Exam 12: Production and Growth

An economy's production function has the constant-returns-to-scale property. If the economy's labor force doubled and all other inputs stayed the same, then real GDP would

What is a production function? Write an equation for a typical production function, and explain what each of the terms represents.

Malthus predicted that the power of population

Which of the following statements about inputs is correct?

In the United States in 2008 real GDP per person was about $47,000, while in some poor countries real GDP per person was less than $4,000.

Other things the same, an increase in population growth

Other things the same, domestic investment will increase a country's real GDP by more than foreign investment.

In the past there have been violent protests against the World Bank and the World Trade Organization. The protesters argued that these institutions promote free trade and also encourage corporations in rich countries to invest in poor countries. The protesters contended that these practices make rich countries richer and poor countries poorer. An economist would

Over the past century in the United States, average income as measured by real GDP per person has grown about

Which of the following is indicated by the data on real income per person for various countries over the past 100 or so years?

Real GDP per person is $30,000 in Country A, $20,000 in Country B, and $11,000 in Country C. Saving per person is $1,000 in all three countries. Other things equal, we would expect that

In the country of Suchnott, the price of silver increased from $30 per ounce to $32 per ounce during a time when the overall price level increased by 5 percent. During this period, the real price of silver

Which of the following would be considered physical capital?

Country A and country B are the same except country A currently has a lower level of capital. Assuming diminishing returns, if both countries increase their capital by 100 units and other factors that determine output are unchanged, then

Countries that pursued outward-oriented policies in the 20th century

In 2009, the imaginary nation of Dorados had a population of 8,000 and real GDP of 3,000,000. During the year its real GDP grew by about 2.9%. Which of the following sets of growth rates is consistent with this growth in real GDP?

Which of the following is not correct?

Which of the following is human capital?

Which of the following statements is not correct?

Country A has real GDP per person of 10,000 while country B has real GDP per person of 20,000. All else constant, country A will eventually have a higher standard of living than country B if