1. Which of the following is the total market value, expressed in dollars, of al
ID: 1118248 • Letter: 1
Question
1. Which of the following is the total market value, expressed in dollars, of all final goods and services produced in an economy in a given year? a. Real GDP per capita b. Real GDP c. Nominal GDP d. Nominal GDP per capita 2. Economic growth can be defined as a. a sustained rise over time in a nation's production of goods and services. b. the total market value of all final goods and services produced in an economy in a given year. c. an increase in a family's income over time. d. an increase in the money supply over time. 3. The country of Farland has a real GDP of $100,000 and a population of 1,000. The country of Nearville has a real GDP of $10,000 and a population of 100. Which country has the higher real GDP per capita? a. Farland's real GDP per capita is higher. b. Farland and Nearville have the same real GDP per capita. c. Nearville's real GDP per capita is higher. d. Neither country has a real GDP per capita. 4. Productivity can be increased by a. allowing more time for production. b. investing in human capital. c. adding more workers. d. reducing all inputs. 5. What is real GDP? a. It is the total market value of final goods and services produced in an economy in a given year. b. It is a sustained increase in the average price level of goods and services. c. It is the total market value of all final goods and services produced in an economy in a given year, adjusted for inflation. d. It is an increase in the money supply. 6. Bullville's real GDP is $100,000 and it has a growth rate of 1 percent. Bearland's real GDP is $10,000, and it has a growth rate of 5 percent. Which country experienced the larger increase in goods and services? a. Bearland experienced the larger increase in goods and services. b. Bullville experienced the larger increase in goods and services. c. Bullville and Bearland experienced the same amount of increase in goods and services. d. More information is required to determine which country had a greater increase in goods and services. 7. Flinstonia has a real GDP of $100,000, and Bedrockton has a real GDP of $100,000,000. Which country has the higher standard of living? a. There is not enough information provided to make that determination. b. Flinstonia has the higher standard of living. c. Bedrockton has the higher standard of living. d. The people of Flinstonia and Bedrockton enjoy the same standard of living. 8. Productivity is a. the ratio of how much output is produced per unit of input per unit of time. b. the quantity of output produced within a country within a year. c. the number of hours it takes to produce a certain level of output. d. the quantity of workers it takes to produce a certain level of output. 9. Real GDP per capita is a measure of a. the standard of living. b. price stability. c. unemployment. d. unit of account. 10. To calculate the average economic growth rate over the 10-year period 2002 through 2011, a. add the 10 years of GDP growth rates and divide that number by 10. b. add the 10 years of real GDP per capita growth rates and divide that number by 10. c. add the 10 years of productivity gains and divide that number by 10. d. add the 10 years of real GDP growth rates and divide that number by 10. 1. Which of the following is the total market value, expressed in dollars, of all final goods and services produced in an economy in a given year? a. Real GDP per capita b. Real GDP c. Nominal GDP d. Nominal GDP per capita 2. Economic growth can be defined as a. a sustained rise over time in a nation's production of goods and services. b. the total market value of all final goods and services produced in an economy in a given year. c. an increase in a family's income over time. d. an increase in the money supply over time. 3. The country of Farland has a real GDP of $100,000 and a population of 1,000. The country of Nearville has a real GDP of $10,000 and a population of 100. Which country has the higher real GDP per capita? a. Farland's real GDP per capita is higher. b. Farland and Nearville have the same real GDP per capita. c. Nearville's real GDP per capita is higher. d. Neither country has a real GDP per capita. 4. Productivity can be increased by a. allowing more time for production. b. investing in human capital. c. adding more workers. d. reducing all inputs. 5. What is real GDP? a. It is the total market value of final goods and services produced in an economy in a given year. b. It is a sustained increase in the average price level of goods and services. c. It is the total market value of all final goods and services produced in an economy in a given year, adjusted for inflation. d. It is an increase in the money supply. 6. Bullville's real GDP is $100,000 and it has a growth rate of 1 percent. Bearland's real GDP is $10,000, and it has a growth rate of 5 percent. Which country experienced the larger increase in goods and services? a. Bearland experienced the larger increase in goods and services. b. Bullville experienced the larger increase in goods and services. c. Bullville and Bearland experienced the same amount of increase in goods and services. d. More information is required to determine which country had a greater increase in goods and services. 7. Flinstonia has a real GDP of $100,000, and Bedrockton has a real GDP of $100,000,000. Which country has the higher standard of living? a. There is not enough information provided to make that determination. b. Flinstonia has the higher standard of living. c. Bedrockton has the higher standard of living. d. The people of Flinstonia and Bedrockton enjoy the same standard of living. 8. Productivity is a. the ratio of how much output is produced per unit of input per unit of time. b. the quantity of output produced within a country within a year. c. the number of hours it takes to produce a certain level of output. d. the quantity of workers it takes to produce a certain level of output. 9. Real GDP per capita is a measure of a. the standard of living. b. price stability. c. unemployment. d. unit of account. 10. To calculate the average economic growth rate over the 10-year period 2002 through 2011, a. add the 10 years of GDP growth rates and divide that number by 10. b. add the 10 years of real GDP per capita growth rates and divide that number by 10. c. add the 10 years of productivity gains and divide that number by 10. d. add the 10 years of real GDP growth rates and divide that number by 10. 1. Which of the following is the total market value, expressed in dollars, of all final goods and services produced in an economy in a given year? a. Real GDP per capita b. Real GDP c. Nominal GDP d. Nominal GDP per capita 2. Economic growth can be defined as a. a sustained rise over time in a nation's production of goods and services. b. the total market value of all final goods and services produced in an economy in a given year. c. an increase in a family's income over time. d. an increase in the money supply over time. 3. The country of Farland has a real GDP of $100,000 and a population of 1,000. The country of Nearville has a real GDP of $10,000 and a population of 100. Which country has the higher real GDP per capita? a. Farland's real GDP per capita is higher. b. Farland and Nearville have the same real GDP per capita. c. Nearville's real GDP per capita is higher. d. Neither country has a real GDP per capita. 4. Productivity can be increased by a. allowing more time for production. b. investing in human capital. c. adding more workers. d. reducing all inputs. 5. What is real GDP? a. It is the total market value of final goods and services produced in an economy in a given year. b. It is a sustained increase in the average price level of goods and services. c. It is the total market value of all final goods and services produced in an economy in a given year, adjusted for inflation. d. It is an increase in the money supply. 6. Bullville's real GDP is $100,000 and it has a growth rate of 1 percent. Bearland's real GDP is $10,000, and it has a growth rate of 5 percent. Which country experienced the larger increase in goods and services? a. Bearland experienced the larger increase in goods and services. b. Bullville experienced the larger increase in goods and services. c. Bullville and Bearland experienced the same amount of increase in goods and services. d. More information is required to determine which country had a greater increase in goods and services. 7. Flinstonia has a real GDP of $100,000, and Bedrockton has a real GDP of $100,000,000. Which country has the higher standard of living? a. There is not enough information provided to make that determination. b. Flinstonia has the higher standard of living. c. Bedrockton has the higher standard of living. d. The people of Flinstonia and Bedrockton enjoy the same standard of living. 8. Productivity is a. the ratio of how much output is produced per unit of input per unit of time. b. the quantity of output produced within a country within a year. c. the number of hours it takes to produce a certain level of output. d. the quantity of workers it takes to produce a certain level of output. 9. Real GDP per capita is a measure of a. the standard of living. b. price stability. c. unemployment. d. unit of account. 10. To calculate the average economic growth rate over the 10-year period 2002 through 2011, a. add the 10 years of GDP growth rates and divide that number by 10. b. add the 10 years of real GDP per capita growth rates and divide that number by 10. c. add the 10 years of productivity gains and divide that number by 10. d. add the 10 years of real GDP growth rates and divide that number by 10.Explanation / Answer
Go through the concepts as stated, and then see the solutions.
Concept of nominal and real GDP
GDP PER CAPITA
Productivity
Growth rate
1. Which of the following is the total market value, expressed in dollars, of all final goods and services produced in an economy in a given year?
2. Economic growth can be defined as
3. The country of Farland has a real GDP of $100,000 and a population of 1,000. The country of Nearville has a real GDP of $10,000 and a population of 100. Which country has the higher real GDP per capita?
real GDP per capita
Farland = $100,000/1,000=$100
Nearville =$10,000/100=$100
a. Farland's real GDP per capita is higher.
b. Farland and Nearville have the same real GDP per capita.
c. Nearville's real GDP per capita is higher.
d. Neither country has a real GDP per capita.
4. Productivity can be increased by
a. allowing more time for production.
b. investing in human capital.
c. adding more workers.
d. reducing all inputs.
5. What is real GDP?
a. It is the total market value of final goods and services produced in an economy in a given year.
b. It is a sustained increase in the average price level of goods and services.
c. It is the total market value of all final goods and services produced in an economy in a given year, adjusted for inflation.
d. It is an increase in the money supply.
6. Bullville's real GDP is $100,000 and it has a growth rate of 1 percent. Bearland's real GDP is $10,000, and it has a growth rate of 5 percent. Which country experienced the larger increase in goods and services?
a. Bearland experienced the larger increase in goods and services.
b. Bullville experienced the larger increase in goods and services.
c. Bullville and Bearland experienced the same amount of increase in goods and services.
d. More information is required to determine which country had a greater increase in goods and services.
7. Flinstonia has a real GDP of $100,000, and Bedrockton has a real GDP of $100,000,000. Which country has the higher standard of living?
a. There is not enough information provided to make that determination.
b. Flinstonia has the higher standard of living.
c. Bedrockton has the higher standard of living.
d. The people of Flinstonia and Bedrockton enjoy the same standard of living.
8. Productivity is
a. the ratio of how much output is produced per unit of input per unit of time.
b. the quantity of output produced within a country within a year.
c. the number of hours it takes to produce a certain level of output.
d. the quantity of workers it takes to produce a certain level of output.
9. Real GDP per capita is a measure of
a. the standard of living.
b. price stability.
c. unemployment.
d. unit of account.
10. To calculate the average economic growth rate over the 10-year period 2002 through 2011,
a. add the 10 years of GDP growth rates and divide that number by 10.
b. add the 10 years of real GDP per capita growth rates and divide that number by 10.
c. add the 10 years of productivity gains and divide that number by 10.
d. add the 10 years of real GDP growth rates and divide that number by 10.
Kindly give feedback if this genuinely helped you.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.