Exam 25: Production and Growth

Suppose that there are diminishing returns to capital. Suppose also that two countries are the same except one has less capital and so less real GDP per person. Suppose that both increase their saving rate from 3 percent to 4 percent. In the long run

An increase in capital will increase real GNP per person

Which of the following nations experienced average rates of economic growth of a bit under 2% over the last 100 years or so?

In some countries it is time consuming and costly to establish ownership of property. Reforms to reduce these costs would likely

Other things the same, if a country raises its saving rate, when is productivity growth higher?

Which of the following is an example of human capital?

Apple founder Steve Jobs received patents on many of his ideas. While the patents existed, his ideas were

Which of the following terms is used to refer to the ability of people to exercise authority over the resources they own?

Productivity is defined as the quantity of

Matt is going to college to become a pharmacist. What he learns about existing information increases

Waldo works eight hours and produces 7 units of goods per hour. Emerson works six hours and produces 10 units of goods per hour.

A certain production process requires only two types of inputs - capital and labor. In 2006, 100 units of labor and 50 units of capital were employed, and 100 units of output were produced. In 2013, 112 units of labor and 56 units of capital were employed. If the production process displays constant returns to scale, then how many units of output were produced in 2013?

"When workers have a relatively small quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity by a relatively large amount." This statement

Hit-It produces 320 baseball bats per day using 2 workers who each work 8 hours per day. What is Hit-It's productivity?

The level of real GDP person

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 it can be rewritten as

Brazil gives cash payments to its poor citizens on the condition that those citizens' children stay in school. In terms of the determinants of productivity, how might this public policy contribute to higher productivity in Brazil?

Over extended periods of time, population growth

Proprietary technology is technology that is

​Which of the following countries has had the greatest productivity per worker within the last ten years?