Question 1

Exhibit 8.3
  
-The process of adding more capital per worker is called capital deepening.

Accepted Answer

A) True 
 B)False

Question 2

Due to a labor productivity growth of about 2.8 percent a year, which years are called "the golden years of productivity growth"?

Accepted Answer

A)  1947-1973 
B)  1973-1982 
C)  1982-1995 
D)  1995-2005 
E)  2005-2016 
A)  1947-1973 
B)  1973-1982 
C)  1982-1995 
D)  1995-2005 
E)  2005-2016

Question 3

Which of the following implies a decline in labor productivity in an economy?

Accepted Answer

A)  a high rate of growth of capital formation 
B)  an improvement in input quality 
C)  a decrease in the production of goods and services 
D)  an increase in the budget surplus in the economy 
E)  a decrease in the prices of goods and services 
A)  a high rate of growth of capital formation 
B)  an improvement in input quality 
C)  a decrease in the production of goods and services 
D)  an increase in the budget surplus in the economy 
E)  a decrease in the prices of goods and services

Question 4

Charlston, a newly industrialized country, has a female population of 2.8 million. There are 1.08 million employed males in the country, while the number of dependent males is equal to 1.52 million. The GDP of Charlston is U.S. $298 billion. The output per capita of Charlston is approximately equal to _____

Accepted Answer

A)  $275,925. 
B)  $55,185. 
C)  $196,035. 
D)  $275,955. 
E)  $79,810. 
A)  $275,925. 
B)  $55,185. 
C)  $196,035. 
D)  $275,955. 
E)  $79,810.

Question 5

Technological change creates long-term hardships for workers with specialized skills.

Accepted Answer

A) True 
 B)False

Question 6

What percentage of U.S. economic growth since 1960 is attributed to allocating labor more efficiently through open labor markets?

Accepted Answer

A)  5-10 percent 
B)  10-15 percent 
C)  10-20 percent 
D)  15-20 percent 
E)  15-30 percent 
A)  5-10 percent 
B)  10-15 percent 
C)  10-20 percent 
D)  15-20 percent 
E)  15-30 percent

Question 7

According to some economists, firms in some industries gain a performance advantage by _____

Accepted Answer

A)  dumping. 
B)  charging a zero price for products. 
C)  clustering. 
D)  reducing R&D spending. 
E)  increasing labor wage. 
A)  dumping. 
B)  charging a zero price for products. 
C)  clustering. 
D)  reducing R&D spending. 
E)  increasing labor wage.

Question 8

Among the G7 and China, which country had the lowest GDP per capita in 2015?

Accepted Answer

A)  Germany. 
B)  China. 
C)  The United States. 
D)  Great Britain. 
E)  Canada. 
A)  Germany. 
B)  China. 
C)  The United States. 
D)  Great Britain. 
E)  Canada.

Question 9

What is meant by the term standard of living?

Accepted Answer

A)  increases in the amount of available resources 
B)  better technology 
C)  the availability of goods and services per capita 
D)  improvements in the "rules of the game" 
E)  improvements in the quality of labor 
A)  increases in the amount of available resources 
B)  better technology 
C)  the availability of goods and services per capita 
D)  improvements in the "rules of the game" 
E)  improvements in the quality of labor

Question 10

When firms in the same industry locate in the same geographic region, it is known as dumping.

Accepted Answer

A) True 
 B)False

Question 11

An increase in labor productivity necessarily means an increase in real GDP per capita if _____

Accepted Answer

A)  real GDP increases. 
B)  the employment growth rate is greater than the population growth rate. 
C)  the employment growth rate is less than the population growth rate. 
D)  the size of the labor force increases. 
E)  real GDP increases more rapidly than nominal GDP. 
A)  real GDP increases. 
B)  the employment growth rate is greater than the population growth rate. 
C)  the employment growth rate is less than the population growth rate. 
D)  the size of the labor force increases. 
E)  real GDP increases more rapidly than nominal GDP.

Question 12

Ethan takes 7 hours to finish 3 assignments. Tyler takes 6 hours to finish 4 assignments. Who is more productive?

Accepted Answer

A)  Tyler is more productive than Ethan but his output is less. 
B)  Ethan is more productive than Tyler but his output is less. 
C)  Ethan is more productive than Tyler and his output is more. 
D)  Tyler is more productive than Ethan and his output is more. 
E)  Neither Tyler nor Ethan are productive relative to one another. 
A)  Tyler is more productive than Ethan but his output is less. 
B)  Ethan is more productive than Tyler but his output is less. 
C)  Ethan is more productive than Tyler and his output is more. 
D)  Tyler is more productive than Ethan and his output is more. 
E)  Neither Tyler nor Ethan are productive relative to one another.

Question 13

A process that transforms resources into goods and services is known as _____

Accepted Answer

A)  the production function. 
B)  capital deepening. 
C)  productivity. 
D)  production. 
E)  labor productivity. 
A)  the production function. 
B)  capital deepening. 
C)  productivity. 
D)  production. 
E)  labor productivity.

Question 14

Capital deepening refers to _____

Accepted Answer

A)  an increase in the amount of capital per worker. 
B)  an increase in the amount of workers per unit of capital. 
C)  a decrease in the amount of capital per unit of output. 
D)  an increase in the amount of output per unit of capital. 
E)  an increase in the productivity of capital. 
A)  an increase in the amount of capital per worker. 
B)  an increase in the amount of workers per unit of capital. 
C)  a decrease in the amount of capital per unit of output. 
D)  an increase in the amount of output per unit of capital. 
E)  an increase in the productivity of capital.

Question 15

The productivity growth slowdown of the late 1970s and early 1980s may have been due, in part, to environmental and workplace safety regulations.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following would be considered a developed country?

Accepted Answer

A)  Pakistan 
B)  Hong Kong 
C)  India 
D)  Argentina 
E)  Brazil 
A)  Pakistan 
B)  Hong Kong 
C)  India 
D)  Argentina 
E)  Brazil

Question 17

Which of the following best describes the impact of technological change on output?

Accepted Answer

A)  It creates a limited amount of output. 
B)  It creates an unlimited amount of output. 
C)  It reduces the labor needed to produce a given amount of output. 
D)  It increases the labor needed to produce a given amount of output. 
E)  Technology does not cause an impact on output. 
A)  It creates a limited amount of output. 
B)  It creates an unlimited amount of output. 
C)  It reduces the labor needed to produce a given amount of output. 
D)  It increases the labor needed to produce a given amount of output. 
E)  Technology does not cause an impact on output.

Question 18

_____ can temporarily create dislocations as displaced workers try to find jobs elsewhere and, at the same time, make existing products more affordable.

Accepted Answer

A)  Technological change 
B)  Changes in the rate of interest 
C)  Population changes 
D)  Changes in the price level 
E)  An increase in public expenditure 
A)  Technological change 
B)  Changes in the rate of interest 
C)  Population changes 
D)  Changes in the price level 
E)  An increase in public expenditure

Question 19

Since 1870, U.S. labor productivity growth has averaged roughly 2.1 percent annually.

Accepted Answer

A) True 
 B)False

Question 20

An improvement in the quality of capital would _____

Accepted Answer

A)  rotate the per-worker production function upward. 
B)  make the per-worker production function flatter. 
C)  shift the per-worker production function downward. 
D)  rotate the per-worker production function downward. 
E)  have no effect on the per-worker production function. 
A)  rotate the per-worker production function upward. 
B)  make the per-worker production function flatter. 
C)  shift the per-worker production function downward. 
D)  rotate the per-worker production function downward. 
E)  have no effect on the per-worker production function.

Exhibit 8.3 -The process of adding more capital per worker is called capital deepening.

Due to a labor productivity growth of about 2.8 percent a year, which years are called "the golden years of productivity growth"?

Which of the following implies a decline in labor productivity in an economy?

Technological change creates long-term hardships for workers with specialized skills.

What percentage of U.S. economic growth since 1960 is attributed to allocating labor more efficiently through open labor markets?

According to some economists, firms in some industries gain a performance advantage by _____

Among the G7 and China, which country had the lowest GDP per capita in 2015?

What is meant by the term standard of living?

When firms in the same industry locate in the same geographic region, it is known as dumping.

An increase in labor productivity necessarily means an increase in real GDP per capita if _____

Ethan takes 7 hours to finish 3 assignments. Tyler takes 6 hours to finish 4 assignments. Who is more productive?

A process that transforms resources into goods and services is known as _____

Capital deepening refers to _____

The productivity growth slowdown of the late 1970s and early 1980s may have been due, in part, to environmental and workplace safety regulations.

Which of the following would be considered a developed country?

Which of the following best describes the impact of technological change on output?

_____ can temporarily create dislocations as displaced workers try to find jobs elsewhere and, at the same time, make existing products more affordable.

Since 1870, U.S. labor productivity growth has averaged roughly 2.1 percent annually.

An improvement in the quality of capital would _____

The Art and Science of Economic Analysis.

Economic Tools and Economic Systems.

Economic Decision Makers.

Demand, Supply, and Markets.

Introduction to Macroeconomics.

Tracking the U. S. Economy.

Unemployment and Inflation.

Aggregate Demand.

Aggregate Supply.

Fiscal Policy.

Federal Budgets and Public Policy.

Money and the Financial System.

Banking and the Money Supply.

Monetary Theory and Policy.

Macro Policy Debate: Active or Passive?

International Trade.

International Finance.

Economic Development.

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Exam 8: Productivity and Growth.

Exhibit 8.3 -The process of adding more capital per worker is called capital deepening.

Due to a labor productivity growth of about 2.8 percent a year, which years are called "the golden years of productivity growth"?

Which of the following implies a decline in labor productivity in an economy?

Technological change creates long-term hardships for workers with specialized skills.

What percentage of U.S. economic growth since 1960 is attributed to allocating labor more efficiently through open labor markets?

According to some economists, firms in some industries gain a performance advantage by _____

Among the G7 and China, which country had the lowest GDP per capita in 2015?

What is meant by the term standard of living?

When firms in the same industry locate in the same geographic region, it is known as dumping.

An increase in labor productivity necessarily means an increase in real GDP per capita if _____

Ethan takes 7 hours to finish 3 assignments. Tyler takes 6 hours to finish 4 assignments. Who is more productive?

A process that transforms resources into goods and services is known as _____

Capital deepening refers to _____

The productivity growth slowdown of the late 1970s and early 1980s may have been due, in part, to environmental and workplace safety regulations.

Which of the following would be considered a developed country?

Which of the following best describes the impact of technological change on output?

_____ can temporarily create dislocations as displaced workers try to find jobs elsewhere and, at the same time, make existing products more affordable.

Since 1870, U.S. labor productivity growth has averaged roughly 2.1 percent annually.

An improvement in the quality of capital would _____

The Art and Science of Economic Analysis.

Economic Tools and Economic Systems.

Economic Decision Makers.

Demand, Supply, and Markets.

Introduction to Macroeconomics.

Tracking the U. S. Economy.

Unemployment and Inflation.

Aggregate Demand.

Aggregate Supply.

Fiscal Policy.

Federal Budgets and Public Policy.

Money and the Financial System.

Banking and the Money Supply.

Monetary Theory and Policy.

Macro Policy Debate: Active or Passive?

International Trade.

International Finance.

Economic Development.

Filters