Over the past 100 years, in the United States the average growth rate cofgrew at a faster rate thanSelect one:a. real GDP; the populationO b. inflation; real GDPO c the population: real GDPC.O d. real GDP; nominal GDP

Gross domestic product (GDP) refers to the total value of all the final goods and services that…

Over the past 100 years, in the United States the average growth rate of, grew at a faster rate than Select one: O a. real GDP: the population O b. inflation; real GDP Oc the population; real GDP O d. real GDP; nominal GDP

Over the past 100 years, in the United States the average growth rate of, grew at a faster rate than Select one: O a. real GDP: the population O b. inflation; real GDP Oc the population; real GDP O d. real GDP; nominal GDP

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 2P

See similar textbooks

Related questions

Q: Table 11.Growth (in Trillions) Real Year GDP 2015 16.30 2014 16.29 2013 15.92 2012 15.43 2011 15.19…

A: Given; GDP in 2009= 14.89 GDP in 2010= 15.00 Formula to calculate GDP growth:- GDP Growth=Change in…

Q: Real GDP Year (billions of 2000 dollars) 2009 16,200 2010 17,500 Refer to the above table. Using the…

A: Real GDP measures the market value of goods and services using constant sets of prices.

Q: a. How much more output does the $22 trillion U.S. economy produce when GDP increases by 1.0…

A: Answer a. Amount = $22 trillion Increase in GDP = 1.0 percent = 0.01 Therefore, The U.S. economy…

Q: interested in macroeconomics? Select one: O a. Unemployment rate O b. Aggregate consumption c. Total…

A: Macroeconomics is concerned with economy wide variables like income, output, inflation, interest…

Q: On Jaruary 1. 2019, Real GDP was $S00 in a country. One year later on January 1, 2020, Real GDP was…

A: Real GDP growth rate =GDP of the year - GDP of last yearGDP of last year*100

Q: Why is it essential to differentiate between real and nominal growth rates of GDP? O A. The nominal…

A: Real growth rate = Nominal growth rate - Inflation rate, so Nominal growth rate = Real growth rate +…

Q: Which of the following is likely to increase long-run economic growth? O A. Inflation. O B. An…

A: 1) Inflation is a persistent rise in the value of goods and services, which erodes purchasing power.…

Q: If Real GDP was $9,542 billion in year 2 and it had been $9,300 billion in year 1, what was the…

A: GDP is the value of all final goods and services produced in an economy over a given period of time.…

Q: Suppose that in 2014 China's real GDP is growing at 9 percent a year and its population is growing…

A: here we calculate the time year when real GDP double as follow-

Q: Why does higher worker productivity not necessarily mean GDP per capita will rise? O GDP per Capita…

A: Increased productivity and GDP growth rate are closely linked together but are these are not…

Q: How can we measure growth over the very long run? Te poorest countries in the world have a per…

A: Economic growth refers to the increase in the real value of the total output produced in an economy…

Q: a. What must the saving rate be in the initial steady state? [Hint: Use the steady-state…

A: Given Capital share of GDP =40% Average growth in output =2% Depreciation rate…

Q: .A country's standard of living depends on its ability to produce goods and services إخثر واحدأن ths…

A: A country's standard of living depends on it's ability to produce goods and services. - TRUE

Q: The primary measure economists tend to use to measure changing living standards over time is O real…

A: Ans 11.The correct answer is real GDP per capita So we can say that where I think standard of living…

Q: The GDP deflator is calculated using O A. Real GDP - Nominal GDP x 100 OB. Real GOP MA x 100 Nominal…

A: The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of…

Q: year, real GDP in Ghana was $50 billion and the population was 38 million. The year before, real GDP…

A: The total gross domestic product (real GDP) is the adjusted inflation rate that reflects the value…

Q: Most economists are _________ that naturalresources will eventually limit economic growth.…

A: Natural resources are the inputs into production that are provided by nature, such as land, rivers,…

Q: Economic growth may be described as? Select one: O a. An increase in money available to the economy…

A: GDP , also called Gross domestic product, is a standard method used in estimating the level of…

Q: Suppose you reside in the country of Camelot In 2001, the total population is 110,000, the number of…

A: The real income per capita in 2002 is given by = 5,702,400,000/115,500 = $149,371 The real income…

Q: 100 120 Relar CDP per ega te the S l - 1 In the figure above, GDP per capita relative to the US…

A: GDP: GDP or gross domestic product is the final value of all the goods and services that are…

Q: If the value of the goods and services a country produces decreases while its population stays the…

A: Given that the value of the goods and services a country produces decreases while population stay…

Q: Suppose that an economy’s production function is Cobb–Douglas with parameter = 0.3 a. What fractions…

A: Given: An economy’s production function is Cobb–Douglas with parameter: α = 0.3 To Find: The…

Q: Nominal GDP growth is 3 percent. Inflation is 4 percent. What is real GDP growth? O 12 percent -7…

A: GDP stands for Gross Domestic product and it is the value of all final goods and services produced…

Q: Economic growth is defined as the percentage change in O a) population. O b) price level. O c) real…

A: Economic growth refers to increase in income.

Q: The following data give the dates of successive turning points in economic activity and the…

A: The business cycle represents those periods of cyclical fluctuations that occur in an economy in…

Q: What is the outcome of classical growth theory? According to classical growth theory, O A. people…

A: The classical growth theory contends that financial growth will diminish or end due to an expanding…

Q: . Suppose that society decided to reduce consumptionand increase investment.a. How would this change…

A: An increase in investment and reduction in consumption will boost economic growth in the country. A…

Q: QUESTION 13 A nation's real GDP was $250 billion last year and $265 billion this year. Its…

A: GDP: The GDP or the gross domestic product is the measurement of the final value of goods and…

Q: Why does productivity growth in high-income economies not slow down as it runs into diminishing…

A: Productivity alludes to the proportion of the result of a business, or an economy contrasted with…

Q: Jtilizing the aggregate production functions to the right, Robert Solow asserted that the most…

A: We are going to discuss the inevitable contribution of technological change into the economic…

Q: If GDP is currently $13 trillion and is growing at a rate of 4.1% per year, how long will it take…

A: When Real GDP increases from $ 13 trillion to $ 26 trillion, it gets doubled.

Q: In 2015, real GDP was SAR 12,247 billion. In 2018, it was SAR13,206 billion. During the same period,…

A: Here we calculate the per person growth and the real GDP growth by using the given information so…

Q: If 2020 is the base year for real GDP calculations, we know for certain that nominal GDP: O A. Is…

A: The gross domestic product (GDP) is the value of the final goods and services produced in an economy…

Q: Question 45 Listen The "Solow" growth rate is the rate of economic growth in the long run, or that…

A: Solow growth rate- Solow model of growth rely on the long time period economic growth. In solow…

Q: If a country has a 5% annual growth in Real GDP and the population of that country also rises by 5%…

A: When a country has a 5% annual growth rate in the Real GDP and the population of that country also…

Q: Assuming that real GDP per person is a good measure of living standards, between 2016 and 2017,…

A: Basics:- Real GDP is calculated without inflation impact on output. Standard of living means…

Q: Which of the following is not a determinant of economic growth? O a. Growth in physical capital. O…

A: Economic growth is defined as the process whereby the final goods and services increase in the…

Q: rate that is and an annual growth rate in real GDP that averages. Select one: O a. less than 10 % ;…

A: The unemployment rate would be close to the natural of unemployment when economy operates at the…

Q: If GDP is currently $13 trillion and is growing at a rate of 4.1% per year, how long will it take…

A: By the Rule of 70 or 72 we estimate how much time to take economy double is time taken = 70/…

Q: The growth rate of real GDP equals O A. [(real GDP in current year real GDP in previous year) + real…

A: Gross domestic product (GDP) is the sum of the value of products and services manufactured in an…

Q: Suppose the standard of living is accurately measure by real GDP per capita. Then, ceteris paribus,…

A: In an economy, when real GDP per capita is accurately measure standard of living, it explains that…

Q: The graphs show the productivity curve for an economy. In the left graph show the effect of an…

A: The ratio that depicts change in the the volume of input and volume of output is known as…

Q: Malthus's theory of growth is really a theory of cycles. True or false? O True O False

A: In the mentioned question we have been asked something related to Malthus's theory of growth which…

Q: QUESTION 11 Nominal GDp Real GDP 2000 Time Refer to the accompanying graph. The year 2000 must be…

Q: If nominal GDP is $900 and GDP deflator is 120, what is the real GDP in the economy? O a. 1350 O b.…

A: Real GDP = (Nominal GDP / GDP deflator) x 100

Q: a) Assume a hypothetical society that decides to reduce consumption (production of consumption…

A: 1. The increase in investment leads to long term economic growth. That is, increase in investment…

Q: Why is a Cobb-Douglas production function useful for analyzing economic growth? OA. The Cobb-Douglas…

A: In economics, different types of production functions are used by the researchers or economists to…

Q: In a small country, using prices of 2010, GDP in 2010 was $100 and GDP in 2011 was SIIU. Using…

A: The real GDP is measured takes into account the value of goods & services produced in the given…

Q: Using the table above, nominal GDP for Doc's Coffee in 2013 was O $47,000 O $60,000

A: The Nominal GDP is simply calculated by multiplying the production or output with prices of a given…

Question

Over the past 100 years, in the United States the average growth rate cof
grew at a faster rate than
Select one:
a. real GDP; the population
O b. inflation; real GDP
O c the population: real GDP
C.
O d. real GDP; nominal GDP

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they am combined?
An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?
Use an example to explain why, after periods of rapid growth, a low-income country that has not caught up to a high-income country may feel poor.
Most economists are _________ that naturalresources will eventually limit economic growth. Asevidence, they note that the prices of most naturalresources, adjusted for overall inflation, have tendedto _________ over time.a. concerned; riseb. concerned; fallc. not concerned; rised. not concerned; fall
More economists are_______that natural resources will eventually limit economic growth.As evidence, they note that the prices of most natural resources,adusted for overall inflation,have tended to_______ overtime.a.concerned,riseb.concerned,fallc.not concerned,rised.not concerned,fall
. Suppose that society decided to reduce consumptionand increase investment.a. How would this change affect economic growth?b. What groups in society would benefit from thischange? What groups might be hurt?
Assume real GDP in 2019 was $17,230 billion, nominal GDP in 2020 was $18,316 billion, and the GDP‑deflator has increased from 100 in 2019 to 113 in 2020. a. What is the annual growth rate of real GDP? b. Do you think the welfare of all people in the U.S. has increased during that time? Why or why not? c. Calculate the inflation rate in 2020.
Real GDP in 2015 was SAR 12,247 billion. It was SAR13,206 billion in 2018. The population of Saudi Arabia increased from 22.9 million to 25.4 million over this time. a. Determine the actual GDP per person for 2015 and 2018. How much did output per individual increase throughout this time, on average? b. What would real GDP have been in 2018 if real GDP had increased by 3% year from -2015 to 2018?
a. What do you understand by Real GDP? What is the Real GDP Growth Rate of India andChina in 2019? What is the estimated real GDP growth rate of India and China in 2020?What is the projected real GDP growth rate of India and China in 2021 and 2022? b. What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels(January 2020 forecast) in China and Other Emerging Economies in Asia other thanChina
Question 2 Why the use real GDP is preferred by economists over nominal GDP to gauge economic well-being? (Word count: 100 words max.) Consider the following data on the Pakistan economy: Nominal GDP GDP Deflator Year (in billions of rupees) (base year 2012) 2018 21,501 111.4 1998 9,163 76.3 What was the growth rate of nominal GDP between 1998 and 2018? (Hint: The growth rate of a variable X over an N-year period is calculated as [(Xfinal/Xinitial)1/N – 1] x 100). What was the growth rate of the GDP deflator between 1998 and 2018? What was real GDP in 1998 measured in 2012 prices? What was real GDP in 2018 measured in 2012 prices? What was the growth rate of real GDP between 1998 and 2018? Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
Consider the following data for a particular country. Year 1 Population (Millions) - 400 Real GDP (Trillions of $) - 16 Year 2 Population ( MIllinois ) - 480 Real GDO ( Trillions of $ ) - 24 Instructions: Enter your answers as a whole number. a. What is the growth rate of real GDP from year 1 to year 2 -blank percent b. What is the growth rate of real GDP per capita from year 1 to year 2 -blank percent Note: Donot given direct answer
Assume that an economy currently has a nominal GDP of $500 billion. If the economy were to grow at 3%, calculate what nominal GDP will be in five years, ten years, twenty years, and forty years if it is able to sustainthat same growth rate each year.