Question 1

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

Question 2

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

Accepted Answer

A)  government subsidies to fund investment by business that are able to compete on the world market. 
B)  government subsidies to fund investment in any business that desires it. 
C)  imposing heavy tariffs on imported capital goods. 
D)  requiring scarce import licenses in order to purchase foreign-made capital goods. 
A)  government subsidies to fund investment by business that are able to compete on the world market. 
B)  government subsidies to fund investment in any business that desires it. 
C)  imposing heavy tariffs on imported capital goods. 
D)  requiring scarce import licenses in order to purchase foreign-made capital goods.

Question 3

We no longer live in a Malthusian age because for, at least two hundred years, improvements in the_______ of labor made possible by new _______ and better ________ have not been neutralized by natural resource scarcity.

Accepted Answer

A)  type; capital; technology 
B)  efficiency; technology; organizations 
C)  employment; organizations; capital 
D)  institution; technology; organizations 
A)  type; capital; technology 
B)  efficiency; technology; organizations 
C)  employment; organizations; capital 
D)  institution; technology; organizations

Question 4

Effects of the productivity slowdown include

Accepted Answer

A)  a lengthening of the time it takes for output per worker to double. 
B)  less willingness of American voters to invest in social welfare programs. 
C)  making Americans feel less well off than they had expected they would be. 
D)  All of the above 
A)  a lengthening of the time it takes for output per worker to double. 
B)  less willingness of American voters to invest in social welfare programs. 
C)  making Americans feel less well off than they had expected they would be. 
D)  All of the above

Question 5

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)  industrial policy. 
B)  investment with its direction determined by profit-seeking businesses. 
C)  large social insurance systems to redistribute income. 
D)  governments committed to avoiding mass unemployment. 
A)  industrial policy. 
B)  investment with its direction determined by profit-seeking businesses. 
C)  large social insurance systems to redistribute income. 
D)  governments committed to avoiding mass unemployment.

Question 6

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

Accepted Answer

A)  the steam engine. 
B)  the printing press. 
C)  the spinning jenny. 
D)  the power loom. 
A)  the steam engine. 
B)  the printing press. 
C)  the spinning jenny. 
D)  the power loom.

Question 7

To say that a commodity is excludible means that the owner of the commodity

Accepted Answer

A)  can easily monitor who is using it and easily keep those whom he or she does not authorize from using it. 
B)  is excluded from using it. 
C)  is unable to exclude others from using it. 
D)  using seeks to exclude others from using it. 
A)  can easily monitor who is using it and easily keep those whom he or she does not authorize from using it. 
B)  is excluded from using it. 
C)  is unable to exclude others from using it. 
D)  using seeks to exclude others from using it.

Question 8

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 boom. 
D)  increased aggregate demand and the resulting inflation. 
A)  environmental protection expenditures. 
B)  oil price increases. 
C)  the baby boom. 
D)  increased aggregate demand and the resulting inflation.

Question 9

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

Accepted Answer

A)  administration of justice. 
B)  maintenance of macroeconomic stability. 
C)  setting prices in individual markets. 
D)  avoidance of deep recessions. 
A)  administration of justice. 
B)  maintenance of macroeconomic stability. 
C)  setting prices in individual markets. 
D)  avoidance of deep recessions.

Question 10

On an average-exchange-rate basis GDP per worker in the United States compared to India tends to be higher relative to the purchasing-power-parity basis (70 versus 13) because

Accepted Answer

A)  international arbitrage doesn't work. 
B)  international arbitrage only works to equalize prices for the service sector. 
C)  international arbitrage is unable to equalize prices for the service sector. 
D)  people don't respond to price signals. 
A)  international arbitrage doesn't work. 
B)  international arbitrage only works to equalize prices for the service sector. 
C)  international arbitrage is unable to equalize prices for the service sector. 
D)  people don't respond to price signals.

Question 11

Demographers believe that the world population has at most _______________ to undergo before the demographic transition will have taken hold throughout the world.

Accepted Answer

A)  one more tripling 
B)  two more doublings 
C)  one more doubling 
D)  one more squaring 
A)  one more tripling 
B)  two more doublings 
C)  one more doubling 
D)  one more squaring

Question 12

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

Accepted Answer

A)  the railroad locomotive. 
B)  the hydraulic press. 
C)  the steam engine. 
D)  the printing press. 
A)  the railroad locomotive. 
B)  the hydraulic press. 
C)  the steam engine. 
D)  the printing press.

Question 13

The principal cause of the extraordinary variation in output per worker between countries today are

Accepted Answer

A)  differences in their respective net export levels. 
B)  differences in their respective equilibrium capital-output ratios. 
C)  differences in their respective government debt-GDP ratios. 
D)  differences in their respective interest rate levels. 
A)  differences in their respective net export levels. 
B)  differences in their respective equilibrium capital-output ratios. 
C)  differences in their respective government debt-GDP ratios. 
D)  differences in their respective interest rate levels.

Question 14

To say that a commodity is rival means

Accepted Answer

A)  that it competes against other commodities. 
B)  that if one firm is using it, another firm cannot be using it. 
C)  that if one firm is using it, other firms may also use it. 
D)  all may use it simultaneously. 
A)  that it competes against other commodities. 
B)  that if one firm is using it, another firm cannot be using it. 
C)  that if one firm is using it, other firms may also use it. 
D)  all may use it simultaneously.

Question 15

Because of the threats that non-democratic and shaky semi-democratic government face, they tend in each of the following activities except

Accepted Answer

A)  policies that redistribute income from the farms to the cities. 
B)  policies that redistribute income form exporting businesses to urban consumers of imported goods. 
C)  policies that redistribute income from investors to those that have the power to overthrow the government. 
D)  policies that redistribute income from urban consumers to investors. 
A)  policies that redistribute income from the farms to the cities. 
B)  policies that redistribute income form exporting businesses to urban consumers of imported goods. 
C)  policies that redistribute income from investors to those that have the power to overthrow the government. 
D)  policies that redistribute income from urban consumers to investors.

Question 16

Measured productivity in the United States between 1973 and 1995 ________ from 2.1% during 1950-1973 to _______.

Accepted Answer

A)  increased ; 3.0% 
B)  decreased; 1.5% 
C)  increased; 3.5% 
D)  decreased; 0.6% 
A)  increased ; 3.0% 
B)  decreased; 1.5% 
C)  increased; 3.5% 
D)  decreased; 0.6%

Question 17

Between 1992 and 1998, the share of _________in GDP _________.

Accepted Answer

A)  business fixed investment; decreased 
B)  business fixed investment; remained about the same 
C)  business fixed investment; increased 
D)  business variable investment; increased 
A)  business fixed investment; decreased 
B)  business fixed investment; remained about the same 
C)  business fixed investment; increased 
D)  business variable investment; increased

Question 18

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

Accepted Answer

A)  administration of justice. 
B)  maintenance of macroeconomic stability. 
C)  provision of social insurance. 
D)  provision of private insurance. 
A)  administration of justice. 
B)  maintenance of macroeconomic stability. 
C)  provision of social insurance. 
D)  provision of private insurance.

Question 19

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

Accepted Answer

A)  setting quotas on imports. 
B)  maintenance of macroeconomic stability. 
C)  some infrastructure development. 
D)  avoidance of deep recessions. 
A)  setting quotas on imports. 
B)  maintenance of macroeconomic stability. 
C)  some infrastructure development. 
D)  avoidance of deep recessions.

Question 20

Government policies that could be implemented to enhance economic growth include each of the following except

Accepted Answer

A)  policies to boost national savings. 
B)  policies to boost stock market prices. 
C)  policies to improve the ability to translate savings into investment. 
D)  policies to accelerate the demographic transition. 
A)  policies to boost national savings. 
B)  policies to boost stock market prices. 
C)  policies to improve the ability to translate savings into investment. 
D)  policies to accelerate the demographic transition.

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

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

We no longer live in a Malthusian age because for, at least two hundred years, improvements in the___ of labor made possible by new _ and better ______ have not been neutralized by natural resource scarcity.

Effects of the productivity slowdown include

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

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

To say that a commodity is excludible means that the owner of the commodity

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

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

On an average-exchange-rate basis GDP per worker in the United States compared to India tends to be higher relative to the purchasing-power-parity basis (70 versus 13) because

Demographers believe that the world population has at most _______________ to undergo before the demographic transition will have taken hold throughout the world.

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

The principal cause of the extraordinary variation in output per worker between countries today are

To say that a commodity is rival means

Because of the threats that non-democratic and shaky semi-democratic government face, they tend in each of the following activities except

Measured productivity in the United States between 1973 and 1995 __ from 2.1% during 1950-1973 to _.

Between 1992 and 1998, the share of _in GDP _.

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

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

Government policies that could be implemented to enhance economic growth include each of the following 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

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

We no longer live in a Malthusian age because for, at least two hundred years, improvements in the_______ of labor made possible by new _______ and better ________ have not been neutralized by natural resource scarcity.

Effects of the productivity slowdown include

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

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

To say that a commodity is excludible means that the owner of the commodity

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

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

On an average-exchange-rate basis GDP per worker in the United States compared to India tends to be higher relative to the purchasing-power-parity basis (70 versus 13) because

Demographers believe that the world population has at most _______________ to undergo before the demographic transition will have taken hold throughout the world.

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

The principal cause of the extraordinary variation in output per worker between countries today are

To say that a commodity is rival means

Because of the threats that non-democratic and shaky semi-democratic government face, they tend in each of the following activities except

Measured productivity in the United States between 1973 and 1995 ________ from 2.1% during 1950-1973 to _______.

Between 1992 and 1998, the share of _________in GDP _________.

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

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

Government policies that could be implemented to enhance economic growth include each of the following 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

We no longer live in a Malthusian age because for, at least two hundred years, improvements in the___ of labor made possible by new _ and better ______ have not been neutralized by natural resource scarcity.

Measured productivity in the United States between 1973 and 1995 __ from 2.1% during 1950-1973 to _.

Between 1992 and 1998, the share of _in GDP _.