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Macroeconomic Analysis of Tourism: Economic Growth

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Macroeconomic Analysis of Tourism: Economic Growth

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Questions and Answers

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?

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?

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?

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

Why do macroeconomists use purchasing power parity exchange rates instead of market established exchange rates?

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

What is the purpose of using a common indicator such as real GDP per capita to compare countries' GDP?

To enable international comparisons of countries' GDP Signup and view all the answers

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

Studying economic fluctuations Signup and view all the answers

What is the notable change in the twentieth century that reflects economic growth?

Dramatic increase in the quantity of goods and services Signup and view all the answers

In the early 20th century, what percentage of homes in the United States had central heating?

8% Signup and view all the answers

Why do macroeconomists study economic growth?

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

What is the term for the growing ability of the economy to produce goods and services?

Economic growth Signup and view all the answers

What is the focus of macroeconomists in the long-run?

Studying the dynamics of output Signup and view all the answers

Macroeconomic Analysis of Tourism: Economic Growth

Choose a study mode

Podcast

Questions and Answers

What is the key statistic to track economic growth?

Why is real GDP per capita a better indicator of a country's standard of living?

Why can't we conclude that a Russian citizen is richer than a Luxembourg citizen based on real GDP?

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?

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 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?

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 focus of macroeconomists in the long-run?

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