The Meaning and Measurement of Economic Development
PPSCFPSCNTSPakistan govt jobs
- Subject
- The Meaning and Measurement of Economic Developmenteconomics-mcqs › the-meaning-and-measurement-of-economic-development
- Published
- 27 May 2019
- Last updated
- 28 May 2026
Browse all The Meaning and Measurement of Economic Development MCQs →
Given that Liechtenstein, a microstate with a population of 29,000 situated on the Rhine River between Switzerland and Austria, had a GNP per capita at constant prices of US$555 in 2011 and US$560 in 2012, what was the real economic growth rate from 2011 to 2012?
Multiple choice question for The Meaning and Measurement of Economic Development. Select an option, then review the explanation below.
Explanation
The real economic growth rate is calculated by taking the difference between the GNP per capita values for 2012 and 2011, dividing by the 2011 value, and then multiplying by 100. Specifically, ((560 - 555) / 555) * 100 = 0.901%. Therefore, the correct growth rate is 0.901%.
More The Meaning and Measurement of Economic Development MCQs
Practice related questions from the same subject.
- 1.Which of the following best represents the fundamental basic needs?
- 2.In the Human Development Index, longevity serves as an indicator of which aspect?
- 3.Which three indicators are combined to form the Physical Quality of Life Index (PQLI)?
- 4.According to researchers Summers and Heston from the University of Pennsylvania, how is the GDP price level calculated using the purchasing power parity (PPP) exchange rate and the actual exchange rate?
- 5.Which type of weights does the Paasche price index utilize?