Question 1

Each of the following may have been a factor in the productivity slowdown except

Accepted Answer

A)  decreased aggregate demand. 
B)  oil price increases. 
C)  the baby boom. 
D)  increased problems of economic measurement. 
A)  decreased aggregate demand. 
B)  oil price increases. 
C)  the baby boom. 
D)  increased problems of economic measurement. A

Question 2

Modern economic growth is the large-scale shift of employment from

Accepted Answer

A)  agriculture to services to manufacturing. 
B)  services to agriculture to manufacturing. 
C)  agriculture to manufacturing to services. 
D)  manufacturing to services to agriculture. 
A)  agriculture to services to manufacturing. 
B)  services to agriculture to manufacturing. 
C)  agriculture to manufacturing to services. 
D)  manufacturing to services to agriculture. C

Question 3

The indicators of a country's exposure to, and ability to adopt and adapt, the technologies invented in the industrial core that amplify the efficiency of labor include

Accepted Answer

A)  trade and foreign investment. 
B)  geographical and climatic factors. 
C)  institutions of governance and their effect on entrepreneurship. 
D)  all of the above. 
A)  trade and foreign investment. 
B)  geographical and climatic factors. 
C)  institutions of governance and their effect on entrepreneurship. 
D)  all of the above. D

Question 4

Unelected governments often engage in each of the following activities to slow economic development except

Accepted Answer

A)  allowing competitive bidding for industrial franchises. 
B)  giving valuable industrial franchises to families members of the dictator. 
C)  making sure that members of one's ethnic group are in key places to extort bribes. 
D) taking the foreign exchange that would have been spent importing productive machinery and equipment and using it instead to buy more modern weapons for the army. 
A)  allowing competitive bidding for industrial franchises. 
B)  giving valuable industrial franchises to families members of the dictator. 
C)  making sure that members of one's ethnic group are in key places to extort bribes. 
D) taking the foreign exchange that would have been spent importing productive machinery and equipment and using it instead to buy more modern weapons for the army.

Question 5

Each of the following is included in the set of economic policies adopted by the East Asian economies that are converging with the United States in terms of levels of productivity, economic structures, and standards of living except

Accepted Answer

A)  large private sectors freed of government regulation of prices. 
B)  subsidizing corporations that are thought to be strategic for economic development. 
C)  resource allocation mainly determined by central planners. 
D)  government policies to encourage high savings and investment rates. 
A)  large private sectors freed of government regulation of prices. 
B)  subsidizing corporations that are thought to be strategic for economic development. 
C)  resource allocation mainly determined by central planners. 
D)  government policies to encourage high savings and investment rates.

Question 6

Neo-liberal recommendations for developing countries include

Accepted Answer

A)  governments regulating and nationalizing businesses. 
B)  governments targeting industries to subsidize. 
C)  governments deregulating industries and privatizing public enterprises. 
D)  governments setting up barriers to imports to protect domestic industries. 
A)  governments regulating and nationalizing businesses. 
B)  governments targeting industries to subsidize. 
C)  governments deregulating industries and privatizing public enterprises. 
D)  governments setting up barriers to imports to protect domestic industries.

Question 7

A policy that has the potential to boost investment for a given amount of savings would be

Accepted Answer

A)  imposing heavy tariffs on imported capital goods. 
B)  welcoming foreign investors' money. 
C)  government subsidies to fund investment in any business that desires it. 
D)  requiring scarce import licenses in order to purchase foreign-made capital goods. 
A)  imposing heavy tariffs on imported capital goods. 
B)  welcoming foreign investors' money. 
C)  government subsidies to fund investment in any business that desires it. 
D)  requiring scarce import licenses in order to purchase foreign-made capital goods.

Question 8

The argument that oil prices are one of the factors in the productivity slowdown

Accepted Answer

A)  has a problem because real oil prices are higher today than they were before 1973. 
B)  has a problem because energy costs are not a very large share of the representative business's costs. 
C)  is correct because real oil prices are lower now than they were before 1973. 
D)  is correct because energy costs are a very large share of the representative business's costs. 
A)  has a problem because real oil prices are higher today than they were before 1973. 
B)  has a problem because energy costs are not a very large share of the representative business's costs. 
C)  is correct because real oil prices are lower now than they were before 1973. 
D)  is correct because energy costs are a very large share of the representative business's costs.

Question 9

Countries have patent laws and copyrights

Accepted Answer

A)  because most physical commodities are not rival and excludible. 
B)  because ideas are not rival and tend to be hard to make excludible. 
C)  because most physical commodities are rival but not excludible. 
D)  because ideas are rival but tend to be hard to make excludible. 
A)  because most physical commodities are not rival and excludible. 
B)  because ideas are not rival and tend to be hard to make excludible. 
C)  because most physical commodities are rival but not excludible. 
D)  because ideas are rival but tend to be hard to make excludible.

Question 10

Each of the following may have been a factor in the productivity slowdown except

Accepted Answer

A)  environmental protection expenditures. 
B)  oil price increases. 
C)  the baby bust. 
D)  increased problems of economic measurement. 
A)  environmental protection expenditures. 
B)  oil price increases. 
C)  the baby bust. 
D)  increased problems of economic measurement.

Question 11

Each of the following is included in the set of economic policies adopted by the East Asian economies that are converging with the United States in terms of levels of productivity, economic structures, and standards of living except

Accepted Answer

A)  small private sectors with government regulation of prices. 
B)  subsidizing corporations that are thought to be strategic for economic development. 
C)  less reliance on social insurance systems to redistribute income. 
D)  governments committed to avoiding mass unemployment. 
A)  small private sectors with government regulation of prices. 
B)  subsidizing corporations that are thought to be strategic for economic development. 
C)  less reliance on social insurance systems to redistribute income. 
D)  governments committed to avoiding mass unemployment.

Question 12

Each of the following is included in the set of economic policies adopted by the OECD economies that have converged with the United States in terms of levels of productivity, economic structures, and standards of living except

Accepted Answer

A)  large private sectors freed of government regulation of prices. 
B)  investment with its direction determined by profit-seeking businesses. 
C)  large social insurance systems to redistribute income. 
D)  governments uncommitted to avoiding mass unemployment. 
A)  large private sectors freed of government regulation of prices. 
B)  investment with its direction determined by profit-seeking businesses. 
C)  large social insurance systems to redistribute income. 
D)  governments uncommitted to avoiding mass unemployment.

Question 13

In terms of relative incomes and productivity levels, the world today is more _______ than ever before.

Accepted Answer

A)  convergent 
B)  diverse 
C)  divergent 
D)  converse 
A)  convergent 
B)  diverse 
C)  divergent 
D)  converse

Question 14

Purchasing-power-parity calculations attempt to translate one currency into another at a rate

Accepted Answer

A)  that preserves average purchasing power. 
B)  that increases average purchasing power. 
C)  that decreases average purchasing power. 
D)  that preserves average exchange rates. 
A)  that preserves average purchasing power. 
B)  that increases average purchasing power. 
C)  that decreases average purchasing power. 
D)  that preserves average exchange rates.

Question 15

Patents give a firm that has discovered something new

Accepted Answer

A)  the right to exclude anyone else from using the discovery. 
B)  the right to never share the discovery with others. 
C)  the right to charge others exorbitant prices for the use of the discovery. 
D)  the right to exclude anyone else from using the discovery for a period of years. 
A)  the right to exclude anyone else from using the discovery. 
B)  the right to never share the discovery with others. 
C)  the right to charge others exorbitant prices for the use of the discovery. 
D)  the right to exclude anyone else from using the discovery for a period of years.

Question 16

The set of core competencies of governments include each of the following except

Accepted Answer

A)  some infrastructure development. 
B)  maintenance of microeconomic stability. 
C)  provision of social insurance. 
D)  avoidance of deep recessions. 
A)  some infrastructure development. 
B)  maintenance of microeconomic stability. 
C)  provision of social insurance. 
D)  avoidance of deep recessions.

Question 17

Each of the following are inventions which occurred after 1750 (and were thus part of the industrial revolution) except

Accepted Answer

A)  the hydraulic press. 
B)  the spinning jenny. 
C)  the printing press. 
D)  the sewing machine. 
A)  the hydraulic press. 
B)  the spinning jenny. 
C)  the printing press. 
D)  the sewing machine.

Question 18

In comparison with similar countries, those that used to lie within the Iron Curtain have _________ and__________ for the poorer half of the population.

Accepted Answer

A)  higher levels of GDP per capita; more inadequate social programs 
B)  lower levels of GDP per capita; more inadequate social programs 
C)  lower levels of GDP per capita; better social programs 
D)  higher levels of GDP per capita; better social programs 
A)  higher levels of GDP per capita; more inadequate social programs 
B)  lower levels of GDP per capita; more inadequate social programs 
C)  lower levels of GDP per capita; better social programs 
D)  higher levels of GDP per capita; better social programs

Question 19

Without better technology, increases in capital stock produced by investment soon runs into

Accepted Answer

A)  increasing returns. 
B)  obsolescence. 
C)  diminishing returns. 
D)  no returns. 
A)  increasing returns. 
B)  obsolescence. 
C)  diminishing returns. 
D)  no returns.

Question 20

Each of the following are inventions which occurred after 1750 (and were thus part of the industrial revolution) except

Accepted Answer

A)  the hydraulic press. 
B)  the electric motor. 
C)  the water turbine. 
D)  the abacus. 
A)  the hydraulic press. 
B)  the electric motor. 
C)  the water turbine. 
D)  the abacus.

Each of the following may have been a factor in the productivity slowdown except

Modern economic growth is the large-scale shift of employment from

The indicators of a country's exposure to, and ability to adopt and adapt, the technologies invented in the industrial core that amplify the efficiency of labor include

Unelected governments often engage in each of the following activities to slow economic development except

Each of the following is included in the set of economic policies adopted by the East Asian economies that are converging with the United States in terms of levels of productivity, economic structures, and standards of living except

Neo-liberal recommendations for developing countries include

A policy that has the potential to boost investment for a given amount of savings would be

The argument that oil prices are one of the factors in the productivity slowdown

Countries have patent laws and copyrights

Each of the following may have been a factor in the productivity slowdown except

Each of the following is included in the set of economic policies adopted by the East Asian economies that are converging with the United States in terms of levels of productivity, economic structures, and standards of living except

Each of the following is included in the set of economic policies adopted by the OECD economies that have converged with the United States in terms of levels of productivity, economic structures, and standards of living except

In terms of relative incomes and productivity levels, the world today is more _______ than ever before.

Purchasing-power-parity calculations attempt to translate one currency into another at a rate

Patents give a firm that has discovered something new

The set of core competencies of governments include each of the following except

Each of the following are inventions which occurred after 1750 (and were thus part of the industrial revolution) except

In comparison with similar countries, those that used to lie within the Iron Curtain have _ and__ for the poorer half of the population.

Without better technology, increases in capital stock produced by investment soon runs into

Each of the following are inventions which occurred after 1750 (and were thus part of the industrial revolution) except

Introduction to Macroeconomics

Measuring the Macroeconomy

Thinking Like an Economist

The Theory of Economic Growth

Building Blocks of the Flexible-Price Model

Equilibrium in the Flexible-Price M Odel

Money, Prices, and Inflation

The Sticky-Price Income-Expenditure Framework: Consumption and the Multiplier

Investment, Net Exports, and Interest Rates: The Is Curve

The Money Market and the LM Curve

The Phillips Curve, Expectations, and Monetary Policy

Stabilization Policy

Budget Balance, National Debt, and Investment

International Economic Policy

Changes in the Macroeconomy and Changes in Macroeconomic Policy

The Future of Macroeconomics

Epilogue

Filters

Exam 5: The Reality of Economic Growth: History and Prospect

Each of the following may have been a factor in the productivity slowdown except

Modern economic growth is the large-scale shift of employment from

The indicators of a country's exposure to, and ability to adopt and adapt, the technologies invented in the industrial core that amplify the efficiency of labor include

Unelected governments often engage in each of the following activities to slow economic development except

Each of the following is included in the set of economic policies adopted by the East Asian economies that are converging with the United States in terms of levels of productivity, economic structures, and standards of living except

Neo-liberal recommendations for developing countries include

A policy that has the potential to boost investment for a given amount of savings would be

The argument that oil prices are one of the factors in the productivity slowdown

Countries have patent laws and copyrights

Each of the following may have been a factor in the productivity slowdown except

Each of the following is included in the set of economic policies adopted by the East Asian economies that are converging with the United States in terms of levels of productivity, economic structures, and standards of living except

Each of the following is included in the set of economic policies adopted by the OECD economies that have converged with the United States in terms of levels of productivity, economic structures, and standards of living except

In terms of relative incomes and productivity levels, the world today is more _______ than ever before.

Purchasing-power-parity calculations attempt to translate one currency into another at a rate

Patents give a firm that has discovered something new

The set of core competencies of governments include each of the following except

Each of the following are inventions which occurred after 1750 (and were thus part of the industrial revolution) except

In comparison with similar countries, those that used to lie within the Iron Curtain have _________ and__________ for the poorer half of the population.

Without better technology, increases in capital stock produced by investment soon runs into

Each of the following are inventions which occurred after 1750 (and were thus part of the industrial revolution) except

Introduction to Macroeconomics

Measuring the Macroeconomy

Thinking Like an Economist

The Theory of Economic Growth

Building Blocks of the Flexible-Price Model

Equilibrium in the Flexible-Price M Odel

Money, Prices, and Inflation

The Sticky-Price Income-Expenditure Framework: Consumption and the Multiplier

Investment, Net Exports, and Interest Rates: The Is Curve

The Money Market and the LM Curve

The Phillips Curve, Expectations, and Monetary Policy

Stabilization Policy

Budget Balance, National Debt, and Investment

International Economic Policy

Changes in the Macroeconomy and Changes in Macroeconomic Policy

The Future of Macroeconomics

Epilogue

Filters

In comparison with similar countries, those that used to lie within the Iron Curtain have _ and__ for the poorer half of the population.