One of the economic changes that has most dramatically reshaped the world is
One of the economic changes that has most dramatically reshaped the world is:
A. the rapid growth of China's economy.
B. the rapid decline of Haiti's economy.
C. the unemployment rate declining in the U.S. by 40 percent.
D. the rapid growth of Italy's economy.
2.In 1978, China was the world's 15th-largest economy. By 2011, China:
A. had the second-largest economy in the world.
B. had a larger economy than Japan.
C. had an economy worth about $6 trillion.
D. All of these statements are true.
3.The two largest economies in the world in 2012 were:
A. the U.S. and China.
B. Japan and the U.S.
C. England and the U.S.
D. the U.S. and Germany.
4.Economic growth can:
A. create jobs.
B. reduce poverty.
C. improve standards of living.
D. All of these statements are true.
5.In China, the fraction of the population living below the international poverty line ($1.25 per person per day) fell from over 80 percent in 1978 to:
A. under 20 percent as of 2011.
B. under 50 percent as of 2011.
C. under 40 percent as of 2011.
D. under 30 percent as of 2011.
6.Calculating the value of an economy is harder than just adding up the value of every single thing that is produced because:
A. that would lead to overcounting, as the value of intermediate products would be counted twice.
B. that would lead to overcounting, as there is a mark-up in everything that is sold.
C. that would lead to undercounting, as most goods are not sold in retail markets.
D. that would lead to undercounting, as only observable markets can be recorded.
7.The system we use to measure the value of an economy is called:
A. national income accounting.
B. national economic valuation.
C. macroeconomic summation.
D. national expenditure accounting.
8.Macroeconomics works to explain things like:
A. economic growth.
B. unemployment rates.
C. rates of inflation.
D. All of these statements are true.
9.Measuring the national income accounts can be helpful in explaining things like:
A. unemployment rates.
B. economic booms.
C. rates of inflation.
D. All of these statements are true.
10.The field of macroeconomics studies ______ and microeconomics studies ______.
A. economic aggregates; individual markets
B. individual markets; economic aggregates
C. international variables; variables within a single economy
D. variables within a single economy; international variables
abhinav behal
15-Feb-2020
