Question 1

Which of the following economic regions has experienced the least growth in real GDP per capita since 1820?

Accepted Answer

A) Africa 
B) Asia excluding Japan 
C) Latin America 
D) Western Europe 
A) Africa 
B) Asia excluding Japan 
C) Latin America 
D) Western Europe

Question 2

Which of the following is not a supply factor in economic growth?

Accepted Answer

A) the stock of capital 
B) technological advance 
C) the size and quality of the labor force 
D) aggregate expenditures of households, businesses, and government 
A) the stock of capital 
B) technological advance 
C) the size and quality of the labor force 
D) aggregate expenditures of households, businesses, and government

Question 3

Labor productivity can only increase if

Accepted Answer

A) labor increases faster than capital. 
B) capital increases faster than labor. 
C) labor increases while capital decreases. 
D) labor and capital increase at the same rate. 
A) labor increases faster than capital. 
B) capital increases faster than labor. 
C) labor increases while capital decreases. 
D) labor and capital increase at the same rate.

Question 4

Which of the following best measures improvements in the standard of living of a nation?

Accepted Answer

A) growth of nominal GDP 
B) growth of real GDP 
C) growth of real GDP per capita 
D) growth of national income 
A) growth of nominal GDP 
B) growth of real GDP 
C) growth of real GDP per capita 
D) growth of national income

Question 5

Growth is a widely held economic goal primarily because it creates a more equal distribution of wealth and income.Topic: Is Growth Desirable and Sustainable?

Accepted Answer

A) True 
 B)False

Question 6

Factors that have contributed to the increase in women's labor-force participation rate in the U.S.include the following, except

Accepted Answer

A) rising wage earnings brought about by rising productivity. 
B) better education and more professional training. 
C) access to a wider range of job opportunities. 
D) an increase in the number of children, requiring mothers to find work along with fathers. 
A) rising wage earnings brought about by rising productivity. 
B) better education and more professional training. 
C) access to a wider range of job opportunities. 
D) an increase in the number of children, requiring mothers to find work along with fathers.

Question 7

What economic concept would be most closely associated with a situation where an aluminum plant expands its operations and uses extensive computerization in the production line to reduce per-unit costs of production?

Accepted Answer

A) infrastructure 
B) human capital 
C) network effects 
D) economies of scale 
A) infrastructure 
B) human capital 
C) network effects 
D) economies of scale

Question 8

Other things equal, if a full-employment economy reallocated a substantial quantity of its resources to capital goods, we would expect

Accepted Answer

A) present consumption to rise. 
B) future consumption to fall. 
C) a lower rate of growth of real GDP. 
D) labor productivity to rise. 
A) present consumption to rise. 
B) future consumption to fall. 
C) a lower rate of growth of real GDP. 
D) labor productivity to rise.

Question 9

Other things equal, which of the following would decrease the rate of economic growth, as measured by changes in real GDP?

Accepted Answer

A) an increase in the educational attainment of the labor force 
B) a permanent decrease in frictional unemployment 
C) an increase in the amount of capital per worker 
D) a decrease in the labor force participation rate 
A) an increase in the educational attainment of the labor force 
B) a permanent decrease in frictional unemployment 
C) an increase in the amount of capital per worker 
D) a decrease in the labor force participation rate

Question 10

The invention of the steam engine ushered in the following developments, except

Accepted Answer

A) massproduction in industrial factories, for the first time. 
B) much easier and cheaper transportation of resources and products. 
C) a sharp reduction in trade as many societies specialized. 
D) major population shifts, from farms to towns and cities. 
A) massproduction in industrial factories, for the first time. 
B) much easier and cheaper transportation of resources and products. 
C) a sharp reduction in trade as many societies specialized. 
D) major population shifts, from farms to towns and cities.

Question 11

Increasing returns in production imply the following, except

Accepted Answer

A) increasing labor-requirements per unit of output. 
B) decreasing per-unit production costs. 
C) economies of scale. 
D) an increase in the productivity of inputs. 
A) increasing labor-requirements per unit of output. 
B) decreasing per-unit production costs. 
C) economies of scale. 
D) an increase in the productivity of inputs.

Question 12

Labor productivity is measured by

Accepted Answer

A) the ratio of capital to labor. 
B) real output per worker-hour. 
C) real output per capita. 
D) the ratio of worker-hours to real GDP. 
A) the ratio of capital to labor. 
B) real output per worker-hour. 
C) real output per capita. 
D) the ratio of worker-hours to real GDP.

Question 13

From 1960 to today, women's labor-force participation rate in the U.S.

Accepted Answer

A) stayed relatively stable at 50 percent. 
B) increased from about 40 percent to 60 percent. 
C) fell from 50 percent to 40 percent. 
D) increased slightly from 60 percent to 65 percent. 
A) stayed relatively stable at 50 percent. 
B) increased from about 40 percent to 60 percent. 
C) fell from 50 percent to 40 percent. 
D) increased slightly from 60 percent to 65 percent.

Question 14

Which of the following trends have we not seen in the U.S.in the past six decades or so?

Accepted Answer

A) The average length of the workweek remained relatively constant. 
B) The size of the labor force expanded. 
C) Rising birthrates kept the native-born population growing at a steady rate. 
D) Women's labor-force participation rate surged. 
A) The average length of the workweek remained relatively constant. 
B) The size of the labor force expanded. 
C) Rising birthrates kept the native-born population growing at a steady rate. 
D) Women's labor-force participation rate surged.

Question 15

More than half the growth of real GDP in the United States is caused by

Accepted Answer

A) a falling price level. 
B) the reallocation of labor from manufacturing to agriculture. 
C) increases in the productivity of labor. 
D) the use of fewer inputs of labor. 
A) a falling price level. 
B) the reallocation of labor from manufacturing to agriculture. 
C) increases in the productivity of labor. 
D) the use of fewer inputs of labor.

Question 16

If the annual growth in a nation's productivity is 2.8 percent rather than 1.5 percent, then the nation's standard of living will double in about

Accepted Answer

A) 20 years instead of 40 years. 
B) 25 years instead of 47 years. 
C) 46 years instead of 70 years. 
D) 55 years instead of 115 years. 
A) 20 years instead of 40 years. 
B) 25 years instead of 47 years. 
C) 46 years instead of 70 years. 
D) 55 years instead of 115 years.

Question 17

The reasons why per capita GDP in the U.S.is significantly higher than in some other rich countries like, say, France, include the following, except

Accepted Answer

A) substantially higher work hours put in by U.S.citizens than bycitizens of France. 
B) cultural differences between the U.S.and France regarding the right balance between labor and leisure. 
C) differences in the tax structure and the resulting incentive effects of taxes. 
D) communication technology due to language differences. 
A) substantially higher work hours put in by U.S.citizens than bycitizens of France. 
B) cultural differences between the U.S.and France regarding the right balance between labor and leisure. 
C) differences in the tax structure and the resulting incentive effects of taxes. 
D) communication technology due to language differences.

Question 18

Economic growth in the U.S.since 1950 has been characterized by

Accepted Answer

A) an average growth rate in real GDP that is slower than the growth rate of the population. 
B) aquadrupling of real GDP from 1950 to 2015. 
C) an average growth rate in real GDP that is faster than the growth rate of the population. 
D) an average growth rate in real GDP per capita of about 6 percent per year. 
A) an average growth rate in real GDP that is slower than the growth rate of the population. 
B) aquadrupling of real GDP from 1950 to 2015. 
C) an average growth rate in real GDP that is faster than the growth rate of the population. 
D) an average growth rate in real GDP per capita of about 6 percent per year.

Question 19

Globally, on average test scores of eighth-grade math and science students, the U.S.ranks (as of 2011)

Accepted Answer

A) 5th and 7th, respectively. 
B) 1st and 1st, respectively. 
C) 9th and 10th, respectively. 
D) 8th and 6th, respectively. 
A) 5th and 7th, respectively. 
B) 1st and 1st, respectively. 
C) 9th and 10th, respectively. 
D) 8th and 6th, respectively.

Question 20

Sources of increasing returns that help raise productivity growth include the following, except

Accepted Answer

A) more specialized inputs. 
B) the spreading of development costs. 
C) network effects. 
D) low unemployment. 
A) more specialized inputs. 
B) the spreading of development costs. 
C) network effects. 
D) low unemployment.

Exam 28: Economic Growth

Which of the following economic regions has experienced the least growth in real GDP per capita since 1820?

Which of the following is not a supply factor in economic growth?

Labor productivity can only increase if

Which of the following best measures improvements in the standard of living of a nation?

Growth is a widely held economic goal primarily because it creates a more equal distribution of wealth and income.Topic: Is Growth Desirable and Sustainable?

Factors that have contributed to the increase in women's labor-force participation rate in the U.S.include the following, except

What economic concept would be most closely associated with a situation where an aluminum plant expands its operations and uses extensive computerization in the production line to reduce per-unit costs of production?

Other things equal, if a full-employment economy reallocated a substantial quantity of its resources to capital goods, we would expect

Other things equal, which of the following would decrease the rate of economic growth, as measured by changes in real GDP?

The invention of the steam engine ushered in the following developments, except

Increasing returns in production imply the following, except

Labor productivity is measured by

From 1960 to today, women's labor-force participation rate in the U.S.

Which of the following trends have we not seen in the U.S.in the past six decades or so?

More than half the growth of real GDP in the United States is caused by

If the annual growth in a nation's productivity is 2.8 percent rather than 1.5 percent, then the nation's standard of living will double in about

The reasons why per capita GDP in the U.S.is significantly higher than in some other rich countries like, say, France, include the following, except

Economic growth in the U.S.since 1950 has been characterized by

Globally, on average test scores of eighth-grade math and science students, the U.S.ranks (as of 2011)

Sources of increasing returns that help raise productivity growth include the following, except

Limits, Alternatives, and Choices

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures: Public Goods and Externalities

Governments Role and Government Failure

Elasticity

Utility Maximization

Behavioral Economics

Businesses and the Costs of Production

Pure Competition in the Short Run

Pure Competition in the Long Run

Pure Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Technology, Rd, and Efficiency

The Demand for Resources

Wage Determination

Rent, Interest, and Profit

Natural Resource and Energy Economics

Public Finance: Expenditures and Taxes

Antitrust Policy and Regulation

Agriculture: Economics and Policy

Income Inequality, Poverty, and Discrimination

Health Care

Immigration

An Introduction to Macroeconomics

Measuring Domestic Output and National Income

Business Cycles, Unemployment, and Inflation

Basic Macroeconomic Relationships

The Aggregate Expenditures Model

Aggregate Demand and Aggregate Supply

Fiscal Policy, Deficits, and Debt

Money, Banking, and Financial Institutions

Money Creation

Interest Rates and Monetary Policy

Financial Economics

Extending the Analysis of Aggregate Supply

Current Issues in Macro Theory and Policy

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

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