Exam 17: Production and Growth

The key determinant of the standard of living in a country is

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

Economist Michael Kremer found that world growth rates fell as population increased.

Since 1870 Canadian and U.S real GDP per person grew from below to above that in the United Kingdom. The explanation for this is likely that productivity grew faster in Canada and the U.S. than in the United Kingdom.

Which of the following is a determinant of productivity?

Which of the following countries achieved higher economic growth, in part by mandating a reduction in population growth?

During the past century the average growth rate of U.S. real GDP per person implies that it doubled, on average, about every

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

One of the Ten Principles of Economics in Chapter 1 is that people face tradeoffs. The growth that arises from capital accumulation is not a free lunch. It requires that society

Which of the following countries had the lowest level of real GDP per person in 2010?

Suppose a country imposes new restrictions on how many hours people can work. If these restrictions reduce the total number of hours worked in the economy, but all other factors that determine output are held fixed, then

A nation's standard of living is best measured by its

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

In order to assess the level of prosperity in a nation in a given year, should we examine the level of that nation's real GDP per person, or should we examine the growth rate of that nation's real GDP per person?

A country that made its courts less corrupt and its government more stable would likely see its standard of living rise.

Japan is

It is possible for a country without a lot of domestic natural resources to have a high standard of living.

If Country A produces 7,000 units of goods and services using 700 hours of labor, and if Country B produces 5,500 units of goods and services using 500 units of labor, then productivity is lower in Country A than in Country B.

If a production function has the property called , then doubling all inputs causes the amount of output to double as well.

Suppose that over the last year the price of copper increased from $1.70 a pound to $1.79 per pound. Over the same time a measure of the overall price level increased from 300 to 309. The price of copper increased by