The Real Gdp In A Nation Has Just Increased

1. The real GDP in a nation has just increased from $2 billion to $2.1 billion.A) We do not know if this country experienced economic growth since the increase in the population was not given.B) This country did not experience economic growth since $.1 billion is not a large number. C) We do not know if this country experienced economic growth since information on nominal GDP was not given.D) This country has experienced economic growth because there is a $.1 billion increase in real GDP.2.Labor productivity increases whenA) the unemployment rate decreases.B) the average number of hours people work goes upC) the average output produced per worker during a specified time period increases. Reason : (Since, Productivity = Output/Unit Time)D) the average output produced per worker during a specified time period decreases.3.Other things held constant, higher savings rates lead toA) a lower standard of living.B) higher living standards.C) decreases in real per capita GDP. (Reason : Higher savings rate more savings or lesser investment lesser growth lesser real GDP)D) increases in the number of hours workers work.4.One reason that economists encourage free trade is thatA)