22. In order to shift the curr A. Must use more of the existing resources. B. Ca

Question

22. In order to shift the curr A. Must use more of the existing resources. B. Can rais C. Must find additional resources or better technology. ent production possibilities curve outward, an economy e the prices of goods and services to encourage firms to produce more. D. Will neve r be able to produce a combination of goods and services outside the current production possibilities curve. 23. The percentage change in real GDP from one period to another is called A. Real GDP B. Nominal GDP. C. The growth rate. D. GDP per capita. 24. If real GDP rises from $500 billion to $510 billion, the economic growth rate is A. 10 percent B. 1.96 percent. C. 2 percent. D. -2 percent. 25. The number of years it takes for GDP to double is found by A. Dividing 72 by the growth rate. B. Multiplying 72 by per capita GDP C. Multiplying 72 by the growth rate. D. Dividing the growth rate by 72

Explanation / Answer

22) In order to shift the current production possibilities curve outward, an economy

Solution: Must find additional resources or better technology

Explanation: PPF can be moved outward with the usage of additional resources or better technology

23) The percentage change in real GDP from one period to another is called

Solution: The growth rate

Explanation: The growth rate is a measurement of the % change in real GDP from one period to the next

24) If real GDP rises from $500 billion to $510 billion, the economic growth rate is

Solution: 2 percent

Explanation: (10 billion/ $500 billion) * 100

25) The number of years it takes for GDP to double is found by

Solution: dividing 72 by the growth rate

Explanation: The formula used is annual growth rate / 72

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