Exam 7: Production and Growth

Which of the following does Y/L refer to?

Once one person discovers an idea, the idea generally enters society's pool of knowledge. Therefore, knowledge is generally what kind of good?

Of the following countries, which grew the slowest between 1870 and 2003?

When a country removes trade barriers and exports pork chops and imports stereos, which of the following will most likely happen?

Which of the following terms refers to the relationship between the quantity of output created and the quantity of inputs needed to create it?

The catch-up effect says that countries with low income can grow faster than countries with higher income. However, in statistical studies that include many diverse countries we do not observe the catch-up-effect unless we control for other variables that affect productivity. Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a poor country's ability to catch up with the rich ones.

Over about the past 30 years, the ratio of investment to GDP in South Korea was higher than in Canada and so South Korea had substantially higher growth.

Which of the following countries had the highest growth rate over the past 100 years?

Which of the following is considered human capital?

On average, by how much does each year of schooling raise a person's wage in Canada?

Which of the following best explains the logic behind the catch-up effect?

Economists generally believe that outward-oriented policies are more likely to foster growth than inward-oriented policies.

What do economists call the equipment and structures available to produce goods and services?

An increase in the saving rate does not permanently increase the growth rate of real GDP per person.

Which of the following best defines the catch-up effect?

According to Malthus's view, which of the following is a consequence of increased population?

The president of a developing country proposes that his country needs to help domestic firms by imposing trade restrictions. What kind of policies are these?

Which of the following is an example of a nonrenewable resource?

Which of the following is an externality aspect of education?

In the 1800s, Europeans purchased stock in Canadian companies, which used the funds to build railroads and factories. What type of investments did the Europeans make?