Question

The best definition for economic growth is

a sustained expansion of production possibilities measured as the increase in real GDP over a given period.

a sustained expansion of production possibilities measured as the increase in nominal GDP over a given period.

a sustained expansion of consumption goods over a given period.

a sustained expansion of production goods over a given period.

If a nation's population grows, then

growth in real GDP per person will be less than the growth of real GDP.

there can be no economic growth.

growth in real GDP per person will be greater than the growth of real GDP.

there must be an increase in real GDP per person.

Which of the followings are the factors that can change the aggregate production? I, Demand; II, Supply; III, Technology; IV, Capital input; V, Labor input

I and II                   B) I , II and III

C) III, IV and V          D) All of them

Which of the following about economic growth is correct?

Capital quantity growth, labor quantity growth and technology innovation can provide sustainable growth

Only capital quantity growth, labor quantity growth can provide sustainable growth

Capital quantity growth and labor quantity growth don’t have diminishing marginal effect

Technology innovation can provide sustainable growth because it doesn’t have diminishing marginal effect

Moving along the aggregate production function (curve) shows the relationship between

                , holding all else constant.

capital input and real GDP                        B) labor input and real GDP

C) labor input, capital input and real GDP     D) technology and real GDP

Using the Rule of 70, if China's current growth rate of real GDP per person was 7 percent a year, how long would it take the country's real GDP per person to double?

35 years                                B) 14 years

C) 10 years                                D) 49 years

Which of the followings is right about economic growth?

Economic growth causes the outward shift of the PPF

An expansion of a movement from inside the PPF to its boundary means economic growth

A higher RGDP must imply economic growth

All of them above

Economic growth is measured by

changes in real GDP.                          B) changes in nominal GDP.

C) changes in the employment rate.        D) All of the above

Which of the following about economic growth is correct?

Printing out more money causes economic growth

A higher price level causes economic growth

A lower price level causes economic growth

Price level or the amount of money cannot directly cause economic growth

Answer 1

1.
a sustained expansion of production possibilities measured as the increase in real GDP over a given period.
Economic growth can be defined as a sustained growth in real GDP over a period.
2.
growth in real GDP per person will be less than the growth of real GDP.
If a nation's population grows, then growth in real GDP per person will be less than the growth of real GDP.
3.
C) III, IV and V
Only technology,labor and capital affect aggregate production.
4.
Capital quantity growth, labor quantity growth and technology innovation can provide sustainable growth