What was the world population in 2023?
8.1 billion
What was the world GDP growth rate in 2022?
3.1%
How much did the world population grow from agriculture start to 2023?
From less than 5 million to 8.1 billion.
What is urbanization in terms of population growth?
Urban population grows faster than total population.
How do countries differ in terms of income and growth rates?
Countries differ greatly in income levels and growth rates.
What is nominal GDP measured at?
Current prices.
What is the formula for real GDP per capita?
Real GDP per capita equals real GDP divided by population.
What does economic growth measure over time?
The sustained expansion of production possibilities by an increase in real GDP.
What does Singapore illustrate about income changes since 1960?
A country with low incomes in 1960 can become high-income later.
How does chain-weighted real GDP improve measurement?
It reduces base-year weight relevance as prices change.
Answer 11 questions on Facts and Measurement of Economic Growth.
1. Which 2022 measure of world economic output was higher?
2. Which statement correctly distinguishes the international poverty line from world GDP per capita in 2022?
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