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ECO213 Exam -2 Questions, Answers, Rationales | Latest Updates
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ECO213 Exam -2 Questions, Answers, Rationales | Latest Updates
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ECO213 Exam #2Study online at https://quizlet.com/_fr47vf
1. U.S. real GDP in 2018 was $18,638 billion, 2.3%
and real GDP in 2019 was $19,073 billion
(constant 2012 $). What was the rate of
growth in U.S. real GDP from 2018 to 2019.
just prior to the coronavirus pandemic?
2. The best economic measure of the standard real GDP per capita
of living is
3. If an economy is growing at a rate of 2.5% 28 years
per year, how long will it take the economy
to double in size?
4. Workers in ________ countries have high income; more physical
________ to work with than do workers in capital
low income countries.
5. The federal budget deficit can be reduced by lower government spending
6. A government budget deficit will shift the supply; left; rise
________ curve for loanable funds to the
________ and the equilibrium real interest
rate will _________.
7. Technological change is shown in the above B to D
diagram by the movement from
8. Endogenous growth theory states that the rate of tech-
nological change is caused
by economic incentives
9. An increase in ________ shifts the produc- technology; up; the same
tion function________ , and makes it possi- amount of
ble to produce a higher level of GDP with
________ capital per hour worked.
10. According to Joseph Schumpeter, which of the entrepreneur
the factors of production is central to eco-
nomic growth?
, ECO213 Exam #2
Study online at https://quizlet.com/_fr47vf
11. Which of the following accurately describes Countries with a strong rule
the impact of the rule of law on a country's of law governing property
economic growth rate? rights and contract enforce-
ment have faster economic
growth
12. Globalization (international trade, open economic growth
economies, free flow of capital and labor,
economic interdependence among coun-
tries) is positively associated with
13. Corruption by a country's government and undermines the rule of
ruling officials law and curtails economic
growth
14. If property rights are not enforced in a coun- entrepreneurs are unlikely to
try invest their own funds in
such a country
15. Policies to promote growth by increasing increasing the supply of
savings and investment work through loanable funds, lowering the
interest rate, raising the lev-
el of investment in physical
capital
16. In the above diagram, the movement from A an increase in capital per
to B to C illustrates worker and diminishing re-
turns to capital
17. Suppose the economy gains more capital A to D
per hour worked and experiences techno-
logical improvements. This is shown in the
above diagram by the movement from
18. The aggregate expenditure model focus- total planned spending; real
es on the relationship between ________ GDP; the price level
and ________ in the short run, assuming
________ is constant.
19. consumption expenditures
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