Question

T ITAN Chart Text Shape Media Comment Insert Table 24. Which activity BEST describes how GDP is calculated? a. summing the market value of all finished goods and services b. summing the market value of everything produced in a country C. surveying households in a country to determine what they have purchased d. summing the wealth of all citizens of a country 25. If GDP for a certain economy is $1,300 billion at the end of year 1 and $1,400 billion at the end of year 2, the economy's growth rate between the two years is: a. 7.41 percent. b. 7.69 percent c. 7.14 percent d. 0.77 percent. 26. Which is are) TRUE? I. The rule of 70 states that if the annual growth rate of GDP per capita is x percent, it will take (70 + x) years for it to triple. Il. For most of recorded human history, there was no long-run growth in real per capita GDP. III. Economic growth refers to the growth rate of nominal per capita GDP. a. Iland Ill only b. ll only c. I only d. I and Ill only 27. One study estimates that if India used the human and physical capital that it does have as efficiently as the United States uses its capital, it would be four times richer than it is today. This demonstrates the importance of: a. competitive and open markets as an institution. h. political stability as an important institution. sa dependable legal system.as an Institution. d. honest government as an institution.
need 24-27 answered plz

Answer 1

24. A
(Summation of market value of all final goods is GDP.)

25. B
(Growth rate = [(1400-1300)/1300]*100 = (100/13) = 7.69%)

26. B
(Only statement 2 is correct. Economic growth is growth is real GDP.)

27. A
(Importance of competitive and open markets is demonstrated.)