RecallEasyMeasuring Standard of Living

Which of the following is the most widely used metric for tracking changes in a country's standard of living over time?

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Why

Tap an answer. The explanation will appear here, including why each wrong option is wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

A: why it's wrongThis ignores price changes (inflation) as well as population changes.

B: why it's wrongReal GDP controls for inflation, but it does not account for changes in population size.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

A: why it's wrongThis ignores price changes (inflation) as well as population changes.

C: why it's wrongThis adjusts for population but fails to correct for price-level changes.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

A: why it's wrongThis ignores price changes (inflation) as well as population changes.

D: why it's wrongReal GDP per person (or per capita) adjusts for both inflation and population growth, making it the standard measure of living standards.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

A: why it's wrongThis ignores price changes (inflation) as well as population changes.

undefined: why it's wrongUnemployment is a business-cycle labor market indicator, not a direct measure of living standards or output available per person.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

B: why it's wrongReal GDP controls for inflation, but it does not account for changes in population size.

C: why it's wrongThis adjusts for population but fails to correct for price-level changes.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

B: why it's wrongReal GDP controls for inflation, but it does not account for changes in population size.

D: why it's wrongReal GDP per person (or per capita) adjusts for both inflation and population growth, making it the standard measure of living standards.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

B: why it's wrongReal GDP controls for inflation, but it does not account for changes in population size.

undefined: why it's wrongUnemployment is a business-cycle labor market indicator, not a direct measure of living standards or output available per person.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

C: why it's wrongThis adjusts for population but fails to correct for price-level changes.

D: why it's wrongReal GDP per person (or per capita) adjusts for both inflation and population growth, making it the standard measure of living standards.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

C: why it's wrongThis adjusts for population but fails to correct for price-level changes.

undefined: why it's wrongUnemployment is a business-cycle labor market indicator, not a direct measure of living standards or output available per person.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

D: why it's wrongReal GDP per person (or per capita) adjusts for both inflation and population growth, making it the standard measure of living standards.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

D: why it's wrongReal GDP per person (or per capita) adjusts for both inflation and population growth, making it the standard measure of living standards.

undefined: why it's wrongUnemployment is a business-cycle labor market indicator, not a direct measure of living standards or output available per person.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

The growth rate of real GDP per capita accounts for both changes in the price level (inflation) and changes in population, making it the standard indicator of living standards over time.

undefined: why it's wrongUnemployment is a business-cycle labor market indicator, not a direct measure of living standards or output available per person.

Tap any option to see why it's right or wrong.

Your progress

Chapter 10: not started.

RecallMediumLong-Run Growth Facts

Which statement accurately describes economic growth in the United States over the past century?

1–4 answer · Enter next

Why

Tap an answer. The explanation will appear here, including why each wrong option is wrong.

Not quite. D is correct.

Over the past 100 years, long-run growth has dominated short-run business cycle fluctuations, output has grown in the vast majority of years, and total output has increased dramatically (by far more than double).

A: why it's wrongOver a century, the steady upward trend of growth dominates year-to-year cyclical fluctuations.

B: why it's wrongEconomic expansions are far more frequent and longer than contractions; output increases in most years.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

A: why it's wrongOver a century, the steady upward trend of growth dominates year-to-year cyclical fluctuations.

C: why it's wrongU.S. output has increased by a factor far larger than two (it has grown more than tenfold).

Tap any option to see why it's right or wrong.

Not quite. D is correct.

A: why it's wrongOver a century, the steady upward trend of growth dominates year-to-year cyclical fluctuations.

D: why it's wrongOver the past century, long-run growth has expanded output many times over, so short-run fluctuations from recessions and recoveries are small by comparison.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

A: why it's wrongOver a century, the steady upward trend of growth dominates year-to-year cyclical fluctuations.

undefined: why it's wrongLiving standards have risen dramatically over the last century in the U.S.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

B: why it's wrongEconomic expansions are far more frequent and longer than contractions; output increases in most years.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

B: why it's wrongEconomic expansions are far more frequent and longer than contractions; output increases in most years.

C: why it's wrongU.S. output has increased by a factor far larger than two (it has grown more than tenfold).

Tap any option to see why it's right or wrong.

Not quite. D is correct.

B: why it's wrongEconomic expansions are far more frequent and longer than contractions; output increases in most years.

D: why it's wrongOver the past century, long-run growth has expanded output many times over, so short-run fluctuations from recessions and recoveries are small by comparison.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

B: why it's wrongEconomic expansions are far more frequent and longer than contractions; output increases in most years.

undefined: why it's wrongLiving standards have risen dramatically over the last century in the U.S.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

C: why it's wrongU.S. output has increased by a factor far larger than two (it has grown more than tenfold).

D: why it's wrongOver the past century, long-run growth has expanded output many times over, so short-run fluctuations from recessions and recoveries are small by comparison.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

C: why it's wrongU.S. output has increased by a factor far larger than two (it has grown more than tenfold).

undefined: why it's wrongLiving standards have risen dramatically over the last century in the U.S.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

D: why it's wrongOver the past century, long-run growth has expanded output many times over, so short-run fluctuations from recessions and recoveries are small by comparison.

Tap any option to see why it's right or wrong.

Not quite. D is correct.

D: why it's wrongOver the past century, long-run growth has expanded output many times over, so short-run fluctuations from recessions and recoveries are small by comparison.

undefined: why it's wrongLiving standards have risen dramatically over the last century in the U.S.

Tap any option to see why it's right or wrong.

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Chapter 10: not started.

AnalysisHardAggregate Production and Growth

A time series that appears as an upward-sloping straight line on a linear scale will appear as which of the following when plotted on a logarithmic scale?

1–4 answer · Enter next

Why

Tap an answer. The explanation will appear here, including why each wrong option is wrong.

Not quite. A is correct.

An upward-sloping straight line on a linear scale represents growth by a constant dollar amount. As the base level increases, that constant increment represents a smaller percentage increase, causing the slope on a logarithmic scale to decline over time.

A: why it's wrongA linear line adds a constant absolute amount each period, meaning the percentage growth rate decreases as the level rises, so the slope on a log scale flattens.

Tap any option to see why it's right or wrong.

Not quite. A is correct.

A: why it's wrongA linear line adds a constant absolute amount each period, meaning the percentage growth rate decreases as the level rises, so the slope on a log scale flattens.

B: why it's wrongA student might assume that linearity on a regular scale translates directly to linearity on a logarithmic scale.

Tap any option to see why it's right or wrong.

Not quite. A is correct.

A: why it's wrongA linear line adds a constant absolute amount each period, meaning the percentage growth rate decreases as the level rises, so the slope on a log scale flattens.

C: why it's wrongA student might confuse a constant absolute addition with exponential acceleration.

Tap any option to see why it's right or wrong.

Not quite. A is correct.

A: why it's wrongA linear line adds a constant absolute amount each period, meaning the percentage growth rate decreases as the level rises, so the slope on a log scale flattens.

D: why it's wrongA student might incorrectly associate a logarithmic scale with zero growth.

Tap any option to see why it's right or wrong.

Not quite. A is correct.

B: why it's wrongA student might assume that linearity on a regular scale translates directly to linearity on a logarithmic scale.

Tap any option to see why it's right or wrong.

Not quite. A is correct.

B: why it's wrongA student might assume that linearity on a regular scale translates directly to linearity on a logarithmic scale.

C: why it's wrongA student might confuse a constant absolute addition with exponential acceleration.

Tap any option to see why it's right or wrong.

Not quite. A is correct.

B: why it's wrongA student might assume that linearity on a regular scale translates directly to linearity on a logarithmic scale.

D: why it's wrongA student might incorrectly associate a logarithmic scale with zero growth.

Tap any option to see why it's right or wrong.

Not quite. A is correct.

C: why it's wrongA student might confuse a constant absolute addition with exponential acceleration.

Tap any option to see why it's right or wrong.

Not quite. A is correct.

C: why it's wrongA student might confuse a constant absolute addition with exponential acceleration.

D: why it's wrongA student might incorrectly associate a logarithmic scale with zero growth.

Tap any option to see why it's right or wrong.

Not quite. A is correct.

D: why it's wrongA student might incorrectly associate a logarithmic scale with zero growth.

Tap any option to see why it's right or wrong.

Your progress

Chapter 10: not started.