Question 1

Draw a production function and illustrate the effects of capital investment and technological improvement on labor productivity.

Accepted Answer

A production function is drawn with the

Question 2

Imitation as a strategy for acquiring new technology is based on the difference in effort between

Accepted Answer

A)  creating it and thinking of it. 
B)  creating it and looking it up. 
C)  looking it up and writing it down. 
D)  discovering it and innovating it. 
A)  creating it and thinking of it. 
B)  creating it and looking it up. 
C)  looking it up and writing it down. 
D)  discovering it and innovating it.

Question 3

Properly enforced property rights will usually cause

Accepted Answer

A)  lower levels of investment spending. 
B)  lower levels of real interest rates. 
C)  higher levels of investment spending. 
D)  higher levels of real interest rates. 
A)  lower levels of investment spending. 
B)  lower levels of real interest rates. 
C)  higher levels of investment spending. 
D)  higher levels of real interest rates.

Question 4

The productivity speed-up of the 1950s and the 1960s could have been caused by

Accepted Answer

A)  wartime innovations. 
B)  civilian innovations after World War II. 
C)  industrial innovations spurred by the Korean and Vietnam conflicts. 
D)  decreases in the rate of population growth. 
A)  wartime innovations. 
B)  civilian innovations after World War II. 
C)  industrial innovations spurred by the Korean and Vietnam conflicts. 
D)  decreases in the rate of population growth.

Question 5

In contrast to the United States,countries like Japan and Germany have

Accepted Answer

A)  higher rates of saving and investment. 
B)  higher rates of saving but lower rates of investment. 
C)  lower rates of saving but higher rates of investment. 
D)  lower rates of saving and investment. 
A)  higher rates of saving and investment. 
B)  higher rates of saving but lower rates of investment. 
C)  lower rates of saving but higher rates of investment. 
D)  lower rates of saving and investment.

Question 6

Productivity levels are higher in rich countries compared to poor countries.

Accepted Answer

A) True 
 B)False

Question 7

From 1979 to 2011,which country had the lowest growth rate of GDP per hour of work?

Accepted Answer

A)  Singapore 
B)  United States 
C)  France 
D)  Japan 
A)  Singapore 
B)  United States 
C)  France 
D)  Japan

Question 8

The capital gains tax cut enacted in 2003 will hinder capital formation.

Accepted Answer

A) True 
 B)False

Question 9

Capital investment becomes more profitable for a business firm as the real interest rate decreases.

Accepted Answer

A) True 
 B)False

Question 10

In general,as the amount of labor input decreases,the amount of output

Accepted Answer

A)  increases. 
B)  decreases. 
C)  remains constant. 
D)  decreases only if the capital stock also decreases. 
A)  increases. 
B)  decreases. 
C)  remains constant. 
D)  decreases only if the capital stock also decreases.

Question 11

An explanation for the slowdown in U.S.productivity growth in the 1973-1995 period was higher oil prices caused by

Accepted Answer

A)  the CIA. 
B)  the WTO. 
C)  the IMF. 
D)  OPEC. 
A)  the CIA. 
B)  the WTO. 
C)  the IMF. 
D)  OPEC.

Question 12

Foreign direct investment generally leads to technological advancements in poorer countries.

Accepted Answer

A) True 
 B)False

Question 13

The wage premium in the United States represents a

Accepted Answer

A)  cost of higher education. 
B)  decreasing return to higher education. 
C)  higher return to college education. 
D)  result of declining college attendance since 1973. 
A)  cost of higher education. 
B)  decreasing return to higher education. 
C)  higher return to college education. 
D)  result of declining college attendance since 1973.

Question 14

The wage premium in the United States for college graduates over high school graduates has remained constant from 1978 to 2000.

Accepted Answer

A) True 
 B)False

Question 15

From 1979 to 2011,which country had the highest growth rate of GDP per hour of work?

Accepted Answer

A)  Singapore 
B)  United Kingdom 
C)  France 
D)  Japan 
A)  Singapore 
B)  United Kingdom 
C)  France 
D)  Japan

Question 16

Workforce quality can be improved by

Accepted Answer

A)  years of education. 
B)  on-the-job training. 
C)  workplace learning. 
D)  all of the above. 
A)  years of education. 
B)  on-the-job training. 
C)  workplace learning. 
D)  all of the above.

Question 17

Which of the following is not one of the three pillars of productivity growth?

Accepted Answer

A)  rate of capacity utilization 
B)  rate of technological improvement 
C)  rate of improvement in workforce quality 
D)  rate of capital expansion 
A)  rate of capacity utilization 
B)  rate of technological improvement 
C)  rate of improvement in workforce quality 
D)  rate of capital expansion

Question 18

Which of the following services have experienced declines in relative prices due to productivity increases?

Accepted Answer

A)  medical services 
B)  restaurant meals 
C)  theatrical performances 
D)  Internet access services 
A)  medical services 
B)  restaurant meals 
C)  theatrical performances 
D)  Internet access services

Question 19

Because it is a market economy,in the United States all research and development is done by private business firms.

Accepted Answer

A) True 
 B)False

Question 20

Studies of data support the view that higher levels of education are associated with higher levels of real

Accepted Answer

A)  interest rates. 
B)  per capita GDP. 
C)  price inflation. 
D)  income decline. 
A)  interest rates. 
B)  per capita GDP. 
C)  price inflation. 
D)  income decline.

Draw a production function and illustrate the effects of capital investment and technological improvement on labor productivity.

Imitation as a strategy for acquiring new technology is based on the difference in effort between

Properly enforced property rights will usually cause

The productivity speed-up of the 1950s and the 1960s could have been caused by

In contrast to the United States,countries like Japan and Germany have

Productivity levels are higher in rich countries compared to poor countries.

From 1979 to 2011,which country had the lowest growth rate of GDP per hour of work?

The capital gains tax cut enacted in 2003 will hinder capital formation.

Capital investment becomes more profitable for a business firm as the real interest rate decreases.

In general,as the amount of labor input decreases,the amount of output

An explanation for the slowdown in U.S.productivity growth in the 1973-1995 period was higher oil prices caused by

Foreign direct investment generally leads to technological advancements in poorer countries.

The wage premium in the United States represents a

The wage premium in the United States for college graduates over high school graduates has remained constant from 1978 to 2000.

From 1979 to 2011,which country had the highest growth rate of GDP per hour of work?

Workforce quality can be improved by

Which of the following is not one of the three pillars of productivity growth?

Which of the following services have experienced declines in relative prices due to productivity increases?

Because it is a market economy,in the United States all research and development is done by private business firms.

Studies of data support the view that higher levels of education are associated with higher levels of real

What Is Economics

The Economy Myth and Reality

The Fundamental Economic Problem Scarcity and Choice

Supply and Demand An Initial Look

An Introduction To Macroeconomics

The Goals Of Macroeconomic Policy

Aggregate Demand and The Powerful Consumer

Demand Side Equilibrium Unemployment Or Inflation

Bringing In The Supply Side Unemployment and Inflation

Managing Aggregate Demand Fiscal Policy

Money and The Banking System

Monetary Policy Conventional and Unconventional

The Financial Crisis and The Great Recession

The Debate Over Monetary and Fiscal Policy

Budget Deficits In The Short and Long Run

The Trade Off Between Inflation and Unemployment

International Trade and Comparative Advantage

The International Monetary System Order Or Disorder

Exchange Rates and The Macroeconomy

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Exam 7: Economic Growth Theory And Policy

Draw a production function and illustrate the effects of capital investment and technological improvement on labor productivity.

Imitation as a strategy for acquiring new technology is based on the difference in effort between

Properly enforced property rights will usually cause

The productivity speed-up of the 1950s and the 1960s could have been caused by

In contrast to the United States,countries like Japan and Germany have

Productivity levels are higher in rich countries compared to poor countries.

From 1979 to 2011,which country had the lowest growth rate of GDP per hour of work?

The capital gains tax cut enacted in 2003 will hinder capital formation.

Capital investment becomes more profitable for a business firm as the real interest rate decreases.

In general,as the amount of labor input decreases,the amount of output

An explanation for the slowdown in U.S.productivity growth in the 1973-1995 period was higher oil prices caused by

Foreign direct investment generally leads to technological advancements in poorer countries.

The wage premium in the United States represents a

The wage premium in the United States for college graduates over high school graduates has remained constant from 1978 to 2000.

From 1979 to 2011,which country had the highest growth rate of GDP per hour of work?

Workforce quality can be improved by

Which of the following is not one of the three pillars of productivity growth?

Which of the following services have experienced declines in relative prices due to productivity increases?

Because it is a market economy,in the United States all research and development is done by private business firms.

Studies of data support the view that higher levels of education are associated with higher levels of real

What Is Economics

The Economy Myth and Reality

The Fundamental Economic Problem Scarcity and Choice

Supply and Demand An Initial Look

An Introduction To Macroeconomics

The Goals Of Macroeconomic Policy

Aggregate Demand and The Powerful Consumer

Demand Side Equilibrium Unemployment Or Inflation

Bringing In The Supply Side Unemployment and Inflation

Managing Aggregate Demand Fiscal Policy

Money and The Banking System

Monetary Policy Conventional and Unconventional

The Financial Crisis and The Great Recession

The Debate Over Monetary and Fiscal Policy

Budget Deficits In The Short and Long Run

The Trade Off Between Inflation and Unemployment

International Trade and Comparative Advantage

The International Monetary System Order Or Disorder

Exchange Rates and The Macroeconomy

Filters