Exam 25: Production and Growth

Dilbert's Incorporated produced 6,000,000 units of software in 2005.At the start of 2006 pointy-haired boss raised employment from 10,000 total annual hours to 14,000 annual hours and production was 7,000,000 units.Based on these numbers what happened to productivity?

Suppose Japanese-based Sony Corporation builds and operates a new digital camera factory in the United States.Future production from such an investment would

Other things the same,a country that increases its savings rate will have

The equipment and structures available to produce goods and services are called

Michael Kramer found that world growth rates fell as population increased.

Some data that at first might seem puzzling: The share of GDP devoted to investment was similar for the United States and South Korea from 1960-1991.However,during these same years South Korea had a 6 percent growth rate of average annual income,while the United States had only a 2 percent growth rate.If the saving rates were the same,why were the growth rates so different?

Which of the following is consistent with the catch-up effect?

What is the difference between human capital and technology?

Last year Panglossia had real GDP of 3000 billion.This year it had real GDP of 3116 billion.Which of the following values of population would be consistent with a 2.5% growth rate of real GDP per person?

Both the standard of living and the growth of real GDP per person vary widely across countries.

Which of the following is correct?

Which of the following best describes the response of output as time passes to an increase in the saving rate?

International data on the history of real GDP growth rates shows that over the last 100 years or so,rich countries got richer and poor countries got poorer.

The inputs used to produce goods and services are also called

Constant returns to scale is the point on a production function where increasing inputs will no longer increase output.

Roughly what percentage of growth in real GDP per person in Britain between 1790 and 1980 was accounted for by improved nutrition according to the estimates of Robert Fogel?

Mary looks over reports on four of her workers.Jack made 25 baskets in 5 hours.Walter made 36 baskets in 6 hours.Rudy made 40 baskets in 10 hours.Sam made 22 baskets in four hours.Who has the greatest productivity?

If natural resources had become scarcer,then we'd expect their

Lower Equitoral and Upper Equitorial are the same except Lower Equitorial has a smaller capital stock.Both countries undertake policies that raise their saving rates to the same higher level.We'd expect that

Accumulating capital