Question 1

The era of modern economic growth began about:

Accepted Answer

The era of modern economic growth is generally considered to have begun around 1700, with the Industrial Revolution in England. This period saw significant improvements in technology, transportation, and communication, leading to increased productivity and economic growth. While there were preexisting economic systems and periods of growth in earlier civilizations, the scale and speed of modern economic growth distinguish it as a distinct era.

Question 2

The growth rate of any variable y between periods t and t +1 is the ________ and is given by the term ________.

Accepted Answer

The growth rate of a variable y is defined as the percentage change in that variable between two periods. This is given by the term (y F1F1F1S1 - y F1F1F10 1) / y F1F1F10 1 multiplied by 100 to express it as a percentage. Therefore, choice B is the correct answer.

Question 3

According to historical data, the wages in ancient Greece and Rome were ________ in fifteenth-century Britain or seventeenth-century France.

Accepted Answer

Wages in ancient Greece and Rome were about the same as those in fifteenth-century Britain or seventeenth-century France, according to historical economic data. This comparison highlights the slow growth in real wages over a long period of history.

Question 4

Defining per capita GDP in 2016 as y₂₀₁₆ and per capita GDP in 2015 as y₂₀₁₅, the growth rate of per capita GDP, , from 2015 to 2016 is given by:

Accepted Answer

The answer of Defining per capita GDP in 2016 as...

Question 5

If per capita GDP in 2014 was $900, in 2015 was $1,000, and in 2016 was $1,200, the growth rate of per capita GDP between 2014 and 2016 was:

Accepted Answer

The growth rate of per capita GDP can be calculated by using the formula:

Growth rate = ((final value/initial value)^(1/number of years))-1

Using this formula, we can calculate the growth rate between 2014 and 2016:

Growth rate = ((1200/900)^(1/2))-1
= ((4/3)^(1/2))-1
= 0.333, or about 33 percent.

Therefore, the correct answer is E, about 33 percent.

Question 6

If the 130,000-year period since anatomically modern humans made their first appearance were compressed into a single day, economic growth would have begun in the last:

Accepted Answer

Economic growth, as we understand it, began very recently in human history. If the entire history of anatomically modern humans were compressed into a single day, the start of significant economic growth would only appear in the last three minutes, illustrating how recent and rapid this growth has been.

Question 7

Per capita GDP in Japan and the UK is about ________ United States per capita GDP, while in Argentina it is about ________ U.S. per capita GDP, and in Ghana only ________.

Accepted Answer

Japan and the UK have high per capita GDPs, but not quite as high as the United States, making "three-fourths" a reasonable estimate for these countries. Argentina's economy is smaller per capita, with "one-third" being a plausible figure. Ghana, being a developing country, has a significantly lower per capita GDP, with "one-fifteenth" reflecting its economic status compared to the U.S.

Question 8

English philosopher Thomas Hobbes is notable for observing that life was ________ for thousands of years.

Accepted Answer

Thomas Hobbes famously stated that life was "nasty, brutish, and short" in his work Leviathan, describing a state of nature where individuals lived in constant fear of violence and death.

Question 9

Until about 12,000 years ago, humans were ________; at that point ________ led to the first towns and true economic development.

Accepted Answer

Until about 12,000 years ago, humans were predominantly hunters and gatherers. At that point, the development of agriculture led to the first towns and true economic development. The other options (A, B, D, and E) are not accurate as they either suggest the development of agriculture was much later (Bronze Age or Iron Age) or much earlier (universities).

Question 10

Assuming the current rate of economic growth continues, the average parent of a college student will have a lifetime income ________ that of his or her son or daughter.

Accepted Answer

The question is asking about the lifetime income of the average parent compared to that of their college-aged child. Since the question does not provide specific numbers or data, we must make an assumption based on current trends. It is well-known that income inequality has been increasing in many countries, including the United States. Therefore, it is unlikely that the average parent's lifetime income will be higher than that of their child. Instead, it is reasonable to assume that the child's income will be higher, possibly by as much as half. Therefore, the best choice is B) half.

Question 11

Economic growth can be useful in describing why Europeans are:

Accepted Answer

Economic growth refers to an increase in a country's GDP over time. Therefore, over the past century, Europe has experienced economic growth, which has led to an increase in the standard of living and overall well-being of its citizens. This growth has not been experienced to the same extent in Thailand, leading to a disparity in living standards between the two regions.

Question 12

If per capita GDP in 2015 was $1,000 and in 2016 was $1,200, the growth rate of per capita GDP was:

Accepted Answer

The growth rate is calculated as ((1200 - 1000) / 1000) * 100% = 20%.

Question 13

Developed countries' average incomes rose from about ________ in 1700 to about ________ today.

Accepted Answer

In 1700, the average income in developed countries was around $500, and today it is approximately $45,000, reflecting significant economic growth over the centuries.

Question 14

Assuming the current rate of economic growth continues, the average college student will have a lifetime income ________ that of his or her parents.

Accepted Answer

Assuming the current rate of economic growth continues, the average college student's lifetime income is estimated to be about double that of their parents. This is due to factors such as rising wages, increased opportunities for education and employment, and technological advancements leading to higher productivity. However, it should be noted that this is an average and individual factors such as career choice and personal circumstances can greatly affect an individual's lifetime income.

Question 15

In 2000, average per capita income was about ________, while in 1970, average per capita income was ________.

Accepted Answer

The answer of In 2000, average per capita income was...

Question 16

The study of economic growth concentrates on understanding the determinants of the:

Accepted Answer

Economic growth focuses on explaining the change in per capita GDP over time, which is the measure of a country's economic output per person. Choices A, B, and C are not directly related to economic growth.

Question 17

In 2009 prices, U.S. per capita GDP was about ________ in 1870, and by 2015 it had grown to about ________.

Accepted Answer

According to the given information, the per capita GDP in 1870 was around $3,200 and by 2015 it had grown to around $50,800 in 2009 prices. Choice B is the only option that matches these values.

Question 18

Economic growth is defined as:

Accepted Answer

Economic growth is typically measured by the percent change in real GDP, which is a measure of the total output of goods and services produced in an economy over a period of time. Per capita income, or GDP per person, is often used as a measure of economic growth since it takes into account changes in population over time. Therefore, choice A is the best option.

Question 19

What country or countries do the following characteristics possibly describe?
• Life expectancy at birth is under 50 years.
• More than 90 percent of households do not have electricity.
• Fewer than 10 percent of young adults have graduated from high school.

Accepted Answer

These characteristics most closely describe the United States in the late 1800s. During this period, life expectancy was much lower, few households had electricity as it was still being introduced and not widely available, and educational attainment levels were much lower than they are today, with a small percentage of the population graduating from high school.

Question 20

The birthplace of modern economic growth was in ________ during the ________ century.

Accepted Answer

The birthplace of modern economic growth was in the United Kingdom during the mid-eighteenth century, also known as the Industrial Revolution.

Quiz 3: An Overview of Long-Run Economic Growth

The era of modern economic growth began about:

The growth rate of any variable y between periods t and t +1 is the and is given by the term .

According to historical data, the wages in ancient Greece and Rome were ________ in fifteenth-century Britain or seventeenth-century France.

Defining per capita GDP in 2016 as y₂₀₁₆ and per capita GDP in 2015 as y₂₀₁₅, the growth rate of per capita GDP, , from 2015 to 2016 is given by:

If per capita GDP in 2014 was $900, in 2015 was $1,000, and in 2016 was $1,200, the growth rate of per capita GDP between 2014 and 2016 was:

If the 130,000-year period since anatomically modern humans made their first appearance were compressed into a single day, economic growth would have begun in the last:

Per capita GDP in Japan and the UK is about United States per capita GDP, while in Argentina it is about U.S. per capita GDP, and in Ghana only .

English philosopher Thomas Hobbes is notable for observing that life was ________ for thousands of years.

Until about 12,000 years ago, humans were ; at that point led to the first towns and true economic development.

Assuming the current rate of economic growth continues, the average parent of a college student will have a lifetime income ________ that of his or her son or daughter.

Economic growth can be useful in describing why Europeans are:

If per capita GDP in 2015 was $1,000 and in 2016 was $1,200, the growth rate of per capita GDP was:

Developed countries' average incomes rose from about in 1700 to about today.

Assuming the current rate of economic growth continues, the average college student will have a lifetime income ________ that of his or her parents.

In 2000, average per capita income was about , while in 1970, average per capita income was .

The study of economic growth concentrates on understanding the determinants of the:

In 2009 prices, U.S. per capita GDP was about in 1870, and by 2015 it had grown to about .

Economic growth is defined as:

What country or countries do the following characteristics possibly describe? • Life expectancy at birth is under 50 years. • More than 90 percent of households do not have electricity. • Fewer than 10 percent of young adults have graduated from high school.

The birthplace of modern economic growth was in during the century.

Quiz 3: An Overview of Long-Run Economic Growth

The era of modern economic growth began about:

The growth rate of any variable y between periods t and t +1 is the ________ and is given by the term ________.

According to historical data, the wages in ancient Greece and Rome were ________ in fifteenth-century Britain or seventeenth-century France.

Defining per capita GDP in 2016 as y2016 and per capita GDP in 2015 as y2015, the growth rate of per capita GDP, , from 2015 to 2016 is given by:

If per capita GDP in 2014 was $900, in 2015 was $1,000, and in 2016 was $1,200, the growth rate of per capita GDP between 2014 and 2016 was:

If the 130,000-year period since anatomically modern humans made their first appearance were compressed into a single day, economic growth would have begun in the last:

Per capita GDP in Japan and the UK is about ________ United States per capita GDP, while in Argentina it is about ________ U.S. per capita GDP, and in Ghana only ________.

English philosopher Thomas Hobbes is notable for observing that life was ________ for thousands of years.

Until about 12,000 years ago, humans were ________; at that point ________ led to the first towns and true economic development.

Assuming the current rate of economic growth continues, the average parent of a college student will have a lifetime income ________ that of his or her son or daughter.

Economic growth can be useful in describing why Europeans are:

If per capita GDP in 2015 was $1,000 and in 2016 was $1,200, the growth rate of per capita GDP was:

Developed countries' average incomes rose from about ________ in 1700 to about ________ today.

Assuming the current rate of economic growth continues, the average college student will have a lifetime income ________ that of his or her parents.

In 2000, average per capita income was about ________, while in 1970, average per capita income was ________.

The study of economic growth concentrates on understanding the determinants of the:

In 2009 prices, U.S. per capita GDP was about ________ in 1870, and by 2015 it had grown to about ________.

Economic growth is defined as:

What country or countries do the following characteristics possibly describe? • Life expectancy at birth is under 50 years. • More than 90 percent of households do not have electricity. • Fewer than 10 percent of young adults have graduated from high school.

The birthplace of modern economic growth was in ________ during the ________ century.

The growth rate of any variable y between periods t and t +1 is the and is given by the term .

Defining per capita GDP in 2016 as y₂₀₁₆ and per capita GDP in 2015 as y₂₀₁₅, the growth rate of per capita GDP, , from 2015 to 2016 is given by:

Per capita GDP in Japan and the UK is about United States per capita GDP, while in Argentina it is about U.S. per capita GDP, and in Ghana only .

Until about 12,000 years ago, humans were ; at that point led to the first towns and true economic development.

Developed countries' average incomes rose from about in 1700 to about today.

In 2000, average per capita income was about , while in 1970, average per capita income was .

In 2009 prices, U.S. per capita GDP was about in 1870, and by 2015 it had grown to about .

The birthplace of modern economic growth was in during the century.