Exam 12: Production and Growth

Scenario 25-1. An economy's production form takes the form Y = AFL, K, H, N). -Refer to Scenario 25-1. If the production function has the constant-returns-to-scale property, then if we know the values of A, K/L, H/L, and N/L, we also know the value of

In which of the following countries did real GDP per person fall by about 38% from 1991 to 2011?

In one day Portal Computer Company made 400 laptops with 1200 hours of labor. What was its productivity?

You sell cupcakes. One day you double the time you spend and double all your inputs, and make twice as many cupcakes. Your cupcake production function has

Each day Sue works 8 hours and produces 7 units of goods and services. Mary works 10 hours each day and produces 10 units of goods and services. It follows that

Adam and Doug both build birdhouses. Adam works 30 hours a week and produces 15 bird houses. Doug works 20 hours a week and produces 12 bird houses. Which of the following is correct?

Last year the imaginary nation of Freedonia had a population of 2,800 and real GDP of 16,800,000. This year it had a population of 2,700 and real GDP of 15,390,000. About what was the growth rate of real GDP per person between last year and this year?

Which of the following is generally an opportunity cost of investment in human capital?

Consider three imaginary countries. In Aziria, saving amounts to $3,000 and consumption amounts to $7,000; in Graniva, saving amounts to $2,000 and consumption amounts to $8,000; and in Tanistan, saving amounts to $4,500 and consumption amounts to $10,500. The saving rate is

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

If over a short time a large number of teenagers become old enough to find employment and a much smaller number of people retire, then productivity

Investment in

If a country made it easier for people to establish and prove the ownership of their property, real GDP per person would likely rise.

Suppose Turkey increases its saving rate. In the long run

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

At first patents might seem like a deterrent to growth because in effect they restrict the use of new technology. Yet many economists believe that patents generate growth. Explain why.

Electronics firms may be able to get patents on their ideas. Doing so makes their ideas

Your company discovers a better way to produce mousetraps, but your better methods are not apparent from the mousetraps themselves. Your knowledge of how to more efficiently produce mousetraps is

Which of the following is an example of the "brain drain?"

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?