Living Standards

Living Standards

12th Grade

5 Qs

quiz-placeholder

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Living Standards

Living Standards

Assessment

Quiz

Business

12th Grade

Easy

Created by

jude nandita

Used 1+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The key indicator of a country's living standard and economic well-being is

The interest rate

Nominal GDP

Real GDP

Real GDP per person

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The payment of interest not only on the original deposit, but on all previously accumulated interest is called

Real interest rate

Nominal interest rate

Compound interest rate

simple interest rate

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Small differences in annual growth rates of real GDP generate large differences in real GDP over time because of the

importance of average labor productivity.

power of compound interest.

diminishing returns to capital.

limits of economic growth.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Real GDP per person in the United States was $9,864 in 1950. Over the next 48 years, it grew at a compound annual rate of 2.0 percent. If, instead, real GDP per person had grown at an average compound annual rate 2.5 percent, then real GDP per capita in the United States in 1998 would have been approximately ______Blank larger.

$2,370

$6,751

$12,530

$25,520

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Real GDP per person in Richland is $20,000, while real GDP per person in Poor land is $10,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poor land's real GDP per person is growing at 3 percent per year. After 50 years, real GDP per person in Richland minus real GDP in Poor land is

positive and greater than $10,000.

positive but less than $10,000.

zero.

negative.