Question 1

A copyright grants the creator of a book,film,or piece of software exclusive legal rights to use the creation for how long?

Accepted Answer

A)  10 years 
B)  20 years 
C)  50 years 
D)  the creator's lifetime plus 70 years for the creator's heirs 
A)  10 years 
B)  20 years 
C)  50 years 
D)  the creator's lifetime plus 70 years for the creator's heirs

Question 2

An economic growth model

Accepted Answer

A)  explains changes in nominal GDP per capita in the long run. 
B)  explains changes in real GDP per capita in the long run. 
C)  explains changes in nominal GDP per capita in the short run. 
D)  explains changes in real GDP per capita in the short run. 
A)  explains changes in nominal GDP per capita in the long run. 
B)  explains changes in real GDP per capita in the long run. 
C)  explains changes in nominal GDP per capita in the short run. 
D)  explains changes in real GDP per capita in the short run.

Question 3

How can freedom of the press promote economic growth?

Accepted Answer

A)  A free press can act as a watchdog for corruption, increasing chances for economic growth. 
B)  A free press can be more easily swayed to report only one side of any issue. 
C)  A free press reduces the likelihood that judges will protect private property rights. 
D)  A free press does not promote economic growth. 
A)  A free press can act as a watchdog for corruption, increasing chances for economic growth. 
B)  A free press can be more easily swayed to report only one side of any issue. 
C)  A free press reduces the likelihood that judges will protect private property rights. 
D)  A free press does not promote economic growth.

Question 4

How do economic growth rates affect a nation's standard of living?

Accepted Answer

The speed at which an economy grows dete

Question 5

The economic growth model predicts that ________ across countries will converge over time.

Accepted Answer

A)  income levels 
B)  GDP per capita 
C)  foreign direct investment rates 
D)  growth rates 
A)  income levels 
B)  GDP per capita 
C)  foreign direct investment rates 
D)  growth rates

Question 6

There has been catch-up among the ________ countries,but there has not been catch-up among ________.

Accepted Answer

A)  developing countries such as Niger; industrialized countries such as Japan 
B)  industrialized countries such as Japan; all countries of the world 
C)  developing countries such as Niger; all countries of the world 
D)  all countries of the world together; industrialized countries such as Japan 
A)  developing countries such as Niger; industrialized countries such as Japan 
B)  industrialized countries such as Japan; all countries of the world 
C)  developing countries such as Niger; all countries of the world 
D)  all countries of the world together; industrialized countries such as Japan

Question 7

According to new growth theory,the accumulation of ________ capital is subject to diminishing returns at the ________ level,but not at the level of the economy as a whole.

Accepted Answer

A)  physical; firm 
B)  technological; personal 
C)  knowledge; firm 
D)  physical; production 
A)  physical; firm 
B)  technological; personal 
C)  knowledge; firm 
D)  physical; production

Question 8

Figure 22-2
  
-Refer to Figure 22-2.The movement from A to B to C illustrates

Accepted Answer

A)  an improvement in technology. 
B)  a decline in capital per worker. 
C)  diminishing returns to capital. 
D)  diminishing returns to labor. 
A)  an improvement in technology. 
B)  a decline in capital per worker. 
C)  diminishing returns to capital. 
D)  diminishing returns to labor.

Question 9

Figure 22-2
  
-Refer to Figure 22-2.The movement from E to B to D in the figure above illustrates

Accepted Answer

A)  an improvement in technology. 
B)  a decline in capital per worker. 
C)  diminishing returns to capital. 
D)  diminishing returns to labor. 
A)  an improvement in technology. 
B)  a decline in capital per worker. 
C)  diminishing returns to capital. 
D)  diminishing returns to labor.

Question 10

Until recently,many developing countries

Accepted Answer

A)  were quite open to foreign investment. 
B)  encouraged foreign direct investment but discouraged foreign portfolio investment. 
C)  sealed themselves off from foreign investment. 
D)  encouraged foreign portfolio investment but discouraged foreign direct investment. 
A)  were quite open to foreign investment. 
B)  encouraged foreign direct investment but discouraged foreign portfolio investment. 
C)  sealed themselves off from foreign investment. 
D)  encouraged foreign portfolio investment but discouraged foreign direct investment.

Question 11

What is "brain drain"?

Accepted Answer

A)  the tendency for highly educated workers in high-income countries to move to low-income countries to volunteer their services 
B)  increased recruiting efforts that attempt to raise the average level of education in developed nations 
C)  foreign direct investment that flows from a developed country to a developing country 
D)  the loss of highly educated people from a low-income country as they move to higher-income opportunities in foreign countries 
A)  the tendency for highly educated workers in high-income countries to move to low-income countries to volunteer their services 
B)  increased recruiting efforts that attempt to raise the average level of education in developed nations 
C)  foreign direct investment that flows from a developed country to a developing country 
D)  the loss of highly educated people from a low-income country as they move to higher-income opportunities in foreign countries

Question 12

Globalization is positively associated with

Accepted Answer

A)  poverty. 
B)  declining rates of investment. 
C)  declining standards of living. 
D)  economic growth. 
A)  poverty. 
B)  declining rates of investment. 
C)  declining standards of living. 
D)  economic growth.

Question 13

Figure 22-2
  
-Refer to Figure 22-2.Within a country,the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from

Accepted Answer

A)  A to C. 
B)  B to C. 
C)  B to A. 
D)  E to B. 
A)  A to C. 
B)  B to C. 
C)  B to A. 
D)  E to B.

Question 14

Which of the following is a normative statement about economic growth?

Accepted Answer

A)  Economic growth is associated with higher labor productivity growth. 
B)  Economic growth increases GDP per capita. 
C)  Economic growth hurts developing countries. 
D)  Foreign direct investment stimulates economic growth. 
A)  Economic growth is associated with higher labor productivity growth. 
B)  Economic growth increases GDP per capita. 
C)  Economic growth hurts developing countries. 
D)  Foreign direct investment stimulates economic growth.

Question 15

Technological change will

Accepted Answer

A)  shift the per-worker production function up. 
B)  shift the per-worker production function down. 
C)  move the economy to a point beneath the per-worker production function. 
D)  move the economy along a given per-worker production function. 
A)  shift the per-worker production function up. 
B)  shift the per-worker production function down. 
C)  move the economy to a point beneath the per-worker production function. 
D)  move the economy along a given per-worker production function.

Question 16

Because of diminishing returns to capital,further increases in the quantity of capital in China would result in ________ in real GDP per worker.

Accepted Answer

A)  even smaller increases 
B)  even larger increases 
C)  equal increases 
D)  rapid decreases 
A)  even smaller increases 
B)  even larger increases 
C)  equal increases 
D)  rapid decreases

Question 17

Foreign direct investment occurs when a Chinese corporation

Accepted Answer

A)  purchases stock issued in China. 
B)  opens a new Chinese factory. 
C)  purchases 1,000 shares of stock issued by an American company. 
D)  opens a new factory in France. 
A)  purchases stock issued in China. 
B)  opens a new Chinese factory. 
C)  purchases 1,000 shares of stock issued by an American company. 
D)  opens a new factory in France.

Question 18

The small group of East Asian countries that experienced high rates of growth in the 1980s and 1990s are referred to as

Accepted Answer

A)  newly industrializing countries. 
B)  countries with low standards of living. 
C)  education-deprived countries. 
D)  industrial countries. 
A)  newly industrializing countries. 
B)  countries with low standards of living. 
C)  education-deprived countries. 
D)  industrial countries.

Question 19

Figure 22-2
  
-Refer to Figure 22-2.Suppose the economy gains more capital per hour worked and experiences technological change.This is shown in the figure above by the movement

Accepted Answer

A)  E to B to D. 
B)  A to B to C. 
C)  A to E. 
D)  A to D. 
A)  E to B to D. 
B)  A to B to C. 
C)  A to E. 
D)  A to D.

Question 20

The best measure of a country's standard of living is

Accepted Answer

A)  GDP per labor hour. 
B)  GDP per unit of capital. 
C)  GDP per capita. 
D)  total nominal GDP. 
A)  GDP per labor hour. 
B)  GDP per unit of capital. 
C)  GDP per capita. 
D)  total nominal GDP.

A copyright grants the creator of a book,film,or piece of software exclusive legal rights to use the creation for how long?

An economic growth model

How can freedom of the press promote economic growth?

How do economic growth rates affect a nation's standard of living?

The economic growth model predicts that ________ across countries will converge over time.

There has been catch-up among the countries,but there has not been catch-up among .

According to new growth theory,the accumulation of capital is subject to diminishing returns at the level,but not at the level of the economy as a whole.

Figure 22-2 -Refer to Figure 22-2.The movement from A to B to C illustrates

Figure 22-2 -Refer to Figure 22-2.The movement from E to B to D in the figure above illustrates

Until recently,many developing countries

What is "brain drain"?

Globalization is positively associated with

Figure 22-2 -Refer to Figure 22-2.Within a country,the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from

Which of the following is a normative statement about economic growth?

Technological change will

Because of diminishing returns to capital,further increases in the quantity of capital in China would result in ________ in real GDP per worker.

Foreign direct investment occurs when a Chinese corporation

The small group of East Asian countries that experienced high rates of growth in the 1980s and 1990s are referred to as

Figure 22-2 -Refer to Figure 22-2.Suppose the economy gains more capital per hour worked and experiences technological change.This is shown in the figure above by the movement

The best measure of a country's standard of living is

Economics: Foundations and Models

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, government Price Setting, and Taxes

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

Gdp: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

Exam 11: Long-Run Economic Growth: Sources and Policies

A copyright grants the creator of a book,film,or piece of software exclusive legal rights to use the creation for how long?

An economic growth model

How can freedom of the press promote economic growth?

How do economic growth rates affect a nation's standard of living?

The economic growth model predicts that ________ across countries will converge over time.

There has been catch-up among the ________ countries,but there has not been catch-up among ________.

According to new growth theory,the accumulation of ________ capital is subject to diminishing returns at the ________ level,but not at the level of the economy as a whole.

Figure 22-2 -Refer to Figure 22-2.The movement from A to B to C illustrates

Figure 22-2 -Refer to Figure 22-2.The movement from E to B to D in the figure above illustrates

Until recently,many developing countries

What is "brain drain"?

Globalization is positively associated with

Figure 22-2 -Refer to Figure 22-2.Within a country,the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from

Which of the following is a normative statement about economic growth?

Technological change will

Because of diminishing returns to capital,further increases in the quantity of capital in China would result in ________ in real GDP per worker.

Foreign direct investment occurs when a Chinese corporation

The small group of East Asian countries that experienced high rates of growth in the 1980s and 1990s are referred to as

Figure 22-2 -Refer to Figure 22-2.Suppose the economy gains more capital per hour worked and experiences technological change.This is shown in the figure above by the movement

The best measure of a country's standard of living is

Economics: Foundations and Models

Trade-Offs, comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, government Price Setting, and Taxes

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

Gdp: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

There has been catch-up among the countries,but there has not been catch-up among .

According to new growth theory,the accumulation of capital is subject to diminishing returns at the level,but not at the level of the economy as a whole.