Exam 7: Production and Growth

Which of the following is considered human capital? Knowledge acquired from

Which of the following is an example of a nonrenewable natural resource?

The logic behind the catch-up effect is that

The dictator of a country requires that companies planning to open or expand must pay a large fee to file an application one year prior to building new factories or expanding existing ones. Other things the same, in the long run this requirement would

Over the last ten years productivity grew faster in Mapoli than in Romeria while the population and total hours worked remained the same in both countries. It follows that

Constant returns to scale is the point on a production function where increasing inputs will no longer increase output.

Which of the following countries benefited significantly from the catch-up effect in the last half of the twentieth century?

When Chile experiences investment from abroad, it experiences, as a result,

Patents turn new ideas into

Suppose that there are diminishing returns to capital. Suppose also that two countries are the same except one has more capital per worker and so it has more real GDP per worker than the other. Finally, suppose that the saving rate in both countries increases from 4 percent to 7 percent. Over the next ten years we would expect that

In 2012, the imaginary nation of Kanmiw had a population of 8,044 and real GDP of 36,198,000. In 2013 it had a population of 7,800 and real GDP of 35,880,000. What was the growth rate of real GDP per person in Kanmiw between 2012 and 2013?

In the 1800s, Europeans purchased stock in American companies that used the funds to build railroads and factories. The Europeans who did this engaged in

Suppose there are constant returns to scale. Now suppose that over time a country doubles its workers, its natural resources, its physical capital, and its human capital, but its technology is unchanged. Which of the following would double?

Which of the following best describes the response of output as time passes to an increase in the saving rate?

Suppose an economy experiences an increase in its saving rate. The higher saving rate leads to a higher growth rate of productivity

Indonesians, for example, have a lower standard of living than Americans because they have a lower level of productivity.

Among the following countries, which one has the highest growth rate of real GDP per person over about the last 100 years?

Mexico is

An economy's production function has the constant­returns­to­scale property. If the economy's labor force doubled And all other inputs stayed the same, then real GDP would

Which of the following is a part of your economics professor's human capital?