PSU ECON 104 EXAM 2 QUESTIONS &
ACTUAL CORRECT ANSWERS
Technological advances generally result in - Correct Answer ✔✔ increased life
expectancy
The total amount of physical capital available in a country is known as the country's -
Correct Answer ✔✔ capital stock
The quantity of goods and services that can be produced by one worker or by one hour
of work is referred to as: - Correct Answer ✔✔ labor productivity
The fictitious country of World Campustan saw its GDP per-capita increase from
$36,869 in 2017 to $37,843 in 2018. What was the growth rate in 2018? - Correct
Answer ✔✔ 2.64
The fictitious country of World Campustan saw it's GDP per-capita increase from $6,381
in 1975 to $37,450 in 2018. What was the average annual growth rate over this time? -
Correct Answer ✔✔ 4.2
The fictitious country of World Campustan is expected to have an average annual
growth rate of GDP per-capita of 3.01% for the foreseeable future. How many years will
it take World Campustan's GDP per-capita to double? Please round to 2 decimal
places. - Correct Answer ✔✔ 23.26
Using the following data, calculate government purchases for a closed economy. Please
round to 1 decimal place.
Y = 13.5
C = 7.9
I=3
TR = 1.9
T = 3.3 - Correct Answer ✔✔ 2.6
Using the following data, calculate public savings for a closed economy. Please round
to 1 decimal place. Remember, negative numbers are OK for public savings.
Y = 13.6
C = 7.9
I = 1.4
TR = 0.8
T = 2 - Correct Answer ✔✔ -3.1
Using the following data, calculate private savings for a closed economy. Please round
to 1 decimal place.
ACTUAL CORRECT ANSWERS
Technological advances generally result in - Correct Answer ✔✔ increased life
expectancy
The total amount of physical capital available in a country is known as the country's -
Correct Answer ✔✔ capital stock
The quantity of goods and services that can be produced by one worker or by one hour
of work is referred to as: - Correct Answer ✔✔ labor productivity
The fictitious country of World Campustan saw its GDP per-capita increase from
$36,869 in 2017 to $37,843 in 2018. What was the growth rate in 2018? - Correct
Answer ✔✔ 2.64
The fictitious country of World Campustan saw it's GDP per-capita increase from $6,381
in 1975 to $37,450 in 2018. What was the average annual growth rate over this time? -
Correct Answer ✔✔ 4.2
The fictitious country of World Campustan is expected to have an average annual
growth rate of GDP per-capita of 3.01% for the foreseeable future. How many years will
it take World Campustan's GDP per-capita to double? Please round to 2 decimal
places. - Correct Answer ✔✔ 23.26
Using the following data, calculate government purchases for a closed economy. Please
round to 1 decimal place.
Y = 13.5
C = 7.9
I=3
TR = 1.9
T = 3.3 - Correct Answer ✔✔ 2.6
Using the following data, calculate public savings for a closed economy. Please round
to 1 decimal place. Remember, negative numbers are OK for public savings.
Y = 13.6
C = 7.9
I = 1.4
TR = 0.8
T = 2 - Correct Answer ✔✔ -3.1
Using the following data, calculate private savings for a closed economy. Please round
to 1 decimal place.
