Podcast
Questions and Answers
What is the key statistic to track economic growth?
What is the key statistic to track economic growth?
- Nominal GDP per capita
- Nominal GDP growth rate
- GDP per capita growth rate
- Real GDP per capita (correct)
Why is real GDP per capita a better indicator of a country's standard of living?
Why is real GDP per capita a better indicator of a country's standard of living?
- Because it is a more widely used metric
- Because it separates changes in the quantity of goods and services from the effect of a rising price level (correct)
- Because it is a more complex calculation
- Because it is a simpler calculation
Why can't we conclude that a Russian citizen is richer than a Luxembourg citizen based on real GDP?
Why can't we conclude that a Russian citizen is richer than a Luxembourg citizen based on real GDP?
- Because Russia's population is larger than Luxembourg's (correct)
- Because Russia's real GDP is smaller than Luxembourg's
- Because Russia's population is smaller than Luxembourg's
- Because real GDP is not a good indicator of a country's standard of living
What is the formula to express the percentage variation of GDP per capita?
What is the formula to express the percentage variation of GDP per capita?
Why do macroeconomists use purchasing power parity exchange rates instead of market established exchange rates?
Why do macroeconomists use purchasing power parity exchange rates instead of market established exchange rates?
What is the purpose of using a common indicator such as real GDP per capita to compare countries' GDP?
What is the purpose of using a common indicator such as real GDP per capita to compare countries' GDP?
What is the primary focus of macroeconomists in the short-run?
What is the primary focus of macroeconomists in the short-run?
What is the notable change in the twentieth century that reflects economic growth?
What is the notable change in the twentieth century that reflects economic growth?
In the early 20th century, what percentage of homes in the United States had central heating?
In the early 20th century, what percentage of homes in the United States had central heating?
Why do macroeconomists study economic growth?
Why do macroeconomists study economic growth?
What is the term for the growing ability of the economy to produce goods and services?
What is the term for the growing ability of the economy to produce goods and services?
What is the focus of macroeconomists in the long-run?
What is the focus of macroeconomists in the long-run?
