Exam 25: Production and Growth

Scenario 25-1. An economy's production form takes the form Y = AF(L, K, H, N). -Refer to Scenario 25-1. If the production function has the constant-returns-to-scale property, then if we know the values of A, K/L, H/L, and N/L, we also know the value of

Allied Business Consultants employs five researchers that each work 8 hour days. In one day the researchers prepared 10 reports for its 2 largest clients. What was Allied Business Consultants' productivity?

According to research by Robert Fogel, what proportion of the increase in the standard of living in Britain between 1790 and 1980 can be accounted for by greater caloric intake?

Which of the following is an observation made by economist Michael Kremer?

What particularly important role do courts play in a market economy?

Each day Sue works 8 hours and produces 7 units of goods and services. Mary works 10 hours each day and produces 10 units of goods and services. It follows that

An increase in the saving rate permanently increases the growth rate of real GDP per person.

In which of the following cases can we be certain that a natural resource has become scarcer?

What are inward-oriented policies? Do most economists recommend these types of policies to poor countries?

Which of the following is not correct?

In one day Portal Computer Company made 400 laptops with 1200 hours of labor. What was its productivity?

Historical trends in the prices of most natural resources compared to prices of other goods indicate that most natural resources have become scarcer over time.

Which of the following is a determinant of productivity?

​Some poor countries appear to be falling behind rather than catching up with rich countries. Which of the following could explain the failure of a poor country to catch up?

If over a short time there is an increase in the number of people retired and a decrease in the number of people working, then productivity

Suppose that over the last year the price of copper increased from $1.70 a pound to $1.79 per pound. Over the same time a measure of the overall price level increased from 300 to 309. The price of copper increased by

The population growth rate tends to be higher in developed countries than in developing countries.

National defense and knowledge are generally considered to be

Why do we refer to physical capital as a produced factor of production?

An increase in capital will increase real GDP per person