Question 1

In 2009,the imaginary nation of Mainland had a population of 6,000 and real GDP of 120,000.In 2010 the population was 6,200 and real GDP of 128,960.Over the year in question,real GDP per person in Mainland grew by
A) 2 percent,which is high compared to average U.S.growth over the last one-hundred years.
B) 2 percent,which is about the same as average U.S.growth over the last one-hundred years.
C) 4 percent,which is high compared to average U.S.growth over the last one-hundred years.
D) 4 percent,which is about the same as average U.S.growth over the last one-hundred years.

Accepted Answer

To calculate the real GDP per person in each year, we divide the real GDP by the population. 
In 2009, real GDP per person = 120,000/6,000 = 20. 
In 2010, real GDP per person = 128,960/6,200 = 20.8. 
So the growth rate in real GDP per person is (20.8-20)/20 x 100% = 4%. 
Choice C is the only option that matches this calculation.

Question 2

Of the following countries,which grew most slowly,in terms of real GDP per person,over the last 100 years?
A) Brazil
B) Mexico
C) China
D) United States

Accepted Answer

The answer of Of the following countries,which grew most slowly,in...

Question 3

Which of the following statements is correct?
A) In 1870,real income per person was higher in the United Kingdom than in any other country at that time.
B) Between 1870 and 2008,India experienced significantly higher growth of real income per person than did the United States.
C) Between 1870 and 2008,the United States experienced significantly higher growth of real income per person than did Canada.
D) All of the above are correct.

Accepted Answer

According to the information given in the question, in 1870, real income per person was higher in the United Kingdom than in any other country at that time. There is no information given to support B or C, so they are incorrect. Therefore, the correct answer is A.

Question 4

In 1870,the richest country in the world was
A) the United States.
B) Spain.
C) the United Kingdom.
D) Germany.

Accepted Answer

According to historical data, in 1870, the United Kingdom had the highest Gross Domestic Product (GDP) per capita and was considered the richest country in the world.

Question 5

In 2009,the imaginary nation of Mainland had a population of 7,000 and real GDP of 210,000.In 2010 the population was 7,300 and real GDP of 223,380.Over the year in question,real GDP per person in Mainland grew by
A) 2 percent,which is high compared to average U.S.growth over the last one-hundred years.
B) 2 percent,which is about the same as average U.S.growth over the last one-hundred years.
C) 4 percent,which is high compared to average U.S.growth over the last one-hundred years.
D) 4 percent,which is about the same as average U.S.growth over the last one-hundred years.

Accepted Answer

The answer of In 2009,the imaginary nation of Mainland had...

Question 6

Which list contains,in this order,a country whose real GDP per person grew faster and one whose real GDP per person grew slower than real GDP per person in the U.S.over the last 100 years?
A) China,Pakistan
B) United Kingdom,China
C) Pakistan,Argentina
D) Argentina,Japan

Accepted Answer

The answer of Which list contains,in this order,a country whose...

Question 7

Last year Panglossia had real GDP of 27.0 billion.This year it had real GDP of 31.5 billion.Which of the following changes in population is consistent with a 5 percent growth rate of real GDP per person over the last year?
A) The population decreased from 88 million to 84 million.
B) The population decreased from 75 million to 73 million.
C) The population increased from 45 million to 50 million.
D) The population increased from 60 million to 62 million.

Accepted Answer

The answer of Last year Panglossia had real GDP of...

Question 8

In 2009,the imaginary nation of Dorados had a population of 8,000 and real GDP of 3,000,000.During the year its real GDP grew by about 2.9%.Which of the following sets of growth rates is consistent with this growth in real GDP?
A) 2% population growth and 6% real GDP growth
B) 6% population growth and 2% real GDP growth
C) 4% population growth and 7% real GDP growth
D) 7% population growth and 4% real GDP growth

Accepted Answer

We can use the formula to calculate the per capita real GDP growth rate, which is given by:

per capita real GDP growth rate = (real GDP growth rate - population growth rate)

Plugging in the numbers, we get:

per capita real GDP growth rate = 2.9% - 4% = -1.1%

This means that the population is growing faster than the economy, resulting in a decline in per capita real GDP.

Out of the given choices, only option C has a population growth rate higher than the real GDP growth rate, which is consistent with the negative per capita real GDP growth rate we calculated. Therefore, the answer is C.

Question 9

Which of the following is indicated by the data on real income per person for various countries over the past 100 or so years?
A) If,in a relatively poor country,real income per person had grown by 3.5 percent per year for the last 100 years,it would be a relatively rich country today.
B) Rich countries became richer and poor countries became poorer.
C) In the United States,real income per person today is about four times as high as it was 100 years ago.
D) All of the above are correct.

Accepted Answer

The answer of Which of the following is indicated by...

Question 10

In 2009,the imaginary nation of Florastan had a population of 8,300 and real GDP of 190,900.Florastan had 5% growth in real GDP per person.In 2010 it had a population of 8,400.What was real GDP in Florastan in 2010?
A) 200,445
B) 202,860
C) 198,059
D) None of the above is correct.

Accepted Answer

To calculate real GDP in 2010, we need to first calculate real GDP per person in 2009:

Real GDP per person in 2009 = (Real GDP in 2009) / (Population in 2009) = 190,900 / 8,300 = 23

Next, we can use the growth rate in real GDP per person to calculate the expected real GDP per person in 2010:

Expected real GDP per person in 2010 = Real GDP per person in 2009 * (1 + growth rate) = 23 * 1.05 = 24.15

Finally, we can use the expected real GDP per person and the population in 2010 to calculate the real GDP in 2010:

Real GDP in 2010 = Expected real GDP per person in 2010 * Population in 2010 = 24.15 * 8,400 = 202,860

Therefore, the correct answer is B.

Question 11

Last year real GDP in the imaginary nation of Populia was 907.5 billion and the population was 3.3 million.The year before real GDP was 750 billion and the population was 3 million.What was the growth rate of real GDP per person during the year?
A) 10 percent
B) 14 percent
C) 17 percent
D) 21 percent

Accepted Answer

The answer of Last year real GDP in the imaginary...

Question 12

Which of the following is correct?
A) Over the last 100 years Japan had a higher average growth rate than the United States.It follows that,today,the standard of living in Japan is higher than in the United States.
B) The typical person in Bangladesh today has about twice the real income of a typical American 100 years ago.
C) The typical citizen of China today has about one-half as much real income as the typical citizen of America today.
D) None of the above is correct.

Accepted Answer

The answer of Which of the following is correct?
A) Over...

Question 13

In 2009,the imaginary nation of Florastan had a population of 8,044 and real GDP of 36,198,000.In 2010 it had a population of 7,800 and real GDP of 35,880,000.What was the growth rate of real GDP per person in Florastan between 2009 and 2010?
A) -2.2 percent
B) -0.7 percent
C) 2.2 percent
D) 4.5 percent

Accepted Answer

Real GDP per person is calculated by dividing real GDP by the population.

In 2009, real GDP per person = 36,198,000 / 8,044 = 4,496.44 
In 2010, real GDP per person = 35,880,000 / 7,800 = 4,600

The growth rate of real GDP per person is calculated by [(final value - initial value) / initial value] x 100%.

So, growth rate = [(4,600 - 4,496.44)/4,496.44] x 100% = 2.29%

Since the answer choices are rounded, the closest choice would be C) 2.2 percent.

Question 14

Last year real GDP per person in the imaginary nation of Olympus was 4,500.The year before it was 4,250.By about what percentage did Olympian real GDP per person grow during the period?
A) 4.6 percent
B) 5.2 percent
C) 5.9 percent
D) 6.5 percent

Accepted Answer

To calculate the percentage growth, we use the formula: ((New Value - Old Value)/ Old Value) x 100. 
So, ((4500-4250)/4250) x 100 = 5.88 or approximately, 5.9 percent. Therefore, the answer is (C).

Question 15

Last year the imaginary nation of Freedonia had a population of 2,700 and real GDP of 16,200,000.This year it had a population of 2,500 and real GDP of 14,640,000.What was the growth rate of real GDP per person between last year and this year?
A) -2.4 percent
B) -0.7 percent
C) 4.4 percent
D) 5.2 percent

Accepted Answer

The answer of Last year the imaginary nation of Freedonia...

Question 16

Over the last 100 years which of the following had growth rates higher than that of the United States?
A) the United Kingdom
B) India
C) Mexico
D) None of the above is correct.

Accepted Answer

The answer of Over the last 100 years which of...

Question 17

Which of the following pairs of countries experienced approximately the same rate of growth of real income per person over the last 100 or so years?
A) Germany and Japan
B) Indonesia and the United Kingdom
C) the United States and Japan
D) Mexico and Pakistan

Accepted Answer

The answer of Which of the following pairs of countries...

Question 18

In 2009,the imaginary nation of Viloxia had a population of 5,000 and real GDP of 500,000.In 2010 it had a population of 5,100 and real GDP of 520,200.During 2009 real GDP in Viloxia grew by
A) 2 percent,which is high compared to average U.S.growth over the last one-hundred years.
B) 2 percent,which is about the same as average U.S.growth over the last one-hundred years.
C) 4 percent,which is high compared to average U.S.growth over the last one-hundred years.
D) 4 percent,which is about the same as average U.S.growth over the last one-hundred years.

Accepted Answer

The answer of In 2009,the imaginary nation of Viloxia had...

Question 19

Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million.The year before,real GDP was 500.0 billion and the population was 2.0 million.What was the growth rate of real GDP per person during the year?
A) 12 percent
B) 10 percent
C) 4 percent
D) 2 percent

Accepted Answer

The answer of Last year real GDP in the imaginary...

Question 20

Which of the following correctly ranks the three countries,from highest to lowest,for percentage of high-school age children in school?
A) United Kingdom,Mali,Mexico.
B) Mexico,Mali,United Kingdom.
C) United Kingdom,Mexico,Mali.
D) Mali,Mexico,United Kingdom.

Accepted Answer

According to the given data, the United Kingdom has 100% of high-school age children in school, Mexico has 87%, and Mali has 39%. Therefore, the correct order from highest to lowest percentage is United Kingdom, Mexico, Mali. Option C correctly ranks the countries in this order.

Quiz 17: Production and Growth

In 2009,the imaginary nation of Mainland had a population of 6,000 and real GDP of 120,000.In 2010 the population was 6,200 and real GDP of 128,960.Over the year in question,real GDP per person in Mainland grew by

Of the following countries,which grew most slowly,in terms of real GDP per person,over the last 100 years?

Which of the following statements is correct?

In 1870,the richest country in the world was

In 2009,the imaginary nation of Mainland had a population of 7,000 and real GDP of 210,000.In 2010 the population was 7,300 and real GDP of 223,380.Over the year in question,real GDP per person in Mainland grew by

Which list contains,in this order,a country whose real GDP per person grew faster and one whose real GDP per person grew slower than real GDP per person in the U.S.over the last 100 years?

Last year Panglossia had real GDP of 27.0 billion.This year it had real GDP of 31.5 billion.Which of the following changes in population is consistent with a 5 percent growth rate of real GDP per person over the last year?

In 2009,the imaginary nation of Dorados had a population of 8,000 and real GDP of 3,000,000.During the year its real GDP grew by about 2.9%.Which of the following sets of growth rates is consistent with this growth in real GDP?

Which of the following is indicated by the data on real income per person for various countries over the past 100 or so years?

In 2009,the imaginary nation of Florastan had a population of 8,300 and real GDP of 190,900.Florastan had 5% growth in real GDP per person.In 2010 it had a population of 8,400.What was real GDP in Florastan in 2010?

Last year real GDP in the imaginary nation of Populia was 907.5 billion and the population was 3.3 million.The year before real GDP was 750 billion and the population was 3 million.What was the growth rate of real GDP per person during the year?

Which of the following is correct?

In 2009,the imaginary nation of Florastan had a population of 8,044 and real GDP of 36,198,000.In 2010 it had a population of 7,800 and real GDP of 35,880,000.What was the growth rate of real GDP per person in Florastan between 2009 and 2010?

Last year real GDP per person in the imaginary nation of Olympus was 4,500.The year before it was 4,250.By about what percentage did Olympian real GDP per person grow during the period?

Last year the imaginary nation of Freedonia had a population of 2,700 and real GDP of 16,200,000.This year it had a population of 2,500 and real GDP of 14,640,000.What was the growth rate of real GDP per person between last year and this year?

Over the last 100 years which of the following had growth rates higher than that of the United States?

Which of the following pairs of countries experienced approximately the same rate of growth of real income per person over the last 100 or so years?

In 2009,the imaginary nation of Viloxia had a population of 5,000 and real GDP of 500,000.In 2010 it had a population of 5,100 and real GDP of 520,200.During 2009 real GDP in Viloxia grew by

Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million.The year before,real GDP was 500.0 billion and the population was 2.0 million.What was the growth rate of real GDP per person during the year?

Which of the following correctly ranks the three countries,from highest to lowest,for percentage of high-school age children in school?