D) employment E) unemployment 27) The growth rate of real GDP per person equals
ID: 1122037 • Letter: D
Question
D) employment E) unemployment 27) The growth rate of real GDP per person equals tve A) population growth rabe plus the growth rate 8) change in the of real GDP growth rate divided by the change in the population growth ae D) growth rate eowate per person divided by the change in the population growth rae of real GOP minus the growth rate of the population growe, rate pla, the growth rate of real GOP tendivided by E) real ao 28) The population in the current year is 275 million and the real GDP is $9 trillion. The previous years statistics is were a population of 270 million and a real GOP of $8.6 trilion. The change in by growth in real GDP per person, is the standard of iving, measures A) 5.7 percent B) 4.7 percent C) 2.8 percent D) 1.9 percent. E) 0 percent 29) The rule of can be used to calculate the number of years that it takes for the level of a variabile to A) 20; double B) 70; triple C) 70, double D) 20, triple E) thumb; double 30) The Rule of 70 states that the level of a variable will double in A) 70 years. B) the number of years equal to the variable's annual rate of growth divided by 70 C) the number of years equal to 70 divided by the variable's annual growth rate. D) the number of years equal to the variable's annual growth rate minus 70. E) the number of years equal to 70 multiplied by the variable's annual growth rate expressed as a decimal 31) The aggregate supply curve illustrates that the A) higher the price level, the greater the quantity of real GDP supplied. B) higher the price level, the smaller the quantity of real GDP supplied. C) aggregate demand curve is not needed to determine the aggregate price level. D) price level does not affect the quantity of real GDP supplied. E) amount of potential GDP increases when the price level rises. If the price level increases from 110.0 to 115.0, the quantity of A) real GDP supplied will increase. B) real GDP supplied will decrease C) potential GDP will decrease. D) real GDP demanded will increase. E) potential GDP will increase 33) The above table gives aggregate demand and aggregate supply schedules. Equilibrium real GDP is A) $10 trillion. B) $9 trillion.Explanation / Answer
Answer 27:-
The growth rate of real GDP is ascertained by taking percentage increase in GDP in comparison with the previous year. From this growth rate, you have to deduct growth rate in the population. It will compensate the extra GDP required to feed this new population. Thus growth rate GDP per person is-
Option (D) Growth rate in real GDP-Growth rate in population.
Answer 28:-
Current years real GDP is $ 9trillion. Last year it was $ 8.6 million. So growth rate in real GDP is-
9 – 8.6 / 8.6 * 100 = 4.65 percent
Current year’s population is $ 275 million. Last year it was $ 270 million. So growth rate in population is-
275 – 270 / 270 * 100 = 1.85
So growth in real GDP per person is
4.65 – 1.85 = 2.8
Answer: Option (C)
Answer 30:-
The rule of 70 states that in order to estimate the number of years for a variable to double, take the number 70 and divide it by the growth rate of the variable. This rule is commonly used with an annual compound interest rate to quickly determine how long it would take to double your money.
Answer: Option (B)
Answer 31:-
The aggregate supply curve illustrates that the higher the price level, the smaller the quantity of real GDP supplied.
Answer: Option (B)
Answer 32:-
If the price level increases from 110.0 to 115.0, the quantity of real GDP supplied will increase.
Answer: Option (A)
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