Suppose that “County Z” were to realize a constant GDP Growth Rate of 4% per year. It follows that Real GDP would double in roughly years. (72rule)
ECON 1000: Chapter 7

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Business
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University
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Hard
olivia Hill
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18 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
4
18
25
72
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A society can achieve economic growth by
making deliberate investments in human capital and physical capital.
making deliberate investments in overhead capital.
realizing an improvement in technology.
More than one (perhaps all) of the above answers is correct.
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The “Catch-up effect” suggests that, all other factors fixed,
the global economy is “rigged against new entrants,” in that there is no way for poor countries to catch-up with rich countries.
growth rates of less developed countries typically exceed growth rates of developed countries, implying that the gap in GDP between less developed and developed countries will decrease over time.
whenever a countries experiences rapid growth in GDP, they must also experience an increase in income inequality.
the only way for firms in high tech industries to catch-up to their competitors is to invest large amounts of resources in research and development.
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The vicious-cycle-of-poverty
suggests that poverty is self-perpetuating, because poor countries do not have sufficient resources available to make the investments in capital which are necessary for economic growth.
is apparently true, since every country that was poor a century ago is still poor today
has no merit whatsoever, since even poor societies typically have an over abundance of financial capital.
More than one (perhaps all) of the above answers is correct.
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Qihong was born in China. Throughout his entire life he has excelled academically. After earning a Master’s degree from the China University of mining and Technology in Beijing, he came to the United States to pursue a PhD. Upon completion of his PhD he was hired by a prestigious research university in Oklahoma, where he works to this day. This story provides an illustration of the
Rule of 72.
vicious-cycle-of-poverty.
catch-up effect.
brain drain.
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A good that is used in the production process that is not (itself) a final good or service is
an inferior good.
a necessary good.
an intermediate good.
a permanent good.
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
“Real GDP Per Capita” is defined as
the value of Real GDP divided by the value of nominal GDP.
the value of Real GDP minus the value of nominal GDP.
the value of Real GDP multiplied by total population.
the value of Real GDP divided by total population.
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