Exam 12: Production and Growth

Currently a country has real GDP per person of 500. Raising capital per worker by one would increase output per worker by 4. Other things the same, which of the following long-run combinations are consistent with the effects of this country increasing its saving rate?

An organization that tries to encourage the flow of investment to poor countries is the

Suppose that in some country the price of silver increased from $30 per ounce to $31 per ounce during a time when the overall price level increased by 5 percent. During this period, the real price of silver

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

Countries that pursued outward-oriented policies in the 20th century

In order for the standard of living within a country to be enhanced over time, which of the following is essential?

If a rich country reduced subsidies to domestic producers of goods that poor countries have a comparative advantage producing, the standard of living in these poor countries would likely rise.

Productivity is the amount of goods and services

Which of the following correctly ranks the three countries, from highest to lowest, for percentage of high-school age children in school?

Other things the same, a country that increases its savings rate will have

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

Some poor countries appear to be falling behind rather than catching up with rich countries. Which of the following could explain the failure of a poor county to catch up?

Which of the following is an example of a nonrenewable natural resource?

In the U.S., each additional year of schooling has historically raised a person's wage on average by about

Miller's Dairy produces 960 gallons of milk per day. Each milker at the dairy works 8 hours per day and produces the same number of gallons of milk per hour. If the Dairy's productivity is 12 gallons of milk per hour of labor, then how many milkers does the shop employ?

In the long run, a higher saving rate

What word do we use to refer to the amount of goods and services produced for each hour of a worker's time?

Malthus predicted that the power of population

Does a country have to be blessed with large quantities of natural resources in order to enjoy a high standard of living? Briefly explain.

When a country imposes tariffs, intending to protect domestic firms from foreign competition, it is pursuing_______-oriented policies.