Question 1

If the level of technology rises, real GDP per hour of labor

Accepted Answer

A)  decreases because the level of capital per hour of labor decreases. 
B)  decreases for a given level of capital per hour of labor. 
C)  increases for any level of capital per hour of labor. 
D)  increases because the amount of capital per hour of labor increases. 
A)  decreases because the level of capital per hour of labor decreases. 
B)  decreases for a given level of capital per hour of labor. 
C)  increases for any level of capital per hour of labor. 
D)  increases because the amount of capital per hour of labor increases.

Question 2

Hu Tells Leaders China Growth Will Help World Economy
Chinese President Hu Jintao told world leaders that his country "has taken an active part in the international cooperation to deal with the financial crisis'' by providing a "$586 billion economic sti focused on building low- rent housing, roads, railways and airports. The package also allows tax deductions for fixed assets such as machinery to stimulate investment. Farmers will also benefit fro subsidies."
Hu stated that "China is in itself an important contribution to international financial stability an economic growth.''
Which of the following will occur if China's spending generates economic growth in real GDP per p
i. There will be an upward shift in China's aggregate production function.
ii. There will be a rightward shift in China's labor demand curve.
iii. There will be an increase in the real wage.

Accepted Answer

A)  i, ii and iii. 
B)  i and ii only. 
C)  i and iii only. 
D)  ii and iii only. 
A)  i, ii and iii. 
B)  i and ii only. 
C)  i and iii only. 
D)  ii and iii only.

Question 3

Moving along the production function shows the relationship between , holding all else constant.

Accepted Answer

A)  capital input and real GDP 
B)  labor input, capital input and real GDP 
C)  technology and real GDP 
D)  labor input and real GDP 
A)  capital input and real GDP 
B)  labor input, capital input and real GDP 
C)  technology and real GDP 
D)  labor input and real GDP

Question 4

Labor productivity is

Accepted Answer

A)  the rate of change in real GDP per hour of labor. 
B)  real GDP per hour of labor. 
C)  real GDP per hour of labor times the hours of work. 
D)  real GDP per hour of labor times the number of people. 
A)  the rate of change in real GDP per hour of labor. 
B)  real GDP per hour of labor. 
C)  real GDP per hour of labor times the hours of work. 
D)  real GDP per hour of labor times the number of people.

Question 5

Since 1960, which of the following countries had average growth rates in real GDP per person higher than that of the United States?

Accepted Answer

A)  Singapore 
B)  South Korea 
C)  Hong Kong 
D)  All of the above answers are correct. 
A)  Singapore 
B)  South Korea 
C)  Hong Kong 
D)  All of the above answers are correct.

Question 6

The graphs below depict the production function and labor market for an imaginary economy. The economy is, initially, at points x and X.
   Figure 1 Figure 2
-An increase in labor productivity shifts the labor curve .

Accepted Answer

A)  supply; leftward 
B)  demand; leftward 
C)  supply; rightward 
D)  demand; rightward 
A)  supply; leftward 
B)  demand; leftward 
C)  supply; rightward 
D)  demand; rightward

Question 7

"Why India Cannot Sustain High Economic Growth", by Kunal KumarKundu
In his article about India's prospects for growth, the author notes that "Per capita availability of foo is falling as population is growing faster than food grain production. Deplorable rural infrastructure to India wasting an amount of food grain India's agriculture is still so very highly monsoon
Dependent. "
HYPERLINK "http://www.rediff.com/" www.rediff.com 5/29/20
This view of India's economic growth is best reflected in the .

Accepted Answer

A)  aggregate production theory. 
B)  classical growth theory. 
C)  neoclassical growth theory. 
D)  new growth theory. 
A)  aggregate production theory. 
B)  classical growth theory. 
C)  neoclassical growth theory. 
D)  new growth theory.

Question 8

-In the illustration above, which figure shows an aggregate production function?

Accepted Answer

A)  Figure A 
B)  Figure B 
C)  Figure C 
D)  Figure D 
A)  Figure A 
B)  Figure B 
C)  Figure C 
D)  Figure D

Question 9

The gap between real GDP per person in North and South America has been narrowing since 1980.

Accepted Answer

A) True 
 B)False

Question 10

Human capital is the

Accepted Answer

A)  plant and equipment produced by humans and not by machines. 
B)  technology used by humans to produce GDP. 
C)  machinery used by humans to produce GDP. 
D)  skill and knowledge accumulated by humans. 
A)  plant and equipment produced by humans and not by machines. 
B)  technology used by humans to produce GDP. 
C)  machinery used by humans to produce GDP. 
D)  skill and knowledge accumulated by humans.

If the level of technology rises, real GDP per hour of labor

Moving along the production function shows the relationship between , holding all else constant.

Labor productivity is

Since 1960, which of the following countries had average growth rates in real GDP per person higher than that of the United States?

The graphs below depict the production function and labor market for an imaginary economy. The economy is, initially, at points x and X. Figure 1 Figure 2 -An increase in labor productivity shifts the labor curve .

-In the illustration above, which figure shows an aggregate production function?

The gap between real GDP per person in North and South America has been narrowing since 1980.

Human capital is the

What Is Economics

The Economic Problem

Demand and Supply

Measuring Gdp and Economic Growth

Monitoring Jobs and Inflation

Finance, Saving, and Investment

Money, the Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers: They Keynesian Model

U.S. Inflation, Unemployment, and Business Cycle

Fiscal Policy

Monetary Policy

International Trade Policy

Filters

Exam 6: Economic Growth

If the level of technology rises, real GDP per hour of labor

Moving along the production function shows the relationship between , holding all else constant.

Labor productivity is

Since 1960, which of the following countries had average growth rates in real GDP per person higher than that of the United States?

The graphs below depict the production function and labor market for an imaginary economy. The economy is, initially, at points x and X. Figure 1 Figure 2 -An increase in labor productivity shifts the labor curve .

-In the illustration above, which figure shows an aggregate production function?

The gap between real GDP per person in North and South America has been narrowing since 1980.

Human capital is the

What Is Economics

The Economic Problem

Demand and Supply

Measuring Gdp and Economic Growth

Monitoring Jobs and Inflation

Finance, Saving, and Investment

Money, the Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers: They Keynesian Model

U.S. Inflation, Unemployment, and Business Cycle

Fiscal Policy

Monetary Policy

International Trade Policy

Filters