Exam 12: Production and Growth

Dilbert's Incorporated produced 5,000,000 units of accounting software in 2008. At the start of 2009 the pointy-haired boss reduced total annual hours of employment from 10,000 to 8,000 and production was 4,800,000. These numbers indicate that productivity

Allied Business Consultants employs five researchers that each work 8 hour days. In one day the researchers prepare 60 reports for its 10 largest clients. What was Allied Business Consultants' productivity?

In recent decades, average income in some East Asian countries, such as South Korea, Singapore, and Taiwan, has risen about

Which of the following statements is correct?

Countries that have lower levels of real GDP per person than the United States

Last year Panglossia had real GDP of 27.0 billion. This year it had real GDP of 31.5 billion. Which of the following changes in population is consistent with a 5 percent growth rate of real GDP per person over the last year?

Consider three imaginary countries. In Mainland, saving amounts to $4,000 and consumption amounts to $8,000; in Upland, saving amounts to $2,000 and consumption amounts to $15,000; and in Lowland, saving amounts to $6,000 and consumption amounts to $11,000. The saving rate is

The return to schooling for society is higher than the return to schooling for the individual if

In one day Alpha Cabinet Company made 40 cabinets with 320 hours of labor. What was Alpha Cabinet Company's productivity?

Which of the following are human capital and physical capital, respectively?

All else equal, if there are diminishing returns, then if a country raised its capital by 100 units last year and by 100 units this year,

Which of the following is consistent with the catch-up effect?

Petroleum is an example of a nonrenewable resource.

In some countries it is time consuming and costly to establish ownership of property. Reforms to reduce these costs would likely

If there are constant returns to scale, the production function can be written as

Adam and Doug both build birdhouses. Adam works 20 hours a week and produces 12 bird houses. Doug works 30 hours a week and produces 15 bird houses. Which of the following is correct?

In 2009, Angel Foods produced 300,000 bags of tortilla chips, employing 12,000 hours of labor. In 2010, Angel Foods produced 325,000 bags of tortilla chips, employing 13,000 hours of labor. Angel Food's productivity

Greater scarcity of a natural resource is indicated

One reason that governments may find it useful to sponsor universities and basic research is that to a large extent knowledge is generally a private good.

Other things the same, if a country raises its saving rate, when is growth of real GDP per person higher?