Exam 17: Production and Growth

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

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

Which of the following countries had the highest growth rate over about the last 100 years?

In 2010, Acme Foods produced 300,000 bags of pretzels, employing 12,000 hours of labor. In 2011, it produced 322,000 bags of pretzels, employing 14,000 hours of labor. Acme Foods productivity

Economists generally believe that policies such as reducing barriers to trade are likely to foster economic growth.

The Economic Development Minister of a country has a list of things she thinks may explain her country's low growth of real GDP per person relative to other countries. She asks you to pick the one you think most likely explains her country's low growth. Which of the following contributes to low growth?

Figure 25-1 -Refer to Figure 21-1. Does the figure represent the idea that the amount of capital per worker influences the amount of output per worker, or does the figure represent the idea that the amount of output per worker influences the amount of capital per worker?