Question

1. Suppose Gdp per capita is $2500 in 1912 and $2550 in 1913. The growth rate of GDP per capita from 1912 to 1913 is

a. 2 percent b. 50 percent c. 0.02 percent d. 5 percent

2. Economic growth refers to an increase in ______.

a. pirce b. tax rate c. population d. GDP per capita

3. GDP is a measure of ______, not a measure of ______.

a. production; sale to cunsumers

b. sales to customers;production

c. sales to consumers;consmption

d. income;production

What is the correct national income accounting identity in an open economy?

a. Y=C+I+G+X-M

b. Y=C+I+G

c. Y=C+I+G-X+M

d. Y=C+I+G+X+M

Answer 1

1.

Option A is true

2.

Economic growth in simple terms is the GDP per capita

GDP per capita is the total GDP of the country divided by its total population

So the correct answer is option D

3.GDP in simple terms is the production of final goods and services within the boundary of a country in a financial year

It is generally measured on quarterly or yearly basis

so from the definition it can it is clear that GDP is a measure of production and not a measure of sell to consumers

Hence the correct answer is option A

4.