Economics : ECON220 Grand Canyon WK4 Per Capita GDP Economic Growth Quiz

Week 4 GDP1. Per capita GDP will definitely fall ifA. The population falls.B. The rate of economic growth falls.C. The rate of economic growth is less than the rate of population growth.D. There is a decrease in the size of the labor force.In countries with high population growth rates, living standards will fall if GDP growth does not keep pace.2. Which component(s) of U.S. real GDP increased in size relative to total U.S. real GDP from 1950 to 2000?A. Only agriculture.B. Only manufacturing.C. Agriculture and manufacturing.D. Only services.Due to technological advances, the agricultural component of U.S. real GDP has shrunk significantly, and withthe significant increase in per capita income the demand for services has increased.3. As of 2010, per capita GDP in the United States was approximately how many times the world average?A. 3.B. 5.C. 7.D. 9.The United States produces five times the world average per capita GDP.4. A labor-intensive production process is one thatA. Has a low ratio of labor to capital.B. Has a low ratio of capital to labor.C. Is used only in the United States.D. All of the choices are correct.Ceteris paribus, the smaller the amount ...


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