variable. |
- Question 12
3.50000 out of 3.50000 points
| Combined Economic Growth & Rule of 70 In 2005 India’s population growth rate was about 1.6 percent a year, while China’s population growth rate was only 0.6 percent a year. In 2005 India growth rate of RGDP was about 8 percent a year, while China’s growth rate of RGDP was about 9 percent a year. Using 2005 as a starting point, real GDP per person will double during _____ in India, and during _____ in China. | ||||
| Selected Answer: 2016; 2014 Correct Answer: 2016; 2014 |
- Question 13
3.50000 out of 3.50000 points
| New and Classical Growth Theories Classical growth theory is the theory that the clash between _____ and _____ will _____. | ||||
| Selected Answer: an exploding population; limited resources; eventually bring economic growth to an end Correct Answer: an exploding population; limited resources; eventually bring economic growth to an end |
- Question 14
3.50000 out of 3.50000 points
| Factors That Promote Economic Growth Choose the correct statement. 1. Clearly established and enforced property rights provide people with the incentive to work and save. 2. Economic growth does not occur in the environment of an authoritarian political system. 3. The presence of an incentive system and the institutions that create it guarantees that economic growth will occur. 4. Property rights and markets create incentives for people to save and invest. | ||||
| Selected Answer: Statements 1 and 4 are correct. Correct Answer: Statements 1 and 4 are correct. |
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