CHAPTER 3: Economic Growth

In 2022, the real GDP of country X was 2000 billion. In 2023, the real GDP of this country was 2200 billion. What is the economic growth rate of this country in 2023?

• 8%

• 5%

• 10%

• 15%

Countries like South Korea and Singapore have shown significant growth rates in recent years due to the impact of?

• Catch-up effect

• Low domestic investment in recent years

• Diminishing returns

• Restrictions on international trade

Which of the following is NOT a reason for a country's underdevelopment?

• Difficulty attracting foreign investment

• Very low labor productivity

• Their labor force is too small

• Their technology is not modern enough

In 2024, country X's economy has a natural unemployment rate Un = 5%, Potential output Yp = 5000 billion, Real output Yr = 5100 billion. Calculating real unemployment rate of this country?

• 3%

• 5%

• 4%

• 6%

Suppose Vietnam's GDP per capita in 2024 is 5000 USD/year, and the average annual GDP growth rate remains stable at 7%/year. In which year will Vietnam's GDP per capita reach approximately 10,000 USD?

• 2034

• 2025

• 2032

• 2030

Suppose Vietnam's GDP in 2014 was 2000 billion USD, and in 2024 it reached 3000 billion USD. Calculate Vietnam's average economic growth rate from 2014 to 2024.

• 3.25%

• 5.00%

• 4.14%

• 2.75%

What is economic growth?

• Economic growth is the increase in the output of goods and services in an economy over time.

• Economic growth is the decline in the output of goods and services.

• Economic growth is the increase in the unemployment rate.

• Economic growth is the stability of prices in the economy.

What is the focus of Malthus' economic growth theory?

• The impact of technology on production

• The relationship between population and food resources

• The relationship between population and education

• The distribution of natural resources

What do Keynes' and Harrod-Domar's economic growth theories emphasize?

• The impact of monetary policy on inflation

• The role of investment and aggregate demand in economic growth

• The role of exports in economic growth

• The influence of technology on labor productivity

In Solow's model, which factor is crucial for economic growth?

• Reducing corporate taxes

• Capital and technological progress

• Increasing goods exports

• Increasing the labor force