Exam 7: Production and Growth

A certain production process requires only two types of inputs - capital and labor. In 2006, 100 units of labor and 50 units of capital were employed, and 100 units of output were produced. In 2013, 112 units of labor and 56 units of capital were employed. If the production process displays constant returns to scale, then how many units of output were produced in 2013?

Other things the same, which of the following could explain an increase in productivity?

Consider the nations of Canada, the United Kingdom, and the United States. Since 1870, which of these nations has progressed, in an economic sense, more slowly than the other two nations?

In 2012, the imaginary nation of Platland had a population of 10,000 and real GDP of 42,000,000. During the year its real GDP per person grew by about 1.94%. Which of the following sets of growth rates is consistent with this growth in real GDP per person?

Of the following countries, which grew most slowly, in terms of real GDP per person, over about the last 120 years?

In some countries in Sub-Saharan Africa real GDP per person has been stagnant for many years.

Inward-oriented policies

Investment from abroad

Despite its status as one of the richest countries in the world, Japan

Which country has had a higher growth rate than the U.S. over about the last 120 years?

Hit-It produces 320 baseball bats per day using 2 workers who each work 8 hours per day. What is Hit­It's productivity?

Figure 25-1 -Refer to Figure 21-1. "When the amount of capital per worker increases by one unit, a poor country experiences a greater benefit than does a rich country." Does the figure illustrate this notion? Briefly explain.

When a country eliminates tariffs and other trade restrictions, intending to promote economic growth, it is pursuing_______-oriented policies.

Does a country have to be blessed with large quantities of natural resources in order to enjoy a high standard of living? Briefly explain.

An increase in a country's population may contribute to the rate of technological progress because a larger population

Historical trends in the prices of most natural resources compared to prices of other goods indicate that most natural resources have become scarcer over time.

Which of the following is correct?

Suppose over the last five years that the price of recycled aluminum increased from $800 a ton to $900 a ton. Over the same time a measure of the overall price level increased from 120 to 138. The real price of recycled aluminum

Both Arnold and Will work 10 hours a day. Arnold can produce six baskets of goods per hour while Will can produce four baskets of the same goods per hour. It follows that Arnold's

Which of the following is an example of physical capital?