Exam 12: Production and Growth

One of the Ten Principles of Economics in Chapter 1 is that people face tradeoffs. The growth that arises from capital accumulation is not a free lunch. It requires that society

Which of the following is an example of human capital?

According to some estimates, over the last two decades China has had an annual average growth rate of about 12 percent.

Other things the same, which of the following could explain an increase in productivity?

Technological knowledge

The level of real GDP person

Country A has real GDP per person of 250,000 while Country B has real GDP per person of 500,000. All else constant, Country A will eventually have a higher standard of living than Country B if

Over the period 1960-1990,

Suppose that the U.S. undertakes a policy to increase its saving rate. This policy will likely

Historically, the market prices of most natural resources adjusted for inflation) have

Other things the same, an economy's factors of production are likely to be used more effectively if there is an economywide respect for property rights.

Country A has a population of 1,000, of whom 800 work 8 hours a day to make 128,000 final goods. Country B has a population of 2,000, of whom 1,800 work 6 hours a day to make 270,000 final goods.

Economist Michael Kremer found that world growth rates fell as population increased.

Proprietary technology is technology that is

Which of the following is indicated by the data on real income per person for various countries over the past 100 or so years?

The key determinant of the standard of living in a country is

If there are diminishing returns to capital, then

Greater scarcity of a natural resource is indicated

When a society decides to increase its quantity of physical capital, the society

Which of the following is an example of physical capital?