Question 1

(Consider This) Rising wages for women in the United States have increased

Accepted Answer

A) the proportion of women working part time compared to working full time. 
B) labor costs and thus shifted the nation's production possibilities curve inward. 
C) average family size in the United States. 
D) the percentage of married women in the workforce. 
A) the proportion of women working part time compared to working full time. 
B) labor costs and thus shifted the nation's production possibilities curve inward. 
C) average family size in the United States. 
D) the percentage of married women in the workforce.

Question 2

There is unanimous agreement that economic growth is both desirable and sustainable.

Accepted Answer

A) True 
 B)False

Question 3

The "rule of 70" is a formula for determining the approximate number of

Accepted Answer

A) years that it would take for a value (like real GDP) to expand 70 times. 
B) years that it would take for a value (like real GDP) to double. 
C) times a value (like real GDP) is a multiple of 70. 
D) times one could double a certain value (like real GDP) over 70 years. 
A) years that it would take for a value (like real GDP) to expand 70 times. 
B) years that it would take for a value (like real GDP) to double. 
C) times a value (like real GDP) is a multiple of 70. 
D) times one could double a certain value (like real GDP) over 70 years.

Question 4

Which of the following is a demand factor in economic growth?

Accepted Answer

A) more human and natural resources 
B) technological progress and innovation 
C) an increase in the economy's stock of capital goods 
D) an increase in total spending in the economy 
A) more human and natural resources 
B) technological progress and innovation 
C) an increase in the economy's stock of capital goods 
D) an increase in total spending in the economy

Question 5

The largest contributor to increases in the productivity of American labor is

Accepted Answer

A) the reallocation of labor from agriculture to manufacturing. 
B) improvements in labor quality. 
C) increases in the quantity of capital. 
D) technological advance. 
A) the reallocation of labor from agriculture to manufacturing. 
B) improvements in labor quality. 
C) increases in the quantity of capital. 
D) technological advance.

Question 6

Human capital refers to the

Accepted Answer

A) tools and equipment available to workers. 
B) amount of financing available to start-up firms. 
C) number of workers available in the economy. 
D) education, training, and skills of workers. 
A) tools and equipment available to workers. 
B) amount of financing available to start-up firms. 
C) number of workers available in the economy. 
D) education, training, and skills of workers.

Question 7

All of the following are economic implications of the 1995-2010 rise in the average rate of productivity growth except

Accepted Answer

A) a lower natural rate of unemployment. 
B) larger outward shifts of the economy's production possibilities curve. 
C) an end to the business cycle. 
D) a greater rate of economic growth. 
A) a lower natural rate of unemployment. 
B) larger outward shifts of the economy's production possibilities curve. 
C) an end to the business cycle. 
D) a greater rate of economic growth.

Question 8

Which of the following countries ranked highest in the World Economic Forum's Global Competitiveness Ranking in 2015-2016?

Accepted Answer

A) Japan 
B) Switzerland 
C) Germany 
D) the United States 
A) Japan 
B) Switzerland 
C) Germany 
D) the United States

Question 9

Nation A's real GDP was $520 billion in 2015 and $550 billion in 2016.Its population was 150 million in 2015 and 155 million in 2016.On the other hand, Nation B's real GDP was $200 billion in 2015 and $210 billion in 2016; and its population was 53 million in 2015 and 55 million in 2016.Which of the following statements is true?

Accepted Answer

A) Nation A's real GDP growth in 2016 is higher than Nation B's. 
B) Nation B's real GDP growth in 2016 is higher than Nation A's. 
C) Nation A's real GDP growth in 2016 is identical to Nation B's. 
D) Nation A's and Nation B's real GDP growth rates in 2016 are both higher than 10 percent. 
A) Nation A's real GDP growth in 2016 is higher than Nation B's. 
B) Nation B's real GDP growth in 2016 is higher than Nation A's. 
C) Nation A's real GDP growth in 2016 is identical to Nation B's. 
D) Nation A's and Nation B's real GDP growth rates in 2016 are both higher than 10 percent.

Question 10

(Consider This) Over the past several decades, the percentage of women in the paid U.S.workforce has

Accepted Answer

A) increased in spite of declining wages for women. 
B) decreased because relatively more women are staying home to raise their children. 
C) increased due to higher wages, expanded job accessibility, changing preferences and attitudes, and other factors. 
D) increased for unmarried women but decreased for married women. 
A) increased in spite of declining wages for women. 
B) decreased because relatively more women are staying home to raise their children. 
C) increased due to higher wages, expanded job accessibility, changing preferences and attitudes, and other factors. 
D) increased for unmarried women but decreased for married women.

Question 11

Suppose total output (real GDP) is $10,000 and worker-hours are 20,000.We can conclude that

Accepted Answer

A) real GDP per capita must be $200,000. 
B) the price-level index must be less than 100. 
C) labor productivity must be $0.50. 
D) nominal GDP must be between $10,000 and $20,000. 
A) real GDP per capita must be $200,000. 
B) the price-level index must be less than 100. 
C) labor productivity must be $0.50. 
D) nominal GDP must be between $10,000 and $20,000.

Question 12

One important growth-promoting institutional structure is the protection of domestic jobs against outsourcing.Topic: Institutional Structures That Promote Growth

Accepted Answer

A) True 
 B)False

Question 13

(Last Word) The inverse dependency ratio is defined as

Accepted Answer

A) the number of people of working age divided by the number of dependents. 
B) the number of dependents divided by the number of people of working age. 
C) the number of seniors over age 65 divided by the number of youths under age 20. 
D) the number of youths under age 20 divided by the number of seniors over age 65. 
A) the number of people of working age divided by the number of dependents. 
B) the number of dependents divided by the number of people of working age. 
C) the number of seniors over age 65 divided by the number of youths under age 20. 
D) the number of youths under age 20 divided by the number of seniors over age 65.

Question 14

The intense competition of free trade prevents the investment that generates economic growth.

Accepted Answer

A) True 
 B)False

Question 15

A shift outward in the production possibilities curve is the direct result of improvements in the efficiency factor of economic growth.

Accepted Answer

A) True 
 B)False

Question 16

All of the following are sources of increasing returns and economies of scale except

Accepted Answer

A) network effects. 
B) the multiplier effect. 
C) learning by doing. 
D) simultaneous consumption. 
A) network effects. 
B) the multiplier effect. 
C) learning by doing. 
D) simultaneous consumption.

Question 17

Which of the following statements is correct?

Accepted Answer

A) Between 1953 and 2015, all growth in U.S.real GDP can be attributed to increases in labor productivity. 
B) Between 1953 and 2015, increases in labor productivity account for more of the growth in U.S.real GDP than do increases in the quantity of labor. 
C) Between 1953 and 2015, increases in the quantity of labor account for more of the growth in U.S.real GDP than do increases in labor productivity. 
D) Between 1953 and 2015, increases in labor productivity and increases in the quantity of labor contributed equally to the growth in U.S.real GDP. 
A) Between 1953 and 2015, all growth in U.S.real GDP can be attributed to increases in labor productivity. 
B) Between 1953 and 2015, increases in labor productivity account for more of the growth in U.S.real GDP than do increases in the quantity of labor. 
C) Between 1953 and 2015, increases in the quantity of labor account for more of the growth in U.S.real GDP than do increases in labor productivity. 
D) Between 1953 and 2015, increases in labor productivity and increases in the quantity of labor contributed equally to the growth in U.S.real GDP.

Question 18

Which of the following factors is projected to be the dominant source of economic growth in the U.S.from now until 2026?

Accepted Answer

A) increase in hours per worker 
B) increase in labor force 
C) increase in population 
D) increase in labor productivity 
A) increase in hours per worker 
B) increase in labor force 
C) increase in population 
D) increase in labor productivity

Question 19

One major aspect of the socio-cultural-political environment of the United States which has generally been conducive to economic growth is the

Accepted Answer

A) enforcement of contracts by the market. 
B) denial of the rights of property ownership. 
C) favorable attitude toward work and risk-taking. 
D) strict social regulation of production and progress. 
A) enforcement of contracts by the market. 
B) denial of the rights of property ownership. 
C) favorable attitude toward work and risk-taking. 
D) strict social regulation of production and progress.

Question 20

Growth in well-being tends to be understated by growth in real GDP because of increases in leisure time.

Accepted Answer

A) True 
 B)False

Exam 28: Economic Growth

(Consider This) Rising wages for women in the United States have increased

There is unanimous agreement that economic growth is both desirable and sustainable.

The "rule of 70" is a formula for determining the approximate number of

Which of the following is a demand factor in economic growth?

The largest contributor to increases in the productivity of American labor is

Human capital refers to the

All of the following are economic implications of the 1995-2010 rise in the average rate of productivity growth except

Which of the following countries ranked highest in the World Economic Forum's Global Competitiveness Ranking in 2015-2016?

(Consider This) Over the past several decades, the percentage of women in the paid U.S.workforce has

Suppose total output (real GDP) is $10,000 and worker-hours are 20,000.We can conclude that

One important growth-promoting institutional structure is the protection of domestic jobs against outsourcing.Topic: Institutional Structures That Promote Growth

(Last Word) The inverse dependency ratio is defined as

The intense competition of free trade prevents the investment that generates economic growth.

A shift outward in the production possibilities curve is the direct result of improvements in the efficiency factor of economic growth.

All of the following are sources of increasing returns and economies of scale except

Which of the following statements is correct?

Which of the following factors is projected to be the dominant source of economic growth in the U.S.from now until 2026?

One major aspect of the socio-cultural-political environment of the United States which has generally been conducive to economic growth is the

Growth in well-being tends to be understated by growth in real GDP because of increases in leisure time.

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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