Question 1

Other things equal,which of the following would increase labor productivity the most?

Accepted Answer

A)  The stock of real capital and inputs of labor increase proportionately. 
B)  The increase in the stock of real capital exceeds the increase in inputs of labor. 
C)  The increase in inputs of labor exceeds the increase in the stock of real capital. 
D)  Inputs of labor increase and the stock of real capital remains constant. 
A)  The stock of real capital and inputs of labor increase proportionately. 
B)  The increase in the stock of real capital exceeds the increase in inputs of labor. 
C)  The increase in inputs of labor exceeds the increase in the stock of real capital. 
D)  Inputs of labor increase and the stock of real capital remains constant.

Question 2

Real GDP per capita in the United States (as of 2010)exceeds that of France primarily because:

Accepted Answer

A)  the United States had higher annual rates of growth than France from 1960 through 2010. 
B)  the United States has a much larger population than France. 
C)  the United States has a higher percentage of the working-age population in the labor force and because U.S.employees average about 14 percent more hours worked per year. 
D)  European Union rules severely limit France's access to technologies developed outside the region. 
A)  the United States had higher annual rates of growth than France from 1960 through 2010. 
B)  the United States has a much larger population than France. 
C)  the United States has a higher percentage of the working-age population in the labor force and because U.S.employees average about 14 percent more hours worked per year. 
D)  European Union rules severely limit France's access to technologies developed outside the region.

Question 3

What percentage of the U.S.adult population has a college or post-college education (as of 2012)?

Accepted Answer

A)  8 percent. 
B)  31 percent. 
C)  41 percent. 
D)  88 percent. 
A)  8 percent. 
B)  31 percent. 
C)  41 percent. 
D)  88 percent.

Question 4

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2.We could conclude that this economy's:

Accepted Answer

A)  real GDP declined. 
B)  capital stock increased. 
C)  production possibilities curve shifted outward. 
D)  actual production moved from one point to another on a fixed production possibilities curve. 
A)  real GDP declined. 
B)  capital stock increased. 
C)  production possibilities curve shifted outward. 
D)  actual production moved from one point to another on a fixed production possibilities curve.

Question 5

Real GDP = worker-hours × labor productivity.

Accepted Answer

A) True 
 B)False

Question 6

Given the annual rate of economic growth,the "rule of 70" allows one to:

Accepted Answer

A)  determine the accompanying rate of inflation. 
B)  calculate the size of the GDP gap. 
C)  calculate the number of years required for real GDP to double. 
D)  determine the growth rate of per capita GDP. 
A)  determine the accompanying rate of inflation. 
B)  calculate the size of the GDP gap. 
C)  calculate the number of years required for real GDP to double. 
D)  determine the growth rate of per capita GDP.

Question 7

Real per capita GDP in the United States in 2012 was approximately:

Accepted Answer

A)  $13,300. 
B)  $39,800. 
C)  $43,900. 
D)  $13.3 trillion. 
A)  $13,300. 
B)  $39,800. 
C)  $43,900. 
D)  $13.3 trillion.

Question 8

To fully realize economic growth through the efficiency factor,an economy must increase its stock of capital goods and improve its technology.

Accepted Answer

A) True 
 B)False

Question 9

(Consider This)According to the Consider This box about hypothetical countries Slogo,Sumgo,and Speedo,small differences in __________ make for large differences in _________ over several decades,assuming the same growth of population for each country.

Accepted Answer

A)  inflation rates;unemployment rates 
B)  unemployment rates;economic growth rates 
C)  economic growth rates;real GDP per capita 
D)  tax rates;real GDP per capita 
A)  inflation rates;unemployment rates 
B)  unemployment rates;economic growth rates 
C)  economic growth rates;real GDP per capita 
D)  tax rates;real GDP per capita

Other things equal,which of the following would increase labor productivity the most?

Real GDP per capita in the United States (as of 2010)exceeds that of France primarily because:

What percentage of the U.S.adult population has a college or post-college education (as of 2012)?

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2.We could conclude that this economy's:

Real GDP = worker-hours × labor productivity.

Given the annual rate of economic growth,the "rule of 70" allows one to:

Real per capita GDP in the United States in 2012 was approximately:

To fully realize economic growth through the efficiency factor,an economy must increase its stock of capital goods and improve its technology.

(Consider This)According to the Consider This box about hypothetical countries Slogo,Sumgo,and Speedo,small differences in __ make for large differences in _ over several decades,assuming the same growth of population for each country.

Income Inequality Poverty and Discrimination

Health Care

Immigration

An Introduction to Macroeconomics

Measuring Domestic Output and National Income

Business Cycles, Unemployment, and Inflation

Basic Macroeconomic Relationships

The Aggregate Expenditures Model

Aggregate Demand and Aggregate Supply

The Balance of Payments, Exchange Rates, and Trade Deficits

Money, Banking, and Financial Institutions

Money Creation

Interest Rates and Monetary Policy

Financial Economics

Extending the Analysis of Aggregate Supply

Current Issues in Macro Theory and Policy

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

The United States and the Global Economy

Filters

Exam 27: Economic Growth

Other things equal,which of the following would increase labor productivity the most?

Real GDP per capita in the United States (as of 2010)exceeds that of France primarily because:

What percentage of the U.S.adult population has a college or post-college education (as of 2012)?

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2.We could conclude that this economy's:

Real GDP = worker-hours × labor productivity.

Given the annual rate of economic growth,the "rule of 70" allows one to:

Real per capita GDP in the United States in 2012 was approximately:

To fully realize economic growth through the efficiency factor,an economy must increase its stock of capital goods and improve its technology.

(Consider This)According to the Consider This box about hypothetical countries Slogo,Sumgo,and Speedo,small differences in __________ make for large differences in _________ over several decades,assuming the same growth of population for each country.

Income Inequality Poverty and Discrimination

Health Care

Immigration

An Introduction to Macroeconomics

Measuring Domestic Output and National Income

Business Cycles, Unemployment, and Inflation

Basic Macroeconomic Relationships

The Aggregate Expenditures Model

Aggregate Demand and Aggregate Supply

The Balance of Payments, Exchange Rates, and Trade Deficits

Money, Banking, and Financial Institutions

Money Creation

Interest Rates and Monetary Policy

Financial Economics

Extending the Analysis of Aggregate Supply

Current Issues in Macro Theory and Policy

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

The United States and the Global Economy

Filters

(Consider This)According to the Consider This box about hypothetical countries Slogo,Sumgo,and Speedo,small differences in __ make for large differences in _ over several decades,assuming the same growth of population for each country.