Question 1

Between 2018 and 2029, productivity growth is expected to account for about ________ percent of the growth of real GDP in the United States.

Accepted Answer

A)  62 
B)  40 
C)  92 
D)  87 
A)  62 
B)  40 
C)  92 
D)  87

Question 2

Labor productivity in the U.S. in the periods 1973-1995 and 1995-2010 grew at average rates of

Accepted Answer

A)  7.5 percent and 5.2 percent, respectively. 
B)  1.5 percent and 2.8 percent, respectively. 
C)  3.1 percent and 1.5 percent, respectively. 
D)  4.1 percent and 4.3 percent, respectively. 
A)  7.5 percent and 5.2 percent, respectively. 
B)  1.5 percent and 2.8 percent, respectively. 
C)  3.1 percent and 1.5 percent, respectively. 
D)  4.1 percent and 4.3 percent, respectively.

Question 3

Growth-promoting institutional structures include the following, except

Accepted Answer

A)  patents and copyrights. 
B)  eﬃcient ﬁnancial institutions. 
C)  protection of domestic ﬁrms from foreign rivals. 
D)  a stable political system. 
A)  patents and copyrights. 
B)  eﬃcient ﬁnancial institutions. 
C)  protection of domestic ﬁrms from foreign rivals. 
D)  a stable political system.

Question 4

Increases in the value of a product to each user, including existing users, as the total number of users rises are called

Accepted Answer

A)  information cascades. 
B)  learning effects. 
C)  network effects. 
D)  scale economies. 
A)  information cascades. 
B)  learning effects. 
C)  network effects. 
D)  scale economies.

Question 5

1. Improvements in technology. 2. Increases in the supply (stock) of capital goods.
3) Purchases of expanding output.
4) Obtaining the optimal combination of goods, each at least-cost production.
5) Increases in the quantity and quality of natural resources.
6) Increases in the quantity and quality of human resources.
Use the accompanying list to answer the following question. As distinct from the supply factors and
Eﬃciency factor of economic growth, the demand factor(s) of economic growth is (are)

Accepted Answer

A)  1 only. 
B)  4 only. 
C)  1 and 3 only. 
D)  3 only. 
A)  1 only. 
B)  4 only. 
C)  1 and 3 only. 
D)  3 only.

Question 6

In the United States, real GDP per capita has increased more rapidly than real GDP.

Accepted Answer

A) True 
 B)False

Question 7

The so-called Rule of 70 is a formula for ﬁnding the approximate number of times that a value will
double in a period of 70 years.

Accepted Answer

A) True 
 B)False

Question 8

The percentage of U.S. adults with a high school education has

Accepted Answer

A)  remained constant since the 1960s. 
B)  risen from 8 percent in 1960 to 35 percent in 2018. 
C)  risen to 100 percent in the 21st century. 
D)  risen from 44 percent in 1960 to 90 percent in 2018. 
A)  remained constant since the 1960s. 
B)  risen from 8 percent in 1960 to 35 percent in 2018. 
C)  risen to 100 percent in the 21st century. 
D)  risen from 44 percent in 1960 to 90 percent in 2018.

Question 9

Technological advance is tightly intertwined with

Accepted Answer

A)  capital formation. 
B)  household consumption. 
C)  government spending. 
D)  population growth. 
A)  capital formation. 
B)  household consumption. 
C)  government spending. 
D)  population growth.

Question 10

The rate of growth of labor productivity in the U.S. declined from the period 1973-1995 to the period
1995-2010.

Accepted Answer

A) True 
 B)False

Question 11

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2. We could conclude that this economy's

Accepted Answer

A)  real GDP declined. 
B)  capital stock increased. 
C)  production possibilities curve shifted outward. 
D)  actual production moved from one point to another on a ﬁxed production possibilities curve. 
A)  real GDP declined. 
B)  capital stock increased. 
C)  production possibilities curve shifted outward. 
D)  actual production moved from one point to another on a ﬁxed production possibilities curve.

Question 12

The real GDP of the United States has grown since the 1950s largely because of increases in labor
productivity.

Accepted Answer

A) True 
 B)False

Question 13

(Last Word) 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 14

1. Improvements in technology. 2. Increases in the supply (stock) of capital goods.
3) Purchases of expanding output.
4) Obtaining the optimal combination of goods, each at least-cost production.
5) Increases in the quantity and quality of natural resources.
6) Increases in the quantity and quality of human resources.
Use the accompanying list to answer the following question. As distinct from the demand and
Eﬃciency factors of economic growth, the supply factors of economic growth are

Accepted Answer

A)  2, 5, and 6 only. 
B)  2, 4, 5, and 6 only. 
C)  1, 2, 5, and 6 only. 
D)  1, 3, and 4 only. 
A)  2, 5, and 6 only. 
B)  2, 4, 5, and 6 only. 
C)  1, 2, 5, and 6 only. 
D)  1, 3, and 4 only.

Question 15

The dramatic slowdown in productivity growth experienced after the Great Recession

Accepted Answer

A)  is believed by most economists to be a permanent shift in the economy. 
B)  is still debated among many economists as to whether it represents a permanent shift in the economy. 
C)  suggests that prospects for lasting increases in productivity growth are rather poor. 
D)  suggests that productivity growth can occur without raising the nation's standard of living. 
A)  is believed by most economists to be a permanent shift in the economy. 
B)  is still debated among many economists as to whether it represents a permanent shift in the economy. 
C)  suggests that prospects for lasting increases in productivity growth are rather poor. 
D)  suggests that productivity growth can occur without raising the nation's standard of living.

Question 16

(Last Word) 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 17

Which of the following is the largest contributor to the growth of labor productivity in the United States?

Accepted Answer

A)  technological advance 
B)  education and training of labor 
C)  economies of scale 
D)  improved resource allocation 
A)  technological advance 
B)  education and training of labor 
C)  economies of scale 
D)  improved resource allocation

Question 18

Real GDP, or total output, in any year is equal to

Accepted Answer

A)  labor productivity divided by number of worker-hours. 
B)  labor productivity multiplied by real output. 
C)  number of worker-hours multiplied by labor productivity. 
D)  number of worker-hours divided by labor productivity. 
A)  labor productivity divided by number of worker-hours. 
B)  labor productivity multiplied by real output. 
C)  number of worker-hours multiplied by labor productivity. 
D)  number of worker-hours divided by labor productivity.

Question 19

Economic growth can be portrayed as

Accepted Answer

A)  an outward shift of the production possibilities curve. 
B)  an inward shift of the production possibilities curve. 
C)  a movement from a point on to a point inside a production possibilities curve. 
D)  a movement from one point to another point on a ﬁxed production possibilities curve. 
A)  an outward shift of the production possibilities curve. 
B)  an inward shift of the production possibilities curve. 
C)  a movement from a point on to a point inside a production possibilities curve. 
D)  a movement from one point to another point on a ﬁxed production possibilities curve.

Question 20

Which is more important, labor quantity or labor productivity, as a source of economic growth in the
United States?

Accepted Answer

Labor productivity is more imp

Between 2018 and 2029, productivity growth is expected to account for about ________ percent of the growth of real GDP in the United States.

Labor productivity in the U.S. in the periods 1973-1995 and 1995-2010 grew at average rates of

Growth-promoting institutional structures include the following, except

Increases in the value of a product to each user, including existing users, as the total number of users rises are called

In the United States, real GDP per capita has increased more rapidly than real GDP.

The so-called Rule of 70 is a formula for ﬁnding the approximate number of times that a value will double in a period of 70 years.

The percentage of U.S. adults with a high school education has

Technological advance is tightly intertwined with

The rate of growth of labor productivity in the U.S. declined from the period 1973-1995 to the period 1995-2010.

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2. We could conclude that this economy's

The real GDP of the United States has grown since the 1950s largely because of increases in labor productivity.

(Last Word) Rising wages for women in the United States have increased

The dramatic slowdown in productivity growth experienced after the Great Recession

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

Which of the following is the largest contributor to the growth of labor productivity in the United States?

Real GDP, or total output, in any year is equal to

Economic growth can be portrayed as

Which is more important, labor quantity or labor productivity, as a source of economic growth in the United States?

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures Caused by Externalities Asymmetric Information

Public Goods, Public Choice, and Government Failure

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

Filters

Exam 8: Economic Growth

Between 2018 and 2029, productivity growth is expected to account for about ________ percent of the growth of real GDP in the United States.

Labor productivity in the U.S. in the periods 1973-1995 and 1995-2010 grew at average rates of

Growth-promoting institutional structures include the following, except

Increases in the value of a product to each user, including existing users, as the total number of users rises are called

In the United States, real GDP per capita has increased more rapidly than real GDP.

The so-called Rule of 70 is a formula for ﬁnding the approximate number of times that a value will double in a period of 70 years.

The percentage of U.S. adults with a high school education has

Technological advance is tightly intertwined with

The rate of growth of labor productivity in the U.S. declined from the period 1973-1995 to the period 1995-2010.

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2. We could conclude that this economy's

The real GDP of the United States has grown since the 1950s largely because of increases in labor productivity.

(Last Word) Rising wages for women in the United States have increased

The dramatic slowdown in productivity growth experienced after the Great Recession

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

Which of the following is the largest contributor to the growth of labor productivity in the United States?

Real GDP, or total output, in any year is equal to

Economic growth can be portrayed as

Which is more important, labor quantity or labor productivity, as a source of economic growth in the United States?

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures Caused by Externalities Asymmetric Information

Public Goods, Public Choice, and Government Failure

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

Filters