Exam 12: Production and Growth

Consider the nations of Canada, the United Kingdom, and the United States. Since 1870, which of these nations has progressed, in an economic sense, more slowly than the other two nations?

In which of the following countries has economic growth been sufficiently high that income would double every ten years?

In 2012, the imaginary nation of Kanmiw had a population of 8,044 and real GDP of 36,198,000. In 2013 it had a population of 7,800 and real GDP of 35,880,000. What was the growth rate of real GDP per person in Kanmiw between 2012 and 2013?

The dictator of Turan has recently begun to arbitrarily seize farms belonging to his political opponents, and he has given the farms to his friends. His friends don't know much about farming. The courts in Turan have ruled that the seizures are illegal, but the dictator has ignored the rulings. Other things equal, we would expect that the growth rate in Turan will

Which of the following is a good gauge of economic progress?

Susan and Calvin paint houses. Susan consistently paints about 400 square feet of a house's exterior per hour, while Calvin consistently paints about 300 square feet per hour. Susan's exceeds that of Calvin.

The average income in a rich country, such as the United States or Japan, is more than

If the price of a good has risen over time,

Which of the following are human capital and physical capital, respectively?

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

Which of the following are residents of rich countries likely to have in greater quantities, or better quality, than residents of poor countries?

Petroleum is an example of a nonrenewable resource.

Over the last 140 years or so, on average Canada's real GDP per­person grew faster than that of the U.K.

Last year real GDP per person in the imaginary nation of Olympus was 4,250. The year before it was 4,100. By about what percentage did Olympian real GDP per person grow during the period?

In medieval Europe an important technological advance was the use of the padded horse collar for plowing. Once this idea was thought of, other people used it. This illustrates that knowledge is generally a

Japan is

In which of the following countries has economic growth been sufficiently high that income would double every ten years?

Country A has twice as many workers as Country B. Country A also has twice as much physical capital, twice as much human capital, and access to twice as many natural resources as Country B. Assuming constant-returns to scale, which of the following is higher in Country A?

In 2010, the imaginary nation of Bovina had a population of 5,000 and real GDP of 500,000. In 2011 it had a population of 5,100 and real GDP of 520,200. During 2011 real GDP per person in Bovina grew by

Other things the same, if a country raises its saving rate, when is productivity growth higher?