Exam 25: Production and Growth

In the United States over the past century, real GDP per person has grown by about __________ percent per year.

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.

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

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?

Consider the nations of Brazil, Mexico, and Pakistan. Over the past century, which of these three nations has experienced, by far, slower economic growth than the other two nations?

What is a production function? Write an equation for a typical production function, and explain what each of the terms represents.

Research suggests that taller workers tend to earn more income than shorter workers. What does this suggest about the relationship between workers' height and their productivity?

"When workers acquire tools, they become more productive." This statement reflects the general fact that __________ is a determinant of productivity.

Over the past century in the United States, real GDP per person has grown, on average, by about

Over the period 1890-2014, Japan experienced a 2.59 percent average annual growth rate of real GDP per person.

Suppose that a new government is elected in Eurnesia. The new government takes steps toward improving the court system and reducing government corruption. The citizens of Eurnesia find these efforts credible and outsiders believe these changes will be effective and long lasting. These changes will probably raise

If a rich country reduced subsidies to domestic producers of goods that poor countries have a comparative advantage producing, the standard of living in these poor countries would likely rise.

Suppose an economy experiences an increase in its saving rate. The higher saving rate leads to a higher growth rate of productivity

Which of the following provide benefits to society at large and not just to the person(s) who pursues it?

Some economists argue that it is possible to raise the standard of living by reducing population growth. As an economist interested in incentives rather than coercion, what kind of policy would you recommend to slow population growth?

A policy that increases saving will

Which of the following is an example of a nonrenewable resource?

If your company opens and operates a branch in a foreign country, your company engages in foreign direct investment.

Productivity can be computed as the number of hours worked divided by output.

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