ECON 248 - Quiz 3 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
GRADED A+ | NEW UPDATE 2025-2026
Economic growth is
Select one:
a. equal to real GDP per capita multiplied by 70.
b. a sustained expansion of consumption expenditure over a given period.
c. a sustained expansion of production possibilities measured as the increase in
nominal GDP over a given period.
d. a sustained expansion of production possibilities measured as the increase in
real GDP over a given period.
e. always accompanied by a rising price level. - ANSWERS d. a sustained
expansion of production possibilities measured as the increase in real GDP over a
given period.
During 2012, the country of Economia had real GDP of $115 billion and the
population was 0.9 billion. In 2011, real GDP was $105 billion and the population
was 0.85 billion. What is the percentage change in real GDP per person between
2011 and 2012?
Select one:
a. 9.5
b. 3.4
c. 5.9
d. 10
, e. 0.05 - ANSWERS b. 3.4
Real GDP per person in the country of Flip is $10,000, and the growth rate is 10
percent a year. Real GDP per person in the country of Flap is $20,000 and the
growth rate is 5 percent a year. When will real GDP per person be greater in Flip
than in Flap?
Select one:
a. in 10 years
b. in 2 years
c. in 7 years
d. in 15 years
e. never - ANSWERS d. in 15 years
In which of the following decades did Canada experience the slowest economic
growth?
Select one:
a. 1960s
b. 1970s
c. 1980s
d. 1940s
e. 1990s - ANSWERS c. 1980s
The gap between real GDP per person in Canada and Hong Kong has ________
since 1960. During this period, the growth rate of real GDP per person in Canada
has been ________ than in Hong Kong.
Select one:
DETAILED ANSWERS (VERIFIED ANSWERS) |
GRADED A+ | NEW UPDATE 2025-2026
Economic growth is
Select one:
a. equal to real GDP per capita multiplied by 70.
b. a sustained expansion of consumption expenditure over a given period.
c. a sustained expansion of production possibilities measured as the increase in
nominal GDP over a given period.
d. a sustained expansion of production possibilities measured as the increase in
real GDP over a given period.
e. always accompanied by a rising price level. - ANSWERS d. a sustained
expansion of production possibilities measured as the increase in real GDP over a
given period.
During 2012, the country of Economia had real GDP of $115 billion and the
population was 0.9 billion. In 2011, real GDP was $105 billion and the population
was 0.85 billion. What is the percentage change in real GDP per person between
2011 and 2012?
Select one:
a. 9.5
b. 3.4
c. 5.9
d. 10
, e. 0.05 - ANSWERS b. 3.4
Real GDP per person in the country of Flip is $10,000, and the growth rate is 10
percent a year. Real GDP per person in the country of Flap is $20,000 and the
growth rate is 5 percent a year. When will real GDP per person be greater in Flip
than in Flap?
Select one:
a. in 10 years
b. in 2 years
c. in 7 years
d. in 15 years
e. never - ANSWERS d. in 15 years
In which of the following decades did Canada experience the slowest economic
growth?
Select one:
a. 1960s
b. 1970s
c. 1980s
d. 1940s
e. 1990s - ANSWERS c. 1980s
The gap between real GDP per person in Canada and Hong Kong has ________
since 1960. During this period, the growth rate of real GDP per person in Canada
has been ________ than in Hong Kong.
Select one:
