Question

Which of the following statements is true?

a	There are two ways to measure economic growth: An increase in real GDP over a long period of time, and an increase in real GDP per capita over a long period of time.
b	During recessions, real GDP growth rate is positive.
c	GDP per capita allows us to compare countries of different sizes.
d	All of the above.
e	Only a) and c)

Question 2 (1 point)

Which of the following statements is true?

a	Economic growth is one of society’s main economic goals.
b	The expansion of total output relative to population results in lower standards of living.
c	Prior to the Industrial Revolution (around 1760-1840), standards of living were basically stagnant for long periods of time.
d	All of the above.
e	Only a) and c)

Question 3 (1 point)

Which of the following statements is true?

a	Since the Industrial Revolution, modern economic growth has caused sustained and ongoing increases in the standard of living.
b	Countries experiencing modern economic growth have tended to move toward autocratic forms of government.
c	In countries that have experienced modern economic growth, people’s life-spans have doubled, and ordinary people have been able to experience leisure time and the arts due to increased wealth and living standards.
d	All of the above.
e	Only a) and c)

Answer 1

1.) (e) a) and c)

a) There are two ways to measure economic growth: An increase in real GDP over a long period of time, and an increase in real GDP per capita over a long period of time

c) GDP per capita allows us to compare countries of different sizes

2.) (e) a) and c)

a) Economic growth is one of society’s main economic goals.

c)Prior to the Industrial Revolution (around 1760-1840), standards of living were basically stagnant for long periods of time.

3.) (e) a) and c)

a) Since the Industrial Revolution, modern economic growth has caused sustained and ongoing increases in the standard of living.

c)In countries that have experienced modern economic growth, people’s life-spans have doubled, and ordinary people have been able to experience leisure time and the arts due to increased wealth and living standards