Exam 17: Production and Growth

Last year real GDP in the imaginary nation of Populia was 907.5 billion and the population was 3.3 million. The year before real GDP was 750 billion and the population was 3 million. What was the growth rate of real GDP per person during the year?

Which of these countries' growth rates of real GDP per person have exceeded the United States' growth rate of real GDP per person over the last century?

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?

Dilbert's Incorporated produced 6,000,000 units of software in 2010. At the start of 2011 the pointy­haired boss raised employment from 10,000 total annual hours to 14,000 annual hours and production was 7,000,000 units. These number indicate that productivity

Other things the same, another unit of capital will increase output by more in a poor country than in a rich country.

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?

Which of the following statements is correct?

Although growth rates across countries vary some, rankings of countries by income remain pretty much the same over time.

Dilbert's Incorporated produced 5,000,000 units of accounting software in 2010. At the start of 2011 the pointy­ haired boss reduced total annual hours of employment from 10,000 to 8,000 and production was 4,800,000. These numbers indicate that productivity

The inputs into production of goods and services that are provided by nature, such as land, rivers, and mineral deposits are called

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

According to some estimates, over the last two decades China has had an annual average growth rate of about 12 percent.

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 H represents the quantity of human capital. What does N represent?

Japan's status as a rich nation is attributable to

An increase in the saving rate would, other things the same,

Which of the following best states economists' understanding of the facts concerning the relationship between natural resources and economic growth?

Foreign saving is used for domestic investment when foreigners engage in

Productivity is defined as the quantity of

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

Senator Noitall says that in order to help poor countries develop, the United States should: 1. Encourage poor countries to allow U.S. and other foreign firms to build and operate businesses in their country; 2. Reduce or eliminate subsidizes to U.S. producers when poor countries have a comparative advantage producing those goods the U.S. subsidizes; 3. Work to promote political stability in poor countries; and 4. Reduce poor countries reliance on market forces in their economies. How many of these ideas are likely to help poor countries grow?