Practice Chapter 11 – Economic Growth and the Wealth of Nations Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Economic growth is defined as: a. the percent change of gross domestic product (GDP). b. the percent change of real GDP. c. the percent change of real per capita GDP. d. the percent change of per capita GDP. e. the percent change of population. 2. According to the textbook, which of the following countries is not considered a wealthy nation? a. Denmark b. Israel c. Germany d. Liberia e. the United States 3. Higher rates of economic growth are negatively correlated with: a. better education. b. better health care. c. shorter life expectancy. d. the number of physicians per capita. e. adult literacy. 4. Average world income began to increase rapidly during: a. the Enlightenment. b. the Dark Ages. c. the Second World War. d. the War of the Ring. e. the Industrial Revolution. 5. If an economy experiences economic growth, does that mean that everyone in that economy will be better off? a. No, it means that the average person is better off. b. Yes, that is the definition of economic growth. c. Yes, but only if there is little immigration during that time period. d. No, economic growth is not correlated with standards of living. e. Yes, but only if nominal gross domestic product (GDP) increases. 6. In 2010, U.S. gross domestic product (GDP) was roughly $14.6 trillion. Given that the U.S. population was roughly 308 million people, per capita GDP in the United States in 2010 was roughly: a. $4,760. b. $0.22. c. $47,403. d. $22,000. e. $475,990. 7. From 2011 to 2012, U.S. real GDP increased by 2.2% and the U.S. population grew by 1%. Therefore, per capita real GDP in the United States increased by: a. 2.8%. b. 1.2%. c. 3.8%. d. 1.8%. e. 5.4%. 8. Nominal gross domestic product (GDP) is a poor measure of economic growth because: a. it does not count investment by private businesses. b. it overstates the importance of consumer spending. c. it does not include government spending. d. it ignores imports and exports. e. it does not consider changes in prices or population growth. 9. Annual real per capita gross domestic product (GDP) in the United States was roughly $44,000 in 2000. If it grew by 3% the following year, by 2001 the annual real per capita GDP would be: a. $57,200. b. $42,718. c. $33,846. d. $45,320. e. $1,320. 10. From 2009 to 2010, nominal gross domestic product (GDP) in the United States grew by 3.8%. Given that prices increased by 1% and the population grew by 1%, we know that per capita real GDP grew by: a. 3.8%. b. 1.8%. . 2.8%. d. 4.8%. e. 5.8%. 11. From 2009 to 2010, nominal gross domestic product (GDP) in the United States grew by 3.8%. Given that prices increased by 1% and per capita real GDP grew by 1.8%, we know that the population grew by: a. 2%. b. 1.8%. c. 1%. d. 4.8%. e. 5.8%. 12. In 2010, real gross domestic product (GDP) in the United States was roughly $14.6 trillion. In 2011, real GDP in the United States was roughly $15.1 trillion. Therefore, between 2010 and 2011, real GDP grew by: a. 4.3%. b. 3.4%. c. 3.3%. d. 4.5%. e. 0.5%. 13. In 2010, per capita real gross domestic product (GDP) in the United States was roughly $46,000. In 2011, per capita real GDP in the United States was roughly $48,400. Therefore, between 2010 and 2011, the rate of economic growth in the United States was: a. 2.5%. b. 2.4%. c. 4.9%. d. 5.2%. e. 0.5%. 14. From 2009 to 2010, per capita real gross domestic product (GDP) in the United States grew by 1.8%. Given that prices incr…
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