Exam 12: Production and 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?

When a country removes trade barriers and imports appliances and exports engineering services,

Is coal a produced factor of production?

According to studies using international data, an increase in the saving rate

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

Other things the same, higher population growth

If there are constant returns to scale, the production function can be written as

A country with a relatively low level of real GDP per person is considering adopting two policies to promote economic growth. The first is to decrease barriers to trade. The second is to restrict foreign portfolio investment. Which of these policies do most economists say promote growth?

"When workers already have a large quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity only slightly." This statement

Other things the same, a country that increases its saving rate increases

In 2012, the imaginary nation of Dorados had a population of 8,000 and real GDP of 3,000,000. During the year its real GDP grew by about 2.9%. Which of the following sets of growth rates is consistent with this growth in real GDP?

As capital per worker rises, output per worker rises. However, this increase in output per worker is smaller at smaller levels of existing capital per worker.

Suppose that an American opens and operates a candy factory in Finland. This is an example of

The slope of the production function with capital per worker on the horizontal axis and output per worker on the vertical axis

In a market economy, scarcity of resources is most clearly reflected in

In an economy where net exports are zero, if saving rises in some period, then in that period

A management professor discovers a way for corporate management to operate more efficiently. He publishes his findings in a journal. His findings are

In one day Madison Laundry washed 4,000 pounds of laundry with 5 workers who each worked 8 hours. What was its productivity?

The average income 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?