Exam 12: Production and Growth: Part A

When a country imposes tariffs, intending to protect domestic firms from foreign competition, it is pursuing _______–oriented policies.

In the production function Y=AF(L,K,H,N) ,Y represents the quantity of output;L represents the quantity of labor;K represents the quantity of physical capital;and N represents the quantity of natural resources.What does H represent?

What do we mean when we say that some technological knowledge is not proprietary?

If a production function has the property called ----------,then doubling all inputs causes the amount of output to double as well.

Susan and Calvin paint houses.Susan consistently paints about 400 square feet of a house's exterior per hour,while Calvin consistently paints about 300 square feet per hour.Susan's ---------- exceeds that of Calvin.

What are the long-run effects on productivity and income of an increase in the saving rate?

Because of __________, an increase in the saving rate leads to higher growth of income and productivity only for a while.

What word do we use to refer to the amount of goods and services produced for each hour of a worker's time?

In what sense is capital accumulation costly to a society?

Because of its vast oil reserves,Saudi Arabia is a rich country.Saudi Arabia exemplifies the general fact that differences in ---------- are responsible for some of the differences in standards of living around the world.

In the production function Y=AF(L,K,H,N),Y represents the quantity of output;L represents the quantity of labor;K represents the quantity of physical capital;and H represents the quantity of human capital.What does N represent?

Brazil gives cash payments to its poor citizens on the condition that those citizens' children stay in school.In terms of the determinants of productivity,how might this public policy contribute to higher productivity in Brazil?

In order to assess the level of prosperity in a nation in a given year,should we examine the level of that nation's real GDP per person,or should we examine the growth rate of that nation's real GDP per person?

When a country eliminates tariffs and other trade restrictions, intending to promote economic growth, it is pursuing _______–oriented policies.

List the four determinants of an economy's productivity.

What term do we use to refer to the understanding of the best ways to produce goods and services?

Which one of the factors of production originates as an output from the production process,and is subsequently used as an input into the production process?

What is the distinction between foreign direct investment and foreign portfolio investment?

Figure 25-1 -Refer to Figure 25-1.In what way is the figure relevant to the catch-up effect?