Question

In: Economics

1.If low-income countries have GDP growth that is faster than that of middle-income countries, which in...

1.If low-income countries have GDP growth that is faster than that of middle-income countries, which in turn have GDP growth that is faster than that of high-income countries, this is a pattern of ______________.

Select the correct answer below:

economic expansion

economic growth

globalization

economic convergence

2.We call the economy's movement from peak to trough and trough to peak the ____________.

Select the correct answer below:

business cycle

business flow

economic cycle

economic circle

3.Comparing unemployment rates in the United States and other high-income economies with unemployment rates in Latin America, Africa, Eastern Europe, and Asia is very __________.

Select the correct answer below:

difficult

straightforward

uninteresting

unnecessary

4.Technological advancements typically increase productivity and encourage economic growth. Suppose a breakthrough in technology causes a rapid increase in a country's productivity. As a result, its real GDP increase from $19,150 to $19,375. What is the percent change in real GDP?

Round your answer to the nearest tenth. Be sure to include a negative sign in your answer if necessary.

Provide your answer below:

%??

5.The table below shows the total expenditure on a basket of goods and services. Use this information to calculate index numbers for the cost of a basket of goods and services in each period. Assume Period 3 is the base year. Round to one decimal place.

	Total Expenditure	Index Number
Period 1	$3,100
Period 2	$3,350
Period 3	$3,400
Period 4	$3,450

6.Using the table below, determine the growth in nominal GDP from 1990 to 1992. Calculate the percentage change and round your answer to the nearest tenth.

Year	Nominal GDP (in billions)
1990	$5,963
1991	$6,158
1992	$6,520

Expert Solution

Q1. Option 4
Low income and middle income economies around the world grow faster than those of high income countries is referred as economic convergence

Q2. Option 1
Businesses cycle involves movement from peak to bottom and then again peak

Q3. Option 1
As the situations prevailing in nations vary

Q4. 1.17 percent
Growth in real GDP =((19375-19150)/19150)*100 = 1.17 percent

Q5.

	Total Expenditure	Index Number= Period/Period 3
Period 1	3,100	91.18
Period 2	3,350	98.53
Period 3	3,400	100.00
Period 4	3,450	101.47

Q6.
Growth in nominal GDP = ((6520-5963)/5963)*100 = 9.34 percent

Rahul Sunny answered 2 years ago

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