Ec2050 Chapter 9 Quiz

Your quiz has been submitted successfully.Question 12 / 2 pointsEconomic growth is defined asA) a decrease in the rate of inflation.B) an increase in employment.C) a sustained expansion of production possibilities.D) an increase in the nation's population.E) an increase in the wage rate.Question 22 / 2 pointsEconomic growth is defined as equal to the increase inA) the inflation rate.B) employment.C) real GDP.D) population.E) the price level.Question 32 / 2 pointsThe Rule of 70 states that the level of a variable will double inA) the number of years equal to the variable's annual growth rate minus 70.B) the number of years equal to 70 divided by the variable's annual growth rate.C) 70 years.D) the number of years equal to the variable's annual rate of growth divided by 70.E) the number of years equal to 70 multiplied by the variable's annual growth rate expressed as a decimal.Question 42 / 2 pointsLabor productivity is defined asA) hours of work per person.B) total output multiplied by total hours of labor.C) total real GDP.D) real GDP per hour of labor.E) real GDP per person.Question 52 / 2 pointsIncreases in human capital can comeA) only from