Question 1

The slower economic growth is,the

Accepted Answer

A) flatter the slope of the production possibilities curve. 
B) farther the production possibilities curve shifts inward. 
C) closer to the origin the production possibilities curve becomes. 
D) more bowed the production possibilities curve becomes. 
A) flatter the slope of the production possibilities curve. 
B) farther the production possibilities curve shifts inward. 
C) closer to the origin the production possibilities curve becomes. 
D) more bowed the production possibilities curve becomes.

Question 2

According to Romer,

Accepted Answer

A) capital drives economic growth. 
B) invention drives economic growth. 
C) ideas drive economic growth. 
D) government drives economic growth. 
A) capital drives economic growth. 
B) invention drives economic growth. 
C) ideas drive economic growth. 
D) government drives economic growth.

Question 3

An example of a cost of economic growth is

Accepted Answer

A) longer life spans. 
B) political instability. 
C) environmental disasters. 
D) increases in illiteracy. 
A) longer life spans. 
B) political instability. 
C) environmental disasters. 
D) increases in illiteracy.

Question 4

Entrepreneurship functions better when

Accepted Answer

A) the government performs the entrepreneurial function. 
B) there is a well-defined property rights system. 
C) saving is relatively low. 
D) most of the population has low levels of education. 
A) the government performs the entrepreneurial function. 
B) there is a well-defined property rights system. 
C) saving is relatively low. 
D) most of the population has low levels of education.

Question 5

Paul Romer's theory on the importance of knowledge differs from traditional theory in that

Accepted Answer

A) Romer argues that an investment-knowledge cycle allows a once-and-for-all increase in investment to permanently raise a country's growth rate,while traditional theory argues that a once-and-for-all increase in investment leads to a higher standard of living but not to a higher growth rate. 
B) Romer argues that investment is not important in promoting growth,but that the acquisition of knowledge is the sole determinant of economic growth. 
C) Romer argues that an investment-knowledge cycle exists which requires that investment rates keep increasing or else growth rates will fall,while traditional theory argues that growth rates would not fall,although they would not increase either. 
D) Romer emphasizes investment rates while traditional theory emphasizes the importance of knowledge as a factor of production. 
A) Romer argues that an investment-knowledge cycle allows a once-and-for-all increase in investment to permanently raise a country's growth rate,while traditional theory argues that a once-and-for-all increase in investment leads to a higher standard of living but not to a higher growth rate. 
B) Romer argues that investment is not important in promoting growth,but that the acquisition of knowledge is the sole determinant of economic growth. 
C) Romer argues that an investment-knowledge cycle exists which requires that investment rates keep increasing or else growth rates will fall,while traditional theory argues that growth rates would not fall,although they would not increase either. 
D) Romer emphasizes investment rates while traditional theory emphasizes the importance of knowledge as a factor of production.

Question 6

An increasing number of chinese and Indian citizens who immigrated to Canada are now returning to their home countries to work.Why are these two counties experiencing a "reverse brain drain"? How do you think this might influence the economic development of these two countries?

Accepted Answer

Both China and India are experiencing ra

Question 7

If we produce the same output with fewer labour hours then

Accepted Answer

A) we are working harder over time. 
B) working longer over time. 
C) productivity in increasing. 
D) productivity in decreasing. 
A) we are working harder over time. 
B) working longer over time. 
C) productivity in increasing. 
D) productivity in decreasing.

Question 8

Economic growth may understate changes in the standard of living if

Accepted Answer

A) people are retiring at a younger age. 
B) the average work week is decreasing. 
C) the number of students attending college is increasing. 
D) expected life spans are increasing. 
A) people are retiring at a younger age. 
B) the average work week is decreasing. 
C) the number of students attending college is increasing. 
D) expected life spans are increasing.

Question 9

Provide a discussion on the costs and benefits of economic growth.Explain fully and be as specific as possible.

Accepted Answer

Limits to growth.
i)environmental disast

Question 10

Whenever average output produced per worker during a specific time period decreases,then

Accepted Answer

A) leisure time decreases. 
B) nominal gdp increases. 
C) labour productivity decreases. 
D) the standard of living goes up. 
A) leisure time decreases. 
B) nominal gdp increases. 
C) labour productivity decreases. 
D) the standard of living goes up.

Question 11

Could Canada improve its productivity relative to other countries because of events in other countries? Would that mark an improvement in Canada's competitiveness?

Accepted Answer

Competitiveness as measured by the World

Question 12

Economic growth is usually defined as

Accepted Answer

A) the rate of increase in output divided by the increase in labour. 
B) the increase in output over time,as measured by real per capita GDP. 
C) the increase in input availability. 
D) the reduction in the real cost of necessities. 
A) the rate of increase in output divided by the increase in labour. 
B) the increase in output over time,as measured by real per capita GDP. 
C) the increase in input availability. 
D) the reduction in the real cost of necessities.

Question 13

Whenever average output produced per worker during a specific time period increases,then

Accepted Answer

A) leisure time increases. 
B) nominal gdp decreases. 
C) labour productivity increases. 
D) the standard of living goes down. 
A) leisure time increases. 
B) nominal gdp decreases. 
C) labour productivity increases. 
D) the standard of living goes down.

Question 14

A lower rate of savings should lead to

Accepted Answer

A) lower current consumption. 
B) more growth. 
C) less investment,capital growth,and future consumption. 
D) a higher price level and reduced future consumption. 
A) lower current consumption. 
B) more growth. 
C) less investment,capital growth,and future consumption. 
D) a higher price level and reduced future consumption.

Question 15

With respect to open economies,those who study economic growth tend to believe that

Accepted Answer

A) the more closed an economy is,the higher the rate of growth the economy will experience. 
B) trade tariffs tend to improve economic growth. 
C) free trade encourages a more rapid spread of technology,and hence increases economic growth. 
D) open economies tend to have access to smaller markets than do closed economies. 
A) the more closed an economy is,the higher the rate of growth the economy will experience. 
B) trade tariffs tend to improve economic growth. 
C) free trade encourages a more rapid spread of technology,and hence increases economic growth. 
D) open economies tend to have access to smaller markets than do closed economies.

Question 16

Explain how the "new growth theory" treats technology differently from the way economists used to treat technology.

Accepted Answer

Technology used to be treated as an outs

Question 17

Foreigners can benefit from Canadian research and development activity because

Accepted Answer

A) they ignore Canadian patent laws and steal the technology. 
B) they can import the goods,obtaining inputs at lower cost than they would otherwise. 
C) countries usually share patented ideas. 
D) patents do a poor job of protecting the inventor. 
A) they ignore Canadian patent laws and steal the technology. 
B) they can import the goods,obtaining inputs at lower cost than they would otherwise. 
C) countries usually share patented ideas. 
D) patents do a poor job of protecting the inventor.

Question 18

"World population will be close to 9.3 billion by 2050.Close to a 30% increase in population.There will not be enough food to maintain the world population." Do you agree or disagree with the statement.

Accepted Answer

Disagree.Current research shows that alt

Question 19

Explain Paul Romer's ideas concerning economic growth.

Accepted Answer

Romer argues that knowledge is a factor

Question 20

To consume more in the future,a society must

Accepted Answer

A) maintain low inflation. 
B) plan carefully. 
C) consume less today. 
D) have low tax rates on consumption. 
A) maintain low inflation. 
B) plan carefully. 
C) consume less today. 
D) have low tax rates on consumption.

The slower economic growth is,the

According to Romer,

An example of a cost of economic growth is

Entrepreneurship functions better when

Paul Romer's theory on the importance of knowledge differs from traditional theory in that

An increasing number of chinese and Indian citizens who immigrated to Canada are now returning to their home countries to work.Why are these two counties experiencing a "reverse brain drain"? How do you think this might influence the economic development of these two countries?

If we produce the same output with fewer labour hours then

Economic growth may understate changes in the standard of living if

Provide a discussion on the costs and benefits of economic growth.Explain fully and be as specific as possible.

Whenever average output produced per worker during a specific time period decreases,then

Could Canada improve its productivity relative to other countries because of events in other countries? Would that mark an improvement in Canada's competitiveness?

Economic growth is usually defined as

Whenever average output produced per worker during a specific time period increases,then

A lower rate of savings should lead to

With respect to open economies,those who study economic growth tend to believe that

Explain how the "new growth theory" treats technology differently from the way economists used to treat technology.

Foreigners can benefit from Canadian research and development activity because

"World population will be close to 9.3 billion by 2050.Close to a 30% increase in population.There will not be enough food to maintain the world population." Do you agree or disagree with the statement.

Explain Paul Romer's ideas concerning economic growth.

To consume more in the future,a society must

The Nature of Economics

Production Possibilities and Economic Systems

Demand and Supply

Introduction to Macroeconomics

Measuring the Economys Performance

Modelling Real Gdp and the Price Level in the Long Run

Modelling Real Gdp and the Price Level in the Short Run

Consumption, investment, and the Multiplier

The Public Sector

Fiscal Policy and the Public Debt

Money and the Banking System

Money Creation and Deposit Insurance

The Bank of Canada and Monetary Policy

Issues in Stabilization Policy

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

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Exam 7: Economic Growth and Development

The slower economic growth is,the

According to Romer,

An example of a cost of economic growth is

Entrepreneurship functions better when

Paul Romer's theory on the importance of knowledge differs from traditional theory in that

An increasing number of chinese and Indian citizens who immigrated to Canada are now returning to their home countries to work.Why are these two counties experiencing a "reverse brain drain"? How do you think this might influence the economic development of these two countries?

If we produce the same output with fewer labour hours then

Economic growth may understate changes in the standard of living if

Provide a discussion on the costs and benefits of economic growth.Explain fully and be as specific as possible.

Whenever average output produced per worker during a specific time period decreases,then

Could Canada improve its productivity relative to other countries because of events in other countries? Would that mark an improvement in Canada's competitiveness?

Economic growth is usually defined as

Whenever average output produced per worker during a specific time period increases,then

A lower rate of savings should lead to

With respect to open economies,those who study economic growth tend to believe that

Explain how the "new growth theory" treats technology differently from the way economists used to treat technology.

Foreigners can benefit from Canadian research and development activity because

"World population will be close to 9.3 billion by 2050.Close to a 30% increase in population.There will not be enough food to maintain the world population." Do you agree or disagree with the statement.

Explain Paul Romer's ideas concerning economic growth.

To consume more in the future,a society must

The Nature of Economics

Production Possibilities and Economic Systems

Demand and Supply

Introduction to Macroeconomics

Measuring the Economys Performance

Modelling Real Gdp and the Price Level in the Long Run

Modelling Real Gdp and the Price Level in the Short Run

Consumption, investment, and the Multiplier

The Public Sector

Fiscal Policy and the Public Debt

Money and the Banking System

Money Creation and Deposit Insurance

The Bank of Canada and Monetary Policy

Issues in Stabilization Policy

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

Filters