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Terms in this set (36)
Real GPD refers to GDP adjusted for changes in )_________.
prices
The following shows the GDP per capita of country X for 3 years.
Year GDP per capita
2015 $1,500
2016 $1,745
2017 $2,050
Refer to the table above. At what rate did the country grow between 2015 and 2016?
Year GDP per capita
2015 $1,500
2016 $1,745
2017 $2,050
Refer to the table above. At what rate did the country grow between 2015 and 2016?
16.33 percent
The following shows the GDP per capita of country X for 3 years.
Year GDP per capita
2015 $1,500
2016 $1,745
2017 $2,050
Refer to the table above. At what rate did the country grow between 2016 and 2017.
Year GDP per capita
2015 $1,500
2016 $1,745
2017 $2,050
Refer to the table above. At what rate did the country grow between 2016 and 2017.
17.47 percent
The following shows the GDP per capita of country X for 3 years.
Year GDP per capita
2015 $1,500
2016 $1,745
2017 $2,050
Refer to the table above. If country X is expected to grow by 19 percent between the years 2017 and 2018, what is the expected GDP per capita for the year 2018?
Year GDP per capita
2015 $1,500
2016 $1,745
2017 $2,050
Refer to the table above. If country X is expected to grow by 19 percent between the years 2017 and 2018, what is the expected GDP per capita for the year 2018?
$2,439.50
The process by which a quantity grows at a constant proportion in every time period is called _______ growth
exponential
The _______ nature of economic growth is one of the major reasons there are large differences in GDP per capita across countries.
exponential
The following figure shows the graphs of various types of growth.
The data in Graph A best represent __________.
The data in Graph A best represent __________.
exponential growth
The following figure shows the graphs of various types of growth. The data in Graph B best represent __________.
linear growth
The following figure shows the graphs of various types of growth. The data in Graph C best represent _______
no growth
The following figure shows the graphs of various types of growth. The data in Graph D best represent _______.
exponential decline
The growth process whereby the relatively poorer nations increase their income by taking advantage of knowledge and technologies already invented in other, technologically more advanced countries is knows as _______________ growth.
catch-up
Singapore had a GDP per capita of $395 in 1960. It then started taking advantage of knowledge and technologies already invented in other technologically advanced countries. In 2013, its GDP per capita had increased to $52,918. The growth in Singapore's average per capita GDP is considered to be ________ growth.
catch-up
sustained growth refers to a growth process in which ____________
GDP per capita grows at a positive and steady rate for long periods of time.
From the perspective of individual households, income can only be consumed or saved, the latter of which become _____ utilized by firms.
investment
The following table shows levels of consumption and investment in four countries.
Country A
consumption 200; investment 600
Country B
consumption 2,200; investment 3,000
Country C
consumption 2,000; investment 1,200
Country D
consumption 5,200; investment 4,200
Refer to the table above. Which country has the highest savings rate?
Country A
consumption 200; investment 600
Country B
consumption 2,200; investment 3,000
Country C
consumption 2,000; investment 1,200
Country D
consumption 5,200; investment 4,200
Refer to the table above. Which country has the highest savings rate?
Country A