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The middle class in China outnumbers the entire population of the United States

The middle class in China outnumbers the entire population of the United States

The middle class in China:

A. outnumbers the entire population of the United States.

B. is almost equal in size to the entire population of the United States.

C. is about half the size of the population of the United States.

D. None of these is true.

2.Economic growth means:

A. healthier citizens.

B. wealthier citizens.

C. better-educated citizens.

D. All of these are true.

3.Creating economic growth:

A. is well understood by macroeconomists.

B. has two central tenets upon which the theory is based.

C. involves savings, capital, labor, and technology.

D. All of these are true.

4.A variable that is essential to economic growth is:

A. savings.

B. capital.

C. technology.

D. All of these are important to economic growth.

5.Over the last 100 years or so, the U.S. economy has grown an average of:

A. 1 percent annually.

B. 2 percent annually.

C. 3 percent annually.

D. 4 percent annually.

6.The fact that the United States has grown _______ per year for the last hundred years is ______________.

A. 1 percent; alarming and needs to be altered

B. 2 percent; alarming and needs to be altered

C. 2 percent; impressive and hopefully will continue

D. 3 percent; impressive and hopefully will continue

7.Rapid economic growth:

A. is a modern phenomenon, happening only in the last century or two.

B. has happened in various places around the world since the 1300s.

C. has occurred since 1500, but backsliding has prevented real growth.

D. is a modern phenomenon, happening only in the last decade or two.

8.Over the last three centuries,

A. until the 1800s, real income per person barely changed at all.

B. until the 1500s, real income per person barely changed at all.

C. real income per person has steadily increased at an average rate of 2 percent

D. real income per person has barely changed at all.

9.Real income per person was the same until:

A. the 1800s, when the Industrial Revolution caused it to grow.

B. the 1500s, when the Renaissance caused it to grow.

C. the 1900s, when wireless technology caused it to grow.

D. Real income per person has been roughly the same for the last three centuries.

10.The growth rate of real GDP per capita is best captured by:

A. subtracting the percentage changes in both prices and population from the nominal GDP growth rate.

B. subtracting the percentage changes in population from the nominal GDP growth rate, while dividing it by the inflation rate in order to hold prices constant.

C. subtracting the percentage changes in prices from the nominal GDP growth rate.

D. subtracting the percentage changes in population from the nominal GDP growth rate.

abhinav behal 15-Feb-2020

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