Exam 7: Production and Growth

Which of the following is an example of human capital?

In one day Portal Computer Company made 400 laptops with 1200 hours of labor. What was its productivity?

What is a production function? Write an equation for a typical production function, and explain what each of the terms represents.

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

A country's standard of living depends on its ability to produce goods and services.

In a market economy, we know that a resource has become scarcer when

An increase in a country's saving rate permanently raises its productivity.

If the price of a good has risen over time,

A management professor discovers a way for corporate management to operate more efficiently. He publishes his findings in a journal. His findings are

Consider three imaginary countries. In Aire, saving amounts to $4,000 and consumption amounts to $12,000; in Bovina, saving amounts to $3,000 and consumption amounts to $24,000; and in Cartar, saving amounts to $10,000 and consumption amounts to $50,000. The saving rate is

In 2011, the imaginary nation of Maconia had a population of 8,200 and real GDP of 210,500. Maconia had 5% growth in real GDP per person. In 2012 it had a population of 8,400. To the nearest dollar what was real GDP in Maconia in 2012?

What particularly important role do courts play in a market economy?

In what sense is capital accumulation costly to a society?

In the production function Y = AFL,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?

Assuming diminishing returns,

All else equal, which of the following would tend to cause real GDP per person to rise?

The catch-up effect refers to the idea that

Educational attainment tends to be

Other things the same, which of the following would increase productivity?

Japan is