Exam 25: Production and Growth

Suppose over the last five years that the price of recycled aluminum increased from $800 a ton to $900 a ton. Over the same time a measure of the overall price level increased from 120 to 138. The real price of recycled aluminum

Which of the following is an example of physical capital?

In 1870, the richest country in the world was

Which of the following is a determinant of productivity?

Which of the following are residents of rich countries likely to have in greater quantities, or better quality, than residents of poor countries?

In the long run, a higher saving rate

What word do we use to refer to the amount of goods and services produced for each hour of a worker's time?

Which of the following correctly ranks the three countries, from highest to lowest, for percentage of college-age children in school?

Among the following countries, which one has the highest growth rate of real GDP per person over about the last 100 years?

What do we mean when we say that some technological knowledge is not proprietary?

Outward-oriented policies

If companies from foreign countries build and operate factories in China, then China's productivity

In what sense is capital accumulation costly to a society?

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

Country A has a population of 1,000, of whom 800 work 8 hours a day to make 128,000 final goods. Country B has a population of 2,000, of whom 1,800 work 6 hours a day to make 270,000 final goods.

In a market economy, scarcity of resources is most clearly reflected in

Proprietary technology is knowledge that is

Foreign saving is used for domestic investment when foreigners engage in

A nation's standard of living is best measured by its

Natural resources