12) According to the FRED economic database, the values for GDP, population, and employment are the...

  

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12) According to the FRED economic database, the values for GDP, population, and employment are the values below. In the table, find the living standard and the dollar value of labor productivity for each of the 3 years. Year Q1 2000 2010 2020 Real GDP in billions (2012 prices) 12,935 15,456 18,851 C. d. Population in billions 0.283748 0.308706 C. d. 0.331443 Employment in billions 0.136559 0.138438 0.158653 13) A country's rate of economic growth is important because a. a slowly growing economy always invades its neighboring countries in search of wealth. b. a slowly growing economy experiences very slow growth in population. C. an economy that grows too slowly fails to raise the living standards of its citizens. d. an economy that grows too slowly is always involved in human rights violations. Living Standard 14) Suppose two countries, Country A and Country B, have a similar real GDP per capita. Country A has an average economic growth rate of 2% and Country B has an average economic growth rate of 3.2%. In the long run, what can dict about living standards in the two countries? a. Country B's living standards will increase much more rapidly in the long run. b. Growth rates are not related to living standards. The countries will experience similar increases in their living standards. Country A's living standards will increase much more rapidly in the long run. 15) Which of the following increases labor productivity? a. inventions of new machinery, equipment, or software b. an increase in the total hours of work Labor Productivity decreases in the availability of computers and factory buildings a decline in health of the population 12) According to the FRED economic database, the values for GDP, population, and employment are the values below. In the table, find the living standard and the dollar value of labor productivity for each of the 3 years. Year Q1 2000 2010 2020 Real GDP in billions (2012 prices) 12,935 15,456 18,851 C. d. Population in billions 0.283748 0.308706 C. d. 0.331443 Employment in billions 0.136559 0.138438 0.158653 13) A country's rate of economic growth is important because a. a slowly growing economy always invades its neighboring countries in search of wealth. b. a slowly growing economy experiences very slow growth in population. C. an economy that grows too slowly fails to raise the living standards of its citizens. d. an economy that grows too slowly is always involved in human rights violations. Living Standard 14) Suppose two countries, Country A and Country B, have a similar real GDP per capita. Country A has an average economic growth rate of 2% and Country B has an average economic growth rate of 3.2%. In the long run, what can dict about living standards in the two countries? a. Country B's living standards will increase much more rapidly in the long run. b. Growth rates are not related to living standards. The countries will experience similar increases in their living standards. Country A's living standards will increase much more rapidly in the long run. 15) Which of the following increases labor productivity? a. inventions of new machinery, equipment, or software b. an increase in the total hours of work Labor Productivity decreases in the availability of computers and factory buildings a decline in health of the population

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