Exam 7: Production and Growth

Scenario 25-1. An economy's production form takes the form Y = AFL, K, H, N). -Refer to Scenario 25-1. In the production function, which of the following represents technology?

If a good has become more scarce, then we know for sure that

Country A experienced a growth rate of real GDP per person of 0.5 percent per year throughout the 1900's. In view of other countries' experiences, country A's growth was

Natural resources

Country A has twice as many workers as Country B. Country A also has twice as much physical capital, twice as much human capital, and access to twice as many natural resources as Country B. Assuming constant-returns to scale, which of the following is higher in Country A?

Which of the following is a determinant of productivity?

Other things the same, if a country raises its saving rate, then in the long run

In 2011 Buckeye Brewing produced 1,000 bottles of ginger ale each day. It employed 10 workers each working 8 hours a day. In 2012 it produced 960 bottles of ginger ale each day employing 8 workers who worked 8 hours each day. Productivity at Buckeye Brewing

All else equal, if there are diminishing returns, then which of the following is true if a country increases its capital by one unit?

Countries that grew the fastest over the last 100 or so years had average growth rates of real income per person of about

Proprietary technology is knowledge that is

The president of a poor country has announced that he will implement the following measures which he claims are designed to increase growth: 1. Reduce corruption in the legal system; 2. Reduce reliance on market forces because they allocate goods and services in an unfair manner; 3. Restrict investment in domestic industries by foreigners because they take some of the profits out of the country; 4. Encourage trade with neighboring countries; and 5. Increase the fraction of GDP devoted to consumption. How many of these measures will have a positive effect on growth?

Which of the following countries had the highest growth rate over about the last 100 years?

"When workers acquire tools, they become more productive." This statement reflects the general fact that is a determinant of productivity.

Which of the following statements is correct? In 2010,

Which of the following is an example of physical capital?

John and Miguel are fishermen. When they go fishing, John consistently catches 2 or 3 fish per hour, while Miguel consistently catches 5 or 6 fish per hour. Miguel's exceeds that of John.

If there are constant returns to scale, the production function can be written as

Which of the following is an example of physical capital?

Over the period 1900­2010, Brazil's rate of economic growth exceeded that of China.