Question 1

In 2012, South America had a lower average GDP per capita than any other continent.

Accepted Answer

A) True 
 B)False

Question 2

List two ways the labor force experience is different between workers in Europe and in the United States. How do these differences influence productivity?

Accepted Answer

It is harder to fire workers in many Eur

Question 3

According to Joseph Schumpeter, economic growth is achieved through

Accepted Answer

A)  focusing only on making old products better rather than inventing new ones. 
B)  centralizing economic production. 
C)  a process termed "creative destruction." 
D)  removing the entrepreneur from the production function. 
A)  focusing only on making old products better rather than inventing new ones. 
B)  centralizing economic production. 
C)  a process termed "creative destruction." 
D)  removing the entrepreneur from the production function.

Question 4

Which of the following describes the Soviet Union's economy through most of the second half of the 20th century?

Accepted Answer

A)  The Soviet economy grew rapidly in the latter half of the 20th century. 
B)  The Soviet economy increased capital per worker very slowly from 1950 through 1980. 
C)  The Soviet economy grew slowly because of the slow rate of technological change. 
D)  The Soviet economy grew because it added labor through immigration policy in the 1950s. 
A)  The Soviet economy grew rapidly in the latter half of the 20th century. 
B)  The Soviet economy increased capital per worker very slowly from 1950 through 1980. 
C)  The Soviet economy grew slowly because of the slow rate of technological change. 
D)  The Soviet economy grew because it added labor through immigration policy in the 1950s.

Question 5

Why do some economists point to a decline in the quality of labor as an explanation for the productivity slowdown in the mid-1970s?

Accepted Answer

A)  The average level of education of citizens of the United States rose dramatically during this period of time. 
B)  The skill level required to perform many jobs increased during this period of time, although the skills of the labor force did not increase as quickly. 
C)  Scores on standardized tests during that period of time began to rise. 
D)  Increases in the amount of capital available reduced labor quality. 
A)  The average level of education of citizens of the United States rose dramatically during this period of time. 
B)  The skill level required to perform many jobs increased during this period of time, although the skills of the labor force did not increase as quickly. 
C)  Scores on standardized tests during that period of time began to rise. 
D)  Increases in the amount of capital available reduced labor quality.

Question 6

Until recently, many developing countries

Accepted Answer

A)  were quite open to foreign investment. 
B)  encouraged foreign direct investment but discouraged foreign portfolio investment. 
C)  sealed themselves off from foreign investment. 
D)  encouraged foreign portfolio investment but discouraged foreign direct investment. 
A)  were quite open to foreign investment. 
B)  encouraged foreign direct investment but discouraged foreign portfolio investment. 
C)  sealed themselves off from foreign investment. 
D)  encouraged foreign portfolio investment but discouraged foreign direct investment.

Question 7

How can freedom of the press promote economic growth?

Accepted Answer

A)  A free press can act as a watchdog for corruption, increasing chances for economic growth. 
B)  A free press can be more easily swayed to report only one side of any issue. 
C)  A free press reduces the likelihood that judges will protect private property rights. 
D)  A free press does not promote economic growth. 
A)  A free press can act as a watchdog for corruption, increasing chances for economic growth. 
B)  A free press can be more easily swayed to report only one side of any issue. 
C)  A free press reduces the likelihood that judges will protect private property rights. 
D)  A free press does not promote economic growth.

Question 8

Enforcing property rights in an economy will

Accepted Answer

A)  cause the market system to work less efficiently. 
B)  decrease the level of foreign portfolio investment. 
C)  encourage corruption and expand the underground economy. 
D)  raise the level of investment. 
A)  cause the market system to work less efficiently. 
B)  decrease the level of foreign portfolio investment. 
C)  encourage corruption and expand the underground economy. 
D)  raise the level of investment.

In 2012, South America had a lower average GDP per capita than any other continent.

List two ways the labor force experience is different between workers in Europe and in the United States. How do these differences influence productivity?

According to Joseph Schumpeter, economic growth is achieved through

Which of the following describes the Soviet Union's economy through most of the second half of the 20th century?

Why do some economists point to a decline in the quality of labor as an explanation for the productivity slowdown in the mid-1970s?

Until recently, many developing countries

How can freedom of the press promote economic growth?

Enforcing property rights in an economy will

Economics: Foundations and Models

Trade-Offs, Comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, Government Price Setting, and Taxes

Externalities, Environmental Policy, and Public Goods

Elasticity: the Responsiveness of Demand and Supply

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

Consumer Choice and Behavioral Economics

Technology, Production, and Costs

Firms in Perfectly Competitive Markets

Monopolistic Competition: the Competitive Model in a More Realistic Setting

Oligopoly: Firms in Less Competitive Markets

Monopoly and Antitrust Policy

Pricing Strategy

The Markets for Labor and Other Factors of Production

Public Choice, Taxes, and the Distribution of Income

GDP: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, Banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, Unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

Exam 22: Long-Run Economic Growth: Sources and Policies

In 2012, South America had a lower average GDP per capita than any other continent.

List two ways the labor force experience is different between workers in Europe and in the United States. How do these differences influence productivity?

According to Joseph Schumpeter, economic growth is achieved through

Which of the following describes the Soviet Union's economy through most of the second half of the 20th century?

Why do some economists point to a decline in the quality of labor as an explanation for the productivity slowdown in the mid-1970s?

Until recently, many developing countries

How can freedom of the press promote economic growth?

Enforcing property rights in an economy will

Economics: Foundations and Models

Trade-Offs, Comparative Advantage, and the Market System

Where Prices Come From: the Interaction of Demand and Supply

Economic Efficiency, Government Price Setting, and Taxes

Externalities, Environmental Policy, and Public Goods

Elasticity: the Responsiveness of Demand and Supply

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

Consumer Choice and Behavioral Economics

Technology, Production, and Costs

Firms in Perfectly Competitive Markets

Monopolistic Competition: the Competitive Model in a More Realistic Setting

Oligopoly: Firms in Less Competitive Markets

Monopoly and Antitrust Policy

Pricing Strategy

The Markets for Labor and Other Factors of Production

Public Choice, Taxes, and the Distribution of Income

GDP: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, Banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy

Inflation, Unemployment, and Federal Reserve Policy

Macroeconomics in an Open Economy

The International Financial System

Filters