The purchasing power of the average person in the world today is:
A. more than 30 times as high as it was 200 years ago.
B. more than 20 times as high as it was 300 years ago.
C. is about the same as it has been during the last two centuries.
D. has increased steadily over the last two centuries.
12.Real per capital GDP in the United States is:
A. over three times what it was a century ago.
B. over seven times what it was a century ago.
C. over 30 times what it was a century ago.
D. about the same as it was a century ago.
13.Total changes in GDP over time:
A. are bigger than the annual growth rate due to compounding.
B. are smaller than the annual growth rate due to compounding.
C. are smaller than the annual growth rate due to backsliding.
D. are bigger than the annual growth rate due to population growth.
14.In general, the number of years it will take for income to double at the current real growth rate is approximately:
A. 70 divided by the growth rate.
B. 50 divided by the growth rate.
C. 7 times the growth rate.
D. 5 times the growth rate.
15.According to the rule of 70, if a country grows at an average rate of 2 percent per year, what would happen after 35 years?
A. The country's real GDP per capita would double.
B. The country's nominal GDP would double.
C. The country's real GDP would double.
D. The country's nominal GDP per capita would double.
16.According to the rule of 70, a country will double its real GDP per capita in 35 years if it grows at an average of ________ per year.
A. 2 percent
B. 3.5 percent
C. 5 percent
D. 7 percent
17.We can estimate that if a country grows at 7 percent per year, it will double its real GDP per capita in:
A. 2 years.
B. 20 years.
C. 35 years.
D. 10 years.
18.We can roughly estimate how long it will take a country to double its real GDP per capita using the:
A. rule of 70.
B. rule of 60.
C. growth estimator.
D. GDP deflator.
19.We can calculate how long a country will take to double its real GDP per capita using:
A. its average growth rate.
B. its GDP deflator.
C. the CPI indexation factor.
D. the GDP growth estimator.
20.If a country grows at an average rate of 3.5 percent per year, we can estimate it will double its:
A. growth rate in 70 years.
B. real GDP per capita in 70 years.
C. real GDP per capita in 20 years.
D. growth rate in 20 years.
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