Exam 25: Production and Growth

The president of a poor country has announced that he will implement the following measures which he claims are designed to increase growth: 1.Reduce corruption in the legal system;2.Reduce reliance on market forces because they allocate goods and services in an unfair manner;3.Restrict investment in domestic industries by foreigners because they take some of the profits out of the country;4.Encourage trade with neighboring countries;and 5.Increase the fraction of GDP devoted to consumption.How many of these measures will have a positive effect on growth?

A country that made their courts less corrupt and their government more stable would likely see their standard of living rise.

Thomas Edison received patents on many of his inventions.While the patents existed,his ideas were

Suppose that a country increased its saving rate.In the long run it would have

According to research by Robert Fogel,what proportion of the British population in 1780 was so malnourished that they could not perform manual labor?

In the length of one generation,which of the following countries has gone from being among the poorest countries in the world to being among the richest?

Last year real GDP per person in Olympus was 4,500.The year before it was 4,250.What was the growth rate of real GDP per person?

Using the notation and production function in the text,Y/L is

Which of the following is true?

Which of the following is correct?

Libeteria has a population of 10,000,of whom 7,000 work 8 hours a day to produce a total of 224,000 final goods.Despotvanyla has a population of 5,000,of whom 4,000 work 12 hours a day to produce a total of 120,000 final goods.

On the basis of theory and empirical evidence economists have concluded several things concerning growth.Which of the following is not one of these conclusions?

If an inexpensive alternative to oil were found,the price of oil adjusted for inflation

In the US each additional year of schooling has historically raised a person's wage on average by about

Which of the following is human capital?

Real Foods produced 300,000 boxes of organic spiral noodles in 2004 and produced 360,000 boxes in 2005.They used the same total hours of work in each year.In 2005 their productivity

Countries that have lower levels of real GDP per person than the US,

Historically,the market prices of most natural resources (adjusted for inflation)have

Incentives for parents to send their children to school,such as small monthly payments to parents if their children have regular attendance,appear to increase school attendance.

Patents turn new ideas into