Question 1

Is coal a produced factor of production?

Accepted Answer

No. Coal is a natural resource

Question 2

Which of the following nations experienced average rates of economic growth of a bit under 2% over the last 100 years or so?

Accepted Answer

A)  Mexico 
B)  Brazil 
C)  the United States 
D)  All of the above are correct. 
A)  Mexico 
B)  Brazil 
C)  the United States 
D)  All of the above are correct.

Question 3

If per capita real income grows by 2 percent per year, then it will double in approximately 20 years.

Accepted Answer

A) True 
 B)False

Question 4

Over the last 140 years or so, on average Canada's real GDP per­person grew faster than that of the U.K.

Accepted Answer

A) True 
 B)False

Question 5

In what sense is it likely that geography has an effect on a country's rate of economic growth?

Accepted Answer

Countries with natural seaport

Question 6

The level of real GDP person

Accepted Answer

A)  differs widely across countries, but the growth rate of real GDP per person is similar across countries. 
B)  is very similar across countries, but the growth rate of real GDP per person differs widely across countries. 
C)  and the growth rate of real GDP per person are similar across countries. 
D)  and the growth rate of real GDP per person vary widely across countries. 
A)  differs widely across countries, but the growth rate of real GDP per person is similar across countries. 
B)  is very similar across countries, but the growth rate of real GDP per person differs widely across countries. 
C)  and the growth rate of real GDP per person are similar across countries. 
D)  and the growth rate of real GDP per person vary widely across countries.

Question 7

An important prerequisite for the price system to work is an economy-wide respect for _______ rights.

Accepted Answer

The answer of An important prerequisite for the price system...

Question 8

Which of the following is consistent with the catch-up effect?

Accepted Answer

A)  The United States had a higher growth rate before 1900 than after. 
B)  After World War II the United States had lower growth rates than war-ravaged European countries. 
C)  Although the United States has a relatively high level of output per person, its growth rate is rather modest compared to some countries. 
D)  All of the above are correct. 
A)  The United States had a higher growth rate before 1900 than after. 
B)  After World War II the United States had lower growth rates than war-ravaged European countries. 
C)  Although the United States has a relatively high level of output per person, its growth rate is rather modest compared to some countries. 
D)  All of the above are correct.

Question 9

Assuming constant returns to scale, if two countries are otherwise the same, the one that is poorer grows faster.

Accepted Answer

A) True 
 B)False

Question 10

When a society decides to increase its quantity of physical capital, the society

Accepted Answer

A)  can avoid the usual need to face trade-offs. 
B)  is apparently not very concerned about its rate of economic growth in the future. 
C)  is in effect deciding to consume fewer goods and services in the present. 
D)  is in effect deciding to save less of its current income in the present. 
A)  can avoid the usual need to face trade-offs. 
B)  is apparently not very concerned about its rate of economic growth in the future. 
C)  is in effect deciding to consume fewer goods and services in the present. 
D)  is in effect deciding to save less of its current income in the present.

Question 11

If your firm's production function has constant returns to scale and you increase all your inputs by 60%, then your firm's output will

Accepted Answer

A)  not change. 
B)  increase, but by less than 60% 
C)  increase by 60% 
D)  increase by more than 60%. 
A)  not change. 
B)  increase, but by less than 60% 
C)  increase by 60% 
D)  increase by more than 60%.

Question 12

Matt is going to college to become a pharmacist. What he learns about existing information increases

Accepted Answer

A)  both technological knowledge and human capital. 
B)  technological knowledge but not human capital. 
C)  human capital but not technological knowledge. 
D)  neither technological knowledge nor human capital. 
A)  both technological knowledge and human capital. 
B)  technological knowledge but not human capital. 
C)  human capital but not technological knowledge. 
D)  neither technological knowledge nor human capital.

Question 13

Which of the following is a correct way to measure productivity?

Accepted Answer

A)  Divide the number of hours worked by the quantity of output. 
B)  Divide the quantity of output by the number of hours worked. 
C)  Determine how much output is produced in a given time. 
D)  Determine how much time it takes to produce a unit of output. 
A)  Divide the number of hours worked by the quantity of output. 
B)  Divide the quantity of output by the number of hours worked. 
C)  Determine how much output is produced in a given time. 
D)  Determine how much time it takes to produce a unit of output.

Question 14

In the United States over the past century, real GDP per person has grown by about
percent per year.

Accepted Answer

2 or, more

Question 15

The equipment and structures available to produce goods and services are called

Accepted Answer

A)  physical capital. 
B)  human capital. 
C)  the production function. 
D)  technology. 
A)  physical capital. 
B)  human capital. 
C)  the production function. 
D)  technology.

Question 16

In one day Alpha Cabinet Company made 40 cabinets with 320 hours of labor. What was Alpha Cabinet Company's productivity?

Accepted Answer

A)  1/8 cabinet per hour 
B)  8 hours per cabinet 
C)  40 cabinets 
D)  None of the above is correct. 
A)  1/8 cabinet per hour 
B)  8 hours per cabinet 
C)  40 cabinets 
D)  None of the above is correct.

Question 17

Which of the following statements is true?

Accepted Answer

A)  Natural resources per worker influence productivity only when those natural resources are renewable. 
B)  The prices of most natural resources are stable or falling relative to other prices. 
C)  Technology requires greater use of natural resources. 
D)  The terms human capital and technological knowledge are used interchangeably. 
A)  Natural resources per worker influence productivity only when those natural resources are renewable. 
B)  The prices of most natural resources are stable or falling relative to other prices. 
C)  Technology requires greater use of natural resources. 
D)  The terms human capital and technological knowledge are used interchangeably.

Question 18

Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the year?

Accepted Answer

A)  12 percent 
B)  10 percent 
C)  4 percent 
D)  2 percent 
A)  12 percent 
B)  10 percent 
C)  4 percent 
D)  2 percent

Question 19

In countries where women are discriminated against, policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.

Accepted Answer

A) True 
 B)False

Question 20

Suppose that an American opens and operates a candy factory in Finland. This is an example of

Accepted Answer

A)  foreign direct investment. American saving is used to finance Finish investment. 
B)  foreign direct investment. American saving is used to finance American investment. 
C)  foreign portfolio investment. American saving is used to finance Finish investment. 
D)  foreign portfolio investment. American saving is used to finance American investment. 
A)  foreign direct investment. American saving is used to finance Finish investment. 
B)  foreign direct investment. American saving is used to finance American investment. 
C)  foreign portfolio investment. American saving is used to finance Finish investment. 
D)  foreign portfolio investment. American saving is used to finance American investment.

Is coal a produced factor of production?

Which of the following nations experienced average rates of economic growth of a bit under 2% over the last 100 years or so?

If per capita real income grows by 2 percent per year, then it will double in approximately 20 years.

Over the last 140 years or so, on average Canada's real GDP perperson grew faster than that of the U.K.

In what sense is it likely that geography has an effect on a country's rate of economic growth?

The level of real GDP person

An important prerequisite for the price system to work is an economy-wide respect for _______ rights.

Which of the following is consistent with the catch-up effect?

Assuming constant returns to scale, if two countries are otherwise the same, the one that is poorer grows faster.

When a society decides to increase its quantity of physical capital, the society

If your firm's production function has constant returns to scale and you increase all your inputs by 60%, then your firm's output will

Matt is going to college to become a pharmacist. What he learns about existing information increases

Which of the following is a correct way to measure productivity?

In the United States over the past century, real GDP per person has grown by about percent per year.

The equipment and structures available to produce goods and services are called

In one day Alpha Cabinet Company made 40 cabinets with 320 hours of labor. What was Alpha Cabinet Company's productivity?

Which of the following statements is true?

Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the year?

In countries where women are discriminated against, policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.

Suppose that an American opens and operates a candy factory in Finland. This is an example of

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Measuring a Nations Income

Measuring the Cost of Living

Saving, Investment, and the Financial System

The Basic Tools of Finance

Unemployment and Its Natural Rate

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

The Short-Run Tradeoff Between Inflation and Unemployment

Six Debates Over Macroeconomic Policy

Filters

Exam 7: Production and Growth

Is coal a produced factor of production?

Which of the following nations experienced average rates of economic growth of a bit under 2% over the last 100 years or so?

If per capita real income grows by 2 percent per year, then it will double in approximately 20 years.

Over the last 140 years or so, on average Canada's real GDP per­person grew faster than that of the U.K.

In what sense is it likely that geography has an effect on a country's rate of economic growth?

The level of real GDP person

An important prerequisite for the price system to work is an economy-wide respect for _______ rights.

Which of the following is consistent with the catch-up effect?

Assuming constant returns to scale, if two countries are otherwise the same, the one that is poorer grows faster.

When a society decides to increase its quantity of physical capital, the society

If your firm's production function has constant returns to scale and you increase all your inputs by 60%, then your firm's output will

Matt is going to college to become a pharmacist. What he learns about existing information increases

Which of the following is a correct way to measure productivity?

In the United States over the past century, real GDP per person has grown by about percent per year.

The equipment and structures available to produce goods and services are called

In one day Alpha Cabinet Company made 40 cabinets with 320 hours of labor. What was Alpha Cabinet Company's productivity?

Which of the following statements is true?

Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the year?

In countries where women are discriminated against, policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.

Suppose that an American opens and operates a candy factory in Finland. This is an example of

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Measuring a Nations Income

Measuring the Cost of Living

Saving, Investment, and the Financial System

The Basic Tools of Finance

Unemployment and Its Natural Rate

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

The Short-Run Tradeoff Between Inflation and Unemployment

Six Debates Over Macroeconomic Policy

Filters

Over the last 140 years or so, on average Canada's real GDP perperson grew faster than that of the U.K.