9. To maintain the current standard of living an economy must grow a. at its tre

Question

9. To maintain the current standard of living an economy must grow a. at its trend rate b. at least 10 percent per year c. at least as fast as its population is growing d. at a slower rate than its population is growing 10. Per capita GDF country country's population a. measures the standard of living in a b. is the GDP of a country divided by that c. both a and b 11. What are the components of GDP? Government Spending (G) Exports (E) Spending (G) Exports (E) Spending (G) Net Exports (x-m) (1) Government Spending (G) Net Exports (x-m) d. none of the above a. Consumption (C) Inflation (I) b. Consumption (C) Income(1) Government c. Consumption (C) Income () Government d. Consumption (C) Investment Spending

Explanation / Answer

9) In order to maintain the standard of living, the economy must grow in line with the population growth rate.

Hence, c is correct.

10) c is correct. Per capita GDP is a measure of standard of living and is calculated by dividing the GDP by population.

11) d is correct. GDP = C + I + G + (X - M), where I is Investment Spending

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