Exam 25: Production and Growth

A leading environmental group recently published a report contending that humans are running a "resource deficit" because we are using natural resources faster than they can be regenerated. The group claims that this means that economic growth will eventually stop, and will even be reversed. An economist would

If a production function has constant returns to scale, output can be doubled if

Japan's status as a rich nation is attributable to

In one day Alpha Cabinet Company made 40 cabinets with 320 hours of labor. What was Alpha Cabinet Company's productivity?

The logic behind the catch-up effect is that

Suppose that a country increased its saving rate. In the long run it would have

Which of the following countries had the highest level of real GDP per person in 2014?

In which of the following countries has economic growth been sufficiently high that income would double every ten years?

A basic principle of economics is that a country's standard of living depends on its

The Karmic Deed Restaurant uses all of the following to produce vegetarian meals. Which of them is an example of physical capital?

Investment in human capital has opportunity costs, but investment in physical capital does not.

An increase in a country's population may contribute to the rate of technological progress because a larger population

Which of the following is not correct?

List the four determinants of an economy's productivity.

Suppose that there are diminishing returns to capital. Suppose also that two countries are the same except one has more capital per worker and so it has more real GDP per worker than the other. Finally, suppose that the saving rate in both countries increases from 4 percent to 7 percent. Over the next ten years we would expect that

If a newly elected government takes actions that makes its country's courts more efficient and less corrupt, then

When a country imposes tariffs, intending to protect domestic firms from foreign competition, it is pursuing _______-oriented policies.

Average income has been stagnant for many years in

If a country made it easier for people to establish and prove the ownership of their property, real GDP per person would likely rise.

​The BRAC anti-poverty program in Bangladesh gave poor families training on how to raise livestock, a savings account, and help with their physical and mental health. These policies can potentially improve economic growth by increasing