Exam 12: Production and Growth

In 2009, the imaginary nation of Viloxia had a population of 5,000 and real GDP of 500,000. In 2010 it had a population of 5,100 and real GDP of 520,200. During 2009 real GDP in Viloxia grew by

Mary looks over reports on four of her workers. Jack made 25 baskets in 5 hours. Walter made 36 baskets in 6 hours. Rudy made 40 baskets in 10 hours. Sam made 22 baskets in four hours. Who has the greatest productivity?

In some countries such as Chad, Gabon, and Senegal real GDP per person has been stagnant for many years.

Miller's Dairy produces 960 gallons of milk per day. Each milker at the dairy works 8 hours per day and produces the same number of gallons of milk per hour. If the Dairy's productivity is 12 gallons of milk per hour of labor, then how many milkers does the shop employ?

The Karmic Deed Restaurant uses all of the following to produce vegetarian meals. Which of them is an example of physical capital?

The opening of a new American-owned factory in Algeria would tend to increase Algeria's GDP more than it increases Algeria's GNP because

Suppose Turkey increases its saving rate. In the long run

Which of the following is considered human capital?

The catch-up effect refers to the idea that poor countries, despite their best efforts, are not likely ever to experience the economic growth rates of wealthier countries.

Which of the following countries had the lowest level of real GDP per person in 2008?

One of the Ten Principles of Economics in Chapter 1 is that people face tradeoffs. The growth that arises from capital accumulation is not a free lunch. It requires that society

You and your friend work together for 4 hours to produce a total of 12 futons. What is productivity?

Country A and country B both increase their capital stock by one unit. Output in country A increases by 15 while output in country B increases by 12. Other things the same, diminishing returns implies that country A is

Which of the following is a correct way to measure productivity?

A country that made its courts less corrupt and its government more stable would likely see its standard of living rise.

Last year real GDP in the imaginary nation of Populia was 907.5 billion and the population was 3.3 million. The year before real GDP was 750 billion and the population was 3 million. What was the growth rate of real GDP per person during the year?

If your firm's production function has constant returns to scale and you increase all your inputs by 60%, then your firm's output will

A management professor discovers a way for corporate management to operate more efficiently. He publishes his findings in a journal. His findings are

The catch-up effect refers to the idea that

Real Foods produced 400,000 cans of diced tomatoes in 2009 and 460,000 cans of diced tomatoes in 2010. It employed the same number of labor hours each year. Real Foods' productivity