2- Using the Rule of 70, if the US economy is at $20 Trillion and grows...
2- Using the Rule of 70, if the US economy is at $20 Trillion and grows continually at a rate of 3.5% per year, how long will it take to reach $40 Trillion?
50 Years
35 Years
10 Years
20 Years
3- Which of the following is not an example of how economic growth can be understated?
Global warming and other impacts on the environment
Improvements in product quality & technology
Less stress-free lifestyle
Increased leisure time
4- All of the following are factors that contribute to economic growth within a country, except:
Widespread use of copyrights and patents
Increased education levels and literacy
Well developed financial institutions
A command & control type economy using fewer markets
5- Which of the following is NOT a supply factor that can increase a nation's potential to grow?
Increased government spending
Increase in population (more workers)
Discovery of new natural resources
Improvements in technology
8- Economic growth is defined as:
An increase in Nominal GDP
An increase in Real GDP
An increase in GDP
Homework Answers
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