Question 1

Governments seeking to establish patent laws face a difficult dilemma because

Accepted Answer

A)  strong patent laws allow others to quickly use new discoveries. 
B)  strong patent laws are a disincentive to engage in research and development. 
C)  strong patent laws interfere with the diffusion of technology. 
D)  weak patent laws are necessary to encourage research and development. 
A)  strong patent laws allow others to quickly use new discoveries. 
B)  strong patent laws are a disincentive to engage in research and development. 
C)  strong patent laws interfere with the diffusion of technology. 
D)  weak patent laws are necessary to encourage research and development.

Question 2

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

Accepted Answer

A)  Canada. 
B)  Britain. 
C)  Japan. 
D)  Greece. 
A)  Canada. 
B)  Britain. 
C)  Japan. 
D)  Greece.

Question 3

In the first half of the nineteenth century the average inhabitant of an average country had about _______Of the material standard of living of a citizen of the world's most advanced industrial economy; whereas today the level would be only ______.

Accepted Answer

A)  one-third; one-fourth 
B)  one-half; one-fourth 
C)  one-half; one-sixth 
D)  one-sixth; one-half 
A)  one-third; one-fourth 
B)  one-half; one-fourth 
C)  one-half; one-sixth 
D)  one-sixth; one-half

Question 4

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 central planners. 
C)  large social insurance systems to redistribute income. 
D)  governments committed to avoiding mass unemployment. 
A)  large private sectors freed of government regulation of prices. 
B)  investment with its direction determined by central planners. 
C)  large social insurance systems to redistribute income. 
D)  governments committed to avoiding mass unemployment.

Question 5

________ is the variable that has the strongest correlation with output per worker.

Accepted Answer

A)  Schooling 
B)  Consumption 
C)  Exports 
D)  Labor force 
A)  Schooling 
B)  Consumption 
C)  Exports 
D)  Labor force

Question 6

Each of the following is a factor in explanations of America's place at the world economy's leading edge in its level of technology throughout the twentieth century except

Accepted Answer

A)  the United States had an exceptional commitment to education. 
B)  the United States was of extraordinarily large size. 
C)  the United States developed with low tariffs and very little foreign capital. 
D)  the United States was extraordinarily rich in natural resources. 
A)  the United States had an exceptional commitment to education. 
B)  the United States was of extraordinarily large size. 
C)  the United States developed with low tariffs and very little foreign capital. 
D)  the United States was extraordinarily rich in natural resources.

Question 7

In terms of relative incomes and productivity levels, a number of economies at different levels of industrialization, development, and material productivity a century ago have now _______.

Accepted Answer

A)  converged 
B)  diverged 
C)  moved apart 
D)  gone their own ways 
A)  converged 
B)  diverged 
C)  moved apart 
D)  gone their own ways

Question 8

Patent laws are necessary

Accepted Answer

A)  in order to encourage businesses to engage in research and development. 
B)  because ideas are rival and tend to be exclusive. 
C)  in order to help businesses share the results of research and development. 
D)  in order to protect the users of new products from damage. 
A)  in order to encourage businesses to engage in research and development. 
B)  because ideas are rival and tend to be exclusive. 
C)  in order to help businesses share the results of research and development. 
D)  in order to protect the users of new products from damage.

Question 9

Thomas R. Malthus saw a world in which inventions and higher living standards led to _______ in the rate of population growth.

Accepted Answer

A)  decreases 
B)  no change 
C)  increases 
D)  decreases and then increases 
A)  decreases 
B)  no change 
C)  increases 
D)  decreases and then increases

Question 10

One of the oldest ideas in economics is that _________ in technological capability induce _________ in human fertility that will inevitably run into natural resource scarcity.

Accepted Answer

A)  increases; increases 
B)  increases; decreases 
C)  decreases; increases 
D)  increases; no change 
A)  increases; increases 
B)  increases; decreases 
C)  decreases; increases 
D)  increases; no change

Question 11

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

Accepted Answer

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

Question 12

One of the leading cause of the 1990s productivity expansion has been business expenditures

Accepted Answer

A)  in the stock market. 
B)  on computers and related equipment. 
C)  on corporate jets. 
D)  on buying other companies. 
A)  in the stock market. 
B)  on computers and related equipment. 
C)  on corporate jets. 
D)  on buying other companies.

Question 13

The measured growth rate of output per worker in the United States rose from about ______ percent per year from 1800 to 1870 to about ______ percent per year from

Accepted Answer

A)  5; 15 
B)  .5; 1.5 
C)  .05; .15 
D)  1.5; 2.5 
A)  5; 15 
B)  .5; 1.5 
C)  .05; .15 
D)  1.5; 2.5

Question 14

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

Question 15

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

Accepted Answer

A)  avoidance of deep recessions. 
B)  some infrastructure development. 
C)  administration of justice. 
D)  setting production quotas on individual products. 
A)  avoidance of deep recessions. 
B)  some infrastructure development. 
C)  administration of justice. 
D)  setting production quotas on individual products.

Question 16

Patents give the innovator

Accepted Answer

A)  monopoly rights to all products for a period of years. 
B)  competitive rights to the innovation for a period of years. 
C)  monopoly rights to the innovation for a period of years. 
D)  competitive rights to all products for a period of years. 
A)  monopoly rights to all products for a period of years. 
B)  competitive rights to the innovation for a period of years. 
C)  monopoly rights to the innovation for a period of years. 
D)  competitive rights to all products for a period of years.

Question 17

Ideas are __________ and tend to be ________________.

Accepted Answer

A)  rival: excludible. 
B)  rival; hard to make excludible. 
C)  excludible hard to make rival. 
D)  not rival; hard to make excludible. 
A)  rival: excludible. 
B)  rival; hard to make excludible. 
C)  excludible hard to make rival. 
D)  not rival; hard to make excludible.

Question 18

As the level of productivity ________, the time it takes an average worker to earn the purchase of goods and services ________.

Accepted Answer

A)  increases; increases 
B)  decreases; decreases 
C)  increases; decreases 
D)  increases; stays the same 
A)  increases; increases 
B)  decreases; decreases 
C)  increases; decreases 
D)  increases; stays the same

Governments seeking to establish patent laws face a difficult dilemma because

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

In the first half of the nineteenth century the average inhabitant of an average country had about _Of the material standard of living of a citizen of the world's most advanced industrial economy; whereas today the level would be only .

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

________ is the variable that has the strongest correlation with output per worker.

Each of the following is a factor in explanations of America's place at the world economy's leading edge in its level of technology throughout the twentieth century except

In terms of relative incomes and productivity levels, a number of economies at different levels of industrialization, development, and material productivity a century ago have now _______.

Patent laws are necessary

Thomas R. Malthus saw a world in which inventions and higher living standards led to _______ in the rate of population growth.

One of the oldest ideas in economics is that _ in technological capability induce _ in human fertility that will inevitably run into natural resource scarcity.

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

One of the leading cause of the 1990s productivity expansion has been business expenditures

The measured growth rate of output per worker in the United States rose from about percent per year from 1800 to 1870 to about percent per year from

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

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

Patents give the innovator

Ideas are and tend to be ______.

As the level of productivity , the time it takes an average worker to earn the purchase of goods and services .

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

Governments seeking to establish patent laws face a difficult dilemma because

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

In the first half of the nineteenth century the average inhabitant of an average country had about _______Of the material standard of living of a citizen of the world's most advanced industrial economy; whereas today the level would be only ______.

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

________ is the variable that has the strongest correlation with output per worker.

Each of the following is a factor in explanations of America's place at the world economy's leading edge in its level of technology throughout the twentieth century except

In terms of relative incomes and productivity levels, a number of economies at different levels of industrialization, development, and material productivity a century ago have now _______.

Patent laws are necessary

Thomas R. Malthus saw a world in which inventions and higher living standards led to _______ in the rate of population growth.

One of the oldest ideas in economics is that _________ in technological capability induce _________ in human fertility that will inevitably run into natural resource scarcity.

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

One of the leading cause of the 1990s productivity expansion has been business expenditures

The measured growth rate of output per worker in the United States rose from about ______ percent per year from 1800 to 1870 to about ______ percent per year from

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

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

Patents give the innovator

Ideas are __________ and tend to be ________________.

As the level of productivity ________, the time it takes an average worker to earn the purchase of goods and services ________.

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 the first half of the nineteenth century the average inhabitant of an average country had about _Of the material standard of living of a citizen of the world's most advanced industrial economy; whereas today the level would be only .

One of the oldest ideas in economics is that _ in technological capability induce _ in human fertility that will inevitably run into natural resource scarcity.

The measured growth rate of output per worker in the United States rose from about percent per year from 1800 to 1870 to about percent per year from

Ideas are and tend to be ______.

As the level of productivity , the time it takes an average worker to earn the purchase of goods and services .