Measurin… Show more Question 1 Marks: 1 Which of the follo

Homework Assistance Economics Measurin… Show more Question 1 Marks: 1 Which of the follo

Economics

Measurin… Show more Question 1 Marks: 1 Which of the follo

Measurin… Show more Question 1 Marks: 1 Which of the following statements is true? Choose one answer. a. Measuring economic growth as the rate of increase in actual real GDP is a valid measure. b. Measuring economic growth as the rate of increase in actual real GDP lead to an inaccurate measure of economic growth. c. Economic growth must be measured in nominal terms converted to real values each year. d. Economic growth must be measured in real GDP terms and converted to nominal terms each year. Question 2 Marks: 1 Suppose a country’s potential level of real GDP grows at a rate of 6% per year. Use the rule of 72 to calculate how long it takes for the country’s potential output to double. Choose one answer. a. 6 years b. 12 years c. 24 years d. 30 years Question 3 Marks: 1 Over the past century, the average household income in the United States Choose one answer. a. has increased in nominal terms but has decreased in real terms. b. has increased in nominal terms but has remained constant in real terms. c. has increased in real terms. d. has increased only marginally both in real and nominal terms. Question 4 Marks: 1 Assume that the economy is initially in long-run equilibrium. What happens if the price of oil, a key input, increases significantly in the economy? Choose one answer. a. The long-run aggregate supply and the short-run aggregate supply curves shift left. b. The short-run aggregate supply curve shifts left. c. The aggregate demand and the short-run aggregate supply curves shift left. d. The long-run aggregate supply, the short-run aggregate supply, and the aggregate demand curves shift left. Question 5 Marks: 1 In the long run, economic growth will lead to the opportunity to produce more consumer goods. the opportunity to produce more capital goods. a higher material standard of living. a more equitable distribution of income. Choose one answer. a. III and IV only b. I, II, and III only c. I, III, and IV only d. I, II, III, and IV Question 6 Marks: 1 Which of the following factors contribute to economic growth? Choose one answer. a. growth in physical capital b. an increase in the availability of natural resources c. an increase in the productivity of labor d. all of the above Question 7 Marks: 1 Suppose a country’s real GDP increases. At the same time, its population also increases. What happens to its standard of living? Choose one answer. a. Its standard of living remains the same. b. Its standard of living depends on the price level. c. Its standard of living could rise if population growth exceeds output growth. d. Its standard of living could rise if population growth is smaller than output growth. Question 8 Marks: 1 Which of the following will not increase the productivity of labor? Choose one answer. a. technological improvements b. an increase in the capital stock c. improvements in education d. an increase in the size of the labor force Question 9 Marks: 1 The economy could achieve its potential output at a price level-nominal wage combination of Choose one answer. a. 1.5 and $60,000. b. 1.0 and $50,000. c. 1.0 and $45,000 d. 0.5 and $30,000. Question 10 Marks: 1 The aggregate production function shows the ________ for given levels of labor and other factors of production. Choose one answer. a. real GDP b. possible combinations of two goods c. marginal product of labor d. potential output • Show less

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