Exam 12: Production and Growth

Country A has a population of 1,000, of whom 800 work 8 hours a day to make 128,000 final goods. Country B has a population of 2,000, of whom 1,800 work 6 hours a day to make 270,000 final goods.

Of the following countries, which grew most slowly, in terms of real GDP per person, over the last 100 years?

Industrial machinery is an example of

Productivity is defined as the quantity of

Over the last ten years productivity grew faster in Oceania than in Freedonia and the population and total hours worked remained the same in both countries. It follows that

When a country removes trade barriers and imports appliances and exports engineering services,

Human capital is

A country's human capital increases

Since 1870 Canadian and U.S real GDP per person grew from below to above that in the United Kingdom. The explanation for this is likely that productivity grew faster in Canada and the U.S. than in the United Kingdom.

Which of the following statements is correct?

Figure 12-1. On the horizontal axis, K/L represents capital (K) per worker (L). On the vertical axis, Y/L represents output (Y) per worker (L). -Refer to Figure 12-1. The shape of the curve is consistent with which of the following statements about the economy to which the curve applies?

If over a short time there is an increase in the number of people retired and a decrease in the number of people working, then productivity

In 2009, Modern Electronics, Inc. produced 60,000 calculators, employing 80 workers, each of whom worked 8 hours per day. In 2010, the same firm produced 76,500 calculators, employing 85 workers, each of whom worked 10 hours per day. Productivity at Modern Electronics

The one variable that stands out as the most significant explanation of large variations in living standards around the world is

Productivity is the

Countries with more than 80 percent of their population living within 100 kilometers of a coast will have an average GDP per person that is

Which of the following would not be considered physical capital?

Which of the following would, by itself, reveal the most about a country's standard of living?

In the long run, a higher saving rate

"When workers already have a large quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity only slightly." This statement