Question 1

An explanation for the slowdown in U.S.productivity growth in the 1973-1995 period was higher oil prices caused by

Accepted Answer

A) the CIA. 
B) the WTO. 
C) the IMF. 
D) OPEC. 
A) the CIA. 
B) the WTO. 
C) the IMF. 
D) OPEC.

Question 2

Mandated on-the-job training is seen in the United States mainly as a(n)

Accepted Answer

A) useful spur to economic growth. 
B) proper use of legislative power. 
C) unwarranted governmental interference. 
D) necessary requirement for increased productivity. 
A) useful spur to economic growth. 
B) proper use of legislative power. 
C) unwarranted governmental interference. 
D) necessary requirement for increased productivity.

Question 3

A country's level of productivity determines its

Accepted Answer

A) productivity growth rate. 
B) rate of population growth. 
C) current standard of living. 
D) future income potential. 
A) productivity growth rate. 
B) rate of population growth. 
C) current standard of living. 
D) future income potential.

Question 4

The prices of telecommunications services have decreased due to productivity increases.

Accepted Answer

A) True 
 B)False

Question 5

When compared to the price of laptop computers, college tuition in the United States has

Accepted Answer

A) fallen. 
B) risen. 
C) stayed the same. 
D) risen at the same rate as the CPI. 
A) fallen. 
B) risen. 
C) stayed the same. 
D) risen at the same rate as the CPI.

Question 6

In 2010, President Obama proposed more generous tax write-offs for businesses that invest in additional equipment in order to stimulate investment spending.

Accepted Answer

A) True 
 B)False

Question 7

China's rapid increase in the rate of productivity growth cannot be attributed to

Accepted Answer

A) a greater investment toward education than in consumer goods. 
B) initial innovation rather than imitation of technology. 
C) sending many Chinese students to universities in other countries. 
D) improvements in its educational system. 
A) a greater investment toward education than in consumer goods. 
B) initial innovation rather than imitation of technology. 
C) sending many Chinese students to universities in other countries. 
D) improvements in its educational system.

Question 8

In general, as productivity levels increase, the potential for productivity growth

Accepted Answer

A) decreases. 
B) increases. 
C) remains the same. 
D) increases if GDP increases. 
A) decreases. 
B) increases. 
C) remains the same. 
D) increases if GDP increases.

Question 9

Which of the following does not hinder growth in developing countries?

Accepted Answer

A) Education 
B) Disease 
C) Instable governance 
D) Geography 
A) Education 
B) Disease 
C) Instable governance 
D) Geography

Question 10

Unstable property rights will usually cause

Accepted Answer

A) lower levels of investment spending. 
B) lower levels of real interest rates. 
C) higher levels of investment spending. 
D) higher levels of real interest rates. 
A) lower levels of investment spending. 
B) lower levels of real interest rates. 
C) higher levels of investment spending. 
D) higher levels of real interest rates.

Question 11

The information technology revolution seems to have had its greatest positive effect on labor productivity growth in the ____ period.

Accepted Answer

A) 1948-1973 
B) 1973-1995 
C) 1995-2005 
D) 1948-2005 
A) 1948-1973 
B) 1973-1995 
C) 1995-2005 
D) 1948-2005

Question 12

Private investment from a foreign country is known as

Accepted Answer

A) development assistance. 
B) foreign direct investment. 
C) technical progress. 
D) the cost disease of personal services. 
A) development assistance. 
B) foreign direct investment. 
C) technical progress. 
D) the cost disease of personal services.

Question 13

Give some possible explanations of the productivity slowdown in the United States that occurred in the 1973-1995 period.

Accepted Answer

Several possible explanations have been

Question 14

Compared to the 1948 - 1973 period, the period from 1973 to 1995 can be characterized as a period of

Accepted Answer

A) faster real GDP growth. 
B) faster labor productivity growth. 
C) slower labor productivity growth. 
D) lower labor force growth. 
A) faster real GDP growth. 
B) faster labor productivity growth. 
C) slower labor productivity growth. 
D) lower labor force growth.

Question 15

Draw a production function and illustrate the effects of capital investment and technological improvement on labor productivity.

Accepted Answer

A production function is drawn with the

Question 16

Capital is a(n) ____ variable and investment is a ____ variable.

Accepted Answer

A) physical; financial 
B) stock; flow 
C) asset; liability 
D) flow; stock 
A) physical; financial 
B) stock; flow 
C) asset; liability 
D) flow; stock

Question 17

The productivity slowdown in the United States can be explained by the use of social media, many are used for personal enjoyment rather than industrial productivity.

Accepted Answer

A) True 
 B)False

Question 18

Factories, production equipment, and machinery refer to a nation's

Accepted Answer

A) equity. 
B) human capital. 
C) capital. 
D) savings and investments. 
A) equity. 
B) human capital. 
C) capital. 
D) savings and investments.

Question 19

According to the cost disease of the personal services, service activities that require direct personal contact

Accepted Answer

A) tend to fall in price relative to other goods and services. 
B) tend to rise in price relative to other goods and services. 
C) follow price patterns similar to other goods and services. 
D) tend to move up and down in price ignoring the rest of the market. 
A) tend to fall in price relative to other goods and services. 
B) tend to rise in price relative to other goods and services. 
C) follow price patterns similar to other goods and services. 
D) tend to move up and down in price ignoring the rest of the market.

Question 20

Economists believe that the same explanation for the rapid growth of costs applies to services, theatrical performances and restaurant meals.

Accepted Answer

A) True 
 B)False

Exam 23: Economic Growth: Theory and Policy

An explanation for the slowdown in U.S.productivity growth in the 1973-1995 period was higher oil prices caused by

Mandated on-the-job training is seen in the United States mainly as a(n)

A country's level of productivity determines its

The prices of telecommunications services have decreased due to productivity increases.

When compared to the price of laptop computers, college tuition in the United States has

In 2010, President Obama proposed more generous tax write-offs for businesses that invest in additional equipment in order to stimulate investment spending.

China's rapid increase in the rate of productivity growth cannot be attributed to

In general, as productivity levels increase, the potential for productivity growth

Which of the following does not hinder growth in developing countries?

Unstable property rights will usually cause

The information technology revolution seems to have had its greatest positive effect on labor productivity growth in the ____ period.

Private investment from a foreign country is known as

Give some possible explanations of the productivity slowdown in the United States that occurred in the 1973-1995 period.

Compared to the 1948 - 1973 period, the period from 1973 to 1995 can be characterized as a period of

Draw a production function and illustrate the effects of capital investment and technological improvement on labor productivity.

Capital is a(n) ____ variable and investment is a ____ variable.

The productivity slowdown in the United States can be explained by the use of social media, many are used for personal enjoyment rather than industrial productivity.

Factories, production equipment, and machinery refer to a nation's

According to the cost disease of the personal services, service activities that require direct personal contact

Economists believe that the same explanation for the rapid growth of costs applies to services, theatrical performances and restaurant meals.

What Is Economics

The Economony: Myth and Reality

The Fundamental Economic Problem: Scarcity and Choice

Supply and Demand: an Initial Look

Consumer Choice: Individual and Market Demand

Demand and Elasticity

Production, Inputs, and Cost: Building Blocks for Supply Analysis

Output, Price, and Profit: the Importance of Marginal Analysis

The Financial Markets and the Economy: the Tail That Wags the Dog

The Firm and the Industry Under Perfect Competition

The Case for Free Markets: the Price System

Monopoly

Between Competition and Monopoly

Limiting Market Power: Antitrust and Regulation

The Shortcomings of Free Markets

The Economics of the Environment, and Natural Resources

Taxation and Resource Allocation

Pricing the Factors of Production

Labor and Entrepreneurship: the Human Inputs

Poverty, Inequality, and Discrimination

An Introduction to Macroeconomics

The Goals of Macroeconomic Policy

Aggregate Demand and the Powerful Consumer

Demand-Side Equilibrium: Unemployment or Inflation

Bringing in the Supply Side: Unemployment and Inflation

Managing Aggregate Demand: Fiscal Policy

Money and the Banking System

Monetary Policy: Conventional and Unconventional

The Financial Crisis and the Great Recession

The Debate Over Monetary and Fiscal Policy

Budget Deficits in the Short and Long Run

The Trade-Off Between Inflation and Unemployment

International Trade and Comparative Advantage

The International Monetary System: Order or Disorder

Exchange Rates and the Macroeconomy

Contemporary Issues in the Useconomy

Filters

Capital is a(n) variable and investment is a variable.