Exam 12: Production and Growth

Which of the following best describes the response of output as time passes to an increase in the saving rate?

In 2008, income per person in the United States was about 16 times that in India.

Compare and contrast the population theories of Malthus and Kremer.

Which of the following can be measured by the level of real GDP per person?

In 1870, the richest country in the world was

An increase in the saving rate would, other things the same,

In a market economy, the real, or inflation-adjusted, price of a resource measures its

The president of Suldinia, a developing country, proposes that his country needs to help domestic firms by reducing trade restrictions.

Why does a nation's standard of living depend on property rights?

Dilbert's Incorporated produced 6,000,000 units of software in 2008. At the start of 2009 the pointy-haired boss raised employment from 10,000 total annual hours to 14,000 annual hours and production was 7,000,000 units. These number indicate that productivity

Once an idea enters society's pool of knowledge, the idea becomes a

If a country increases its saving rate, which of the following permanently grow at a higher rate?

In the 1800s, Europeans purchased stock in American companies that used the funds to build railroads and factories. The Europeans who did this engaged in

A professor at a university finds a way to reduce the costs of producing automobile glass. The method is very easy for anyone to copy. A company develops a substance which prevents eyeglasses from smudging. It receives a patent on the formula. Which of these are common technological knowledge?

In 2008, real GDP per person in Bangladesh was

Two countries with the same saving rates must have the same growth rate of real GDP per person.

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. Choose a point anywhere on the curve and call it point A. If the economy is at point A in 2011, then it will definitely remain at point A in 2012 if, between 2011 and 2012,

Which of the following will increase a country's real GDP per person?

A leading environmental group recently published a report contending that humans are running a "resource deficit" because we are using natural resources faster than they can be regenerated. The group claims that this means that economic growth will eventually stop, and will even be reversed. An economist would

Historical trends in the prices of most natural resources compared to prices of other goods indicate that most natural resources have become scarcer over time.