Exam 26: Production and Growth

The production function is given as Y = AF(L, K, H, N), where Y is the quantity of output, A is the level of available production technology, L is the quantity of labour, H is the quantity of human capital and N is the quantity of natural resources.This equation provides:

Suppose that the average weekly income in a nation was $120 in 1952, and the growth rate of average income is 3.5 per cent per year.About how high will average national weekly income be in 2012?

Productivity is a measure of:

The word productivity refers to:

The historical data show that:

Why is capital growth incapable of accounting for sustained productivity growth?

The output per worker equation Y/L = A F(1, K/L, H/L, N/L) provides a mechanical summary of the four determinants of:

A production function shows the relationship between:

If Ernest Rutherford died and left $8000 to be invested for a period of 100 years to benefit medical students and scientific research, how often would this money double if it were to earn 5 per cent per year for all years?

Which of the following make economic growth certain?

Physical capital is:

The amount that a nation trades with others is determined by:

Is there statistical evidence that shows correlations between investment and economic growth, and between population growth and economic growth across countries, where growth is defined in terms of per-capita GDP? Does this evidence prove a causal relationship?

The production function curve can be used to illustrate diminishing returns to capital.

The term constant returns to scale refers to:

Countries have tried various methods to increase their living standards 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 production function describes the relationship between the quantity of inputs used in production and the quantity of output from production.

An economy can increase its real rate of economic growth by increasing consumption and debt creation.

While Africa should have grown faster than other developing areas because of its relatively low income per head, it has grown more slowly.This was because some of its countries had policies of:

New Zealand was the first country to sign a free trade agreement with China.What would be the reason for this, from the point of view of both parties?