Question 1

Which of the following is false?

Accepted Answer

A) ​Generally speaking, higher levels of saving will lead to higher levels of investment and capital formation and, therefore, to greater economic growth. 
B) ​Economic growth rates tend to be higher in countries where the government enforces property rights. 
C) ​Investment alone does not guarantee economic growth, which hinges importantly on the quality and the type of investment as well. 
D) ​None of the above are false; all are true. 
A) ​Generally speaking, higher levels of saving will lead to higher levels of investment and capital formation and, therefore, to greater economic growth. 
B) ​Economic growth rates tend to be higher in countries where the government enforces property rights. 
C) ​Investment alone does not guarantee economic growth, which hinges importantly on the quality and the type of investment as well. 
D) ​None of the above are false; all are true.

Question 2

If productivity of an economy increases then:

Accepted Answer

A) ​the amount of goods and services produced by a worker per hour increases. 
B) ​the labor force increases. 
C) ​the real GDP per capita decreases. 
D) ​the labor force decreases. 
A) ​the amount of goods and services produced by a worker per hour increases. 
B) ​the labor force increases. 
C) ​the real GDP per capita decreases. 
D) ​the labor force decreases.

Question 3

Free trade can promote greater output because of the principle of comparative advantage.

Accepted Answer

A) True 
 B)False

Question 4

One of the most important determinants of accelerated economic growth is:

Accepted Answer

A) ​relaxed property rights. 
B) ​an increase in population. 
C) ​a high level of savings. 
D) ​an increased rate of consumption. 
A) ​relaxed property rights. 
B) ​an increase in population. 
C) ​a high level of savings. 
D) ​an increased rate of consumption.

Which of the following is false?

If productivity of an economy increases then:

Free trade can promote greater output because of the principle of comparative advantage.

One of the most important determinants of accelerated economic growth is:

The Role and Method of Economics

Eight Powerful Ideas

Scarcity, Trade-Offs, and Production Possibilities

Demand, Supply, and Market Equilibrium

Market in Motion and Price Controls

Elasticities

Market Efficiency and Welfare

Market Failure

Public Finance and Public Choice

Consumer Choice Theory

The Firm: Production and Costs

Monopoly and Antitrust

Monopolistic Competition and Product Differentiation

Oligopoly and Strategic Behavior

The Markets for Labor, Capital, and Land

Income, Poverty and Health Care

Introduction to Macroeconomics: Unemployment, Inflation, and Economic Fluctuations

Measuring Economic Performance

Economic Growth in the Global Economy

Financial Markets, Saving, and Investment

Filters

Exam 12: Firms in Perfectly Competitive Markets

Which of the following is false?

If productivity of an economy increases then:

Free trade can promote greater output because of the principle of comparative advantage.

One of the most important determinants of accelerated economic growth is:

The Role and Method of Economics

Eight Powerful Ideas

Scarcity, Trade-Offs, and Production Possibilities

Demand, Supply, and Market Equilibrium

Market in Motion and Price Controls

Elasticities

Market Efficiency and Welfare

Market Failure

Public Finance and Public Choice

Consumer Choice Theory

The Firm: Production and Costs

Monopoly and Antitrust

Monopolistic Competition and Product Differentiation

Oligopoly and Strategic Behavior

The Markets for Labor, Capital, and Land

Income, Poverty and Health Care

Introduction to Macroeconomics: Unemployment, Inflation, and Economic Fluctuations

Measuring Economic Performance

Economic Growth in the Global Economy

Financial Markets, Saving, and Investment

Filters