Macroeconomic Analysis of Tourism: Economic Growth

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What is the primary focus of macroeconomists in the short-run?

Measuring the impact of monetary policy on inflation

Analyzing the distribution of income

Studying the dynamics of output over long horizons of time

Studying economic fluctuations (correct)

What was the approximate percentage of homes in the United States with electricity at the beginning of the 20th century?

2% (correct)

20%

8%

5%

What is the primary driver of improved living standards in the 20th century?

Advances in technology

The growing ability of the economy to produce goods and services (correct)

Increased government spending

Trade liberalization

Why do macroeconomists study economic growth?

To understand why economic growth occurs faster in some times and places than in others Signup and view all the answers

What is the term used to describe the differences between actual output and potential output?

Economic fluctuations Signup and view all the answers

What is the key statistic to track economic growth?

Real GDP per capita Signup and view all the answers

What is the purpose of expressing real GDP in per capita terms?

To isolate the effect of changes in the population and to have an indicator of the standard of living Signup and view all the answers

Why do macroeconomists use PPP exchange rates over market established exchange rates for international comparisons?

Because market established exchange rates are more volatile Signup and view all the answers

What is the formula to express the percentage variation of GDP per capita?

∆% real GDP pc = ∆% real GDP - ∆% Population Signup and view all the answers

What is the main purpose of using a common currency, such as US$, for international comparisons?

To convert the GDP of each country to a unique currency Signup and view all the answers

Macroeconomic Analysis of Tourism: Economic Growth

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Questions and Answers

What is the primary focus of macroeconomists in the short-run?

What was the approximate percentage of homes in the United States with electricity at the beginning of the 20th century?

What is the primary driver of improved living standards in the 20th century?

Why do macroeconomists study economic growth?

What is the term used to describe the differences between actual output and potential output?

What is the key statistic to track economic growth?

What is the purpose of expressing real GDP in per capita terms?

Why do macroeconomists use PPP exchange rates over market established exchange rates for international comparisons?

What is the formula to express the percentage variation of GDP per capita?

What is the main purpose of using a common currency, such as US$, for international comparisons?

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