11.Theundergroundeconomy
a.excludestheamountofcriminalactivityinaneconomy.
b.islargerfordevelopednationsthandevelopingnationswhenmeasuredasapercentofGDP.
c.includesotherwiselegaltransactionsthatgounreportedorunrecorded.
d.intheUnitedStatesisinsignificantissizewhencomparedtotheofficialmeasureofGDP.
12.Supposethattwenty-fiveyearsagoacountryhadnominalGDPof$1,000,aGDPdeflatorof200,andapopulationof100.TodayithasnominalGDPof$3,000,aGDPdeflatorof400,andpopulationof150.WhathappenedtotherealGDPperperson?
a.Itmorethandoubled.
b.Itincreased,butitlessthandoubled.
c.Itwasunchanged.
d.Itdecreased.
13.Duringapresidentialcampaign,theincumbentarguesthatheshouldbereelectedbecausenominalGDPgrewby12percentduringhis4-yearterminoffice.Youknowthatpopulationgrewby4percentovertheperiodandthattheGDPdeflatorincreasedby6percentduringthepast4years.YoushouldconcludethatrealGDPperperson
a.grewbymorethan12percent.
b.grew,butbylessthan12percent.
c.wasunchanged.
d.decreased.
14.Supposethatoverthelasttwenty-fiveyearsacountry’snominalGDPgrewtothreetimesitsformersize.Inthemeantime,populationgrewby40percentandpricesroseby100percent.WhathappenedtorealGDPperperson?
a.Itmorethandoubled.
b.Itincreased,butitlessthandoubled.
c.Itwasunchanged.
d.Itdecreased.
15.Theinformationfor2008inmillionsinthetablebelowwasreportedbytheWorldBank.Onthebasisofthisinformation,whichlistbelowcontainsthecorrectorderingofrealGDPperpersonfromhighesttolowest?
Country
GDP(ConstantUS$)
GDP(CurrentUS$)
Population
Germany
2,091,573
3,649,493
82.11
Japan
5,166,281
4,910,839
127.70
U.S.
11,513,872
14,093,309
304.06
a.Japan,Germany,UnitedStates
b.Japan,UnitedStates,Germany
c.Germany,UnitedStates,Japan
d.UnitedStates,Japan,Germany
16.Theinformationbelowfor2008inmillionswasreportedbytheWorldBank.Onthebasisofthisinformation,whichlistbelowcontainsthecorrectorderingofGDPperpersonfromhighesttolowest?
Country
GDP(ConstantUS$)
GDP(CurrentUS$)
Population
Argentina
$394,595
$328,465
39.88
Bolivia
$11,373
$16,674
9.69
Peru
$84,241
$129,109
28.84
a.Argentina,Bolivia,Peru
b.Argentina,Peru,Bolivia
c.Bolivia,Argentina,Peru
d.Peru,Bolivia,Argentina
17.Theinformationbelowfor2008inmillionswasreportedbytheWorldBank.Onthebasisofthisinformation,whichlistbelowcontainsthecorrectorderingofGDPperpersonfromhighesttolowest?
Country
GDP(ConstantUS$)
GDP(CurrentUS$)
Population
Ghana
7,690
16,653
23.35
Kenya
17,569
30,354
38.76
Tanzania
15,394
20,490
41.276
a.Ghana,Kenya,Tanzania
b.Ghana,Tanzania,Kenya
c.Kenya,Tanzania,Ghana
d.Kenya,Ghana,Tanzania
18.LastyearcountryAhadanominalGDPof$600billion,aGDPdeflatorof150andapopulationof40million.
a.CountryAbecauseithadthehighernominalGDPperperson.
b.CountryBbecauseithadthehighernominalGDPperperson.
c.CountryAbecauseithadthehigherrealGDPperperson.
d.CountryBbecauseithadthehigherrealGDPperperson.
19.Onthebasisoftheinformationpresentedinthetablebelow,whichpresentsthecorrectorderingofrealGDPperpersonfromhighesttolowest?
Country
RealGDP
Population
Atlantis
$4,800billion
127million
Merpois
$240billion
7.2million
Bensalem
$9,800billion
280million
a.Atlantis,Merpois,Bensalem
b.Bensalem,Atlantis,Merpois
c.Atlantis,Bensalem,Merpois
d.Bensalem,Merpois,Atlantis
20.InternationaldataonGDPandsocioeconomicvariables
a.areinconclusiveabouttherelationshipbetweenGDPandtheeconomicwell-beingofcitizens.
b.suggestthatpoornationsactuallymightenjoyahigherstandardoflivingthandorichnations.
c.leavenodoubtthatanation’sGDPiscloselyassociatedwithitscitizens’standardofliving.
d.indicatethattherearefewrealdifferencesinlivingstandardsaroundtheworld,inspiteofthelargedifferencesinGDPbetweennations.
21.InternationalstudiesoftherelationshipbetweenGDPperpersonandqualityoflifemeasuressuchaslifeexpectancyandliteracyratesshowthatlargerGDPperpersonisassociatedwith
a.longerlifeexpectancyandalowerpercentageofthepopulationthatisliterate.
b.longerlifeexpectancyandahigherpercentageofthepopulationthatisliterate.
c.verynearlythesamelifeexpectancyandalowerpercentageofthepopulationthatisliterate.
d.verynearlythesamelifeexpectancyandahigherpercentageofthepopulationthatisliterate.
22.CountrieswithlowGDPperpersontendtohave
a.lowerratesofchildmalnutrition.
b.fewerinfantswithlowbirthweight.
c.higherratesofinfantmortality.
d.moreaccesstosafedrinkingwater.
23.Otherwiselegaltransactionsthatgounreportedorunrecordedarecalled
a.theundergroundeconomy.
b.theshadoweconomy.
c.theinformaleconomy.
d.Alloftheabovearecorrect.
24.UndergroundeconomicactivityasapercentageofGDPwashighestin
a.Bolivia.
b.Mexico.
c.Australia.
d.theUnitedStates.
25.RankthecountriesfromhighesttolowestbasedonundergroundeconomicactivityasapercentageofGDP.
a.Bolivia,Thailand,UnitedStates,Sweden.
b.Thailand,UnitedStates,Sweden,Bolivia.
c.UnitedStates,Bolivia,Sweden,Thailand.
d.Bolivia,Thailand,Sweden,UnitedStates.
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