Chapter 6 - 1022B004

Chapter 6 - 1022B004

University

5 Qs

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Chapter 6 - 1022B004

Chapter 6 - 1022B004

Assessment

Quiz

Social Studies

University

Practice Problem

Easy

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Phuong Vu

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5 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Choose the correct statement about economic growth and a business cycle expansion.

A return to full employment in a business cycle expansion is shown as a movement from inside the PPF to a point on the PPF.

Economic growth is illustrated as a movement along the

PPF.

The return to full employment in an expansion phase of the business cycle is economic growth.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The aggregate production function is a relationship that tells us how​ _____ changes as the quantity of​ _____ changes when all other influences on production remain the same.

real​ GDP; labour

capital; labour

​output; investment

real​ GDP; capital

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The sources of economic growth are​ _______.

work hours growth and full employment

work hours growth and labour productivity growth

labour productivity growth and incentives

incentives and full employment

4.

OPEN ENDED QUESTION

45 sec • 1 pt

If real GDP per person doubles in 20​ years, then the annual growth rate of real GDP per person is​ ______ percent a year.

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Answer explanation

3.5 percent

5.

OPEN ENDED QUESTION

45 sec • 1 pt

If real GDP is​ $1,000,000, exports are​ $200,000, imports are​ $300,000, and aggregate labour hours are​ 100,000, labour productivity is​ $__ per hour.

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Answer explanation

$10 per hour