Question 1

Which of the following pairs of terms refer to the same thing?

Accepted Answer

A)  "capital" and "physical capital" 
B)  "technological knowledge" and "human capital" 
C)  "standard of living" and "human capital" 
D)  "standard of living" and "productivity" 
A)  "capital" and "physical capital" 
B)  "technological knowledge" and "human capital" 
C)  "standard of living" and "human capital" 
D)  "standard of living" and "productivity"

Question 2

An increase in capital will increase real GNP per person

Accepted Answer

A)  more in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is from domestic rather than foreign investment. 
B)  more in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is foreign rather than from domestic investment. 
C)  less in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is from domestic rather than foreign investment. 
D)  less in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is foreign rather than from domestic investment. 
A)  more in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is from domestic rather than foreign investment. 
B)  more in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is foreign rather than from domestic investment. 
C)  less in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is from domestic rather than foreign investment. 
D)  less in a poor country than a rich country. The increase in real GNP per person will be larger if the addition to capital is foreign rather than from domestic investment.

Question 3

Inward-oriented policies

Accepted Answer

A)  include imposing tariffs and other trade restrictions. 
B)  have generally increased productivity and growth in the countries that pursued them. 
C)  promote the production of goods and services that the country produces most efficiently. 
D)  All of the above are correct. 
A)  include imposing tariffs and other trade restrictions. 
B)  have generally increased productivity and growth in the countries that pursued them. 
C)  promote the production of goods and services that the country produces most efficiently. 
D)  All of the above are correct.

Question 4

In 2010, Acme Foods produced 300,000 bags of pretzels, employing 12,000 hours of labor. In 2011, it produced 322,000 bags of pretzels, employing 14,000 hours of labor. Acme Foods productivity

Accepted Answer

A)  decreased by 8%. 
B)  was unchanged. 
C)  increased by 6.8%. 
D)  increased by 7.3%. 
A)  decreased by 8%. 
B)  was unchanged. 
C)  increased by 6.8%. 
D)  increased by 7.3%.

Question 5

Which of the following can be measured by the level of real GDP per person?

Accepted Answer

A)  productivity and the standard of living 
B)  productivity but not the standard of living 
C)  the standard of living but not productivity 
D)  neither the standard of living nor productivity 
A)  productivity and the standard of living 
B)  productivity but not the standard of living 
C)  the standard of living but not productivity 
D)  neither the standard of living nor productivity

Question 6

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

Accepted Answer

A)  2 percent. 
B)  5 percent. 
C)  10 percent. 
D)  15 percent. 
A)  2 percent. 
B)  5 percent. 
C)  10 percent. 
D)  15 percent.

Question 7

Other things equal, relatively poor countries tend to grow

Accepted Answer

A)  slower than relatively rich countries; this is called the poverty trap. 
B)  slower than relatively rich countries; this is called the fall-behind effect. 
C)  faster than relatively rich countries; this is called the catch-up effect. 
D)  faster than relatively rich countries; this is called the constant-returns-to-scale effect. 
A)  slower than relatively rich countries; this is called the poverty trap. 
B)  slower than relatively rich countries; this is called the fall-behind effect. 
C)  faster than relatively rich countries; this is called the catch-up effect. 
D)  faster than relatively rich countries; this is called the constant-returns-to-scale effect.

Which of the following pairs of terms refer to the same thing?

An increase in capital will increase real GNP per person

Inward-oriented policies

In 2010, Acme Foods produced 300,000 bags of pretzels, employing 12,000 hours of labor. In 2011, it produced 322,000 bags of pretzels, employing 14,000 hours of labor. Acme Foods productivity

Which of the following can be measured by the level of real GDP per person?

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

Other things equal, relatively poor countries tend to grow

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Elasticity and Its Application

Supply, Demand, and Government Policies

Consumers, Producers, and the Efficiency of Markets

Application: the Costs of Taxation

Application: International Trade

Measuring a Nations Income

Measuring the Cost of Living

Saving, Investment, and the Financial System

The Basic Tools of Finance

Unemployment

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

The Short-Run Trade-Off Between Inflation and Unemployment

Six Debates Over Macroeconomic Policy

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Exam 12: Production and Growth

Which of the following pairs of terms refer to the same thing?

An increase in capital will increase real GNP per person

Inward-oriented policies

In 2010, Acme Foods produced 300,000 bags of pretzels, employing 12,000 hours of labor. In 2011, it produced 322,000 bags of pretzels, employing 14,000 hours of labor. Acme Foods productivity

Which of the following can be measured by the level of real GDP per person?

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

Other things equal, relatively poor countries tend to grow

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Elasticity and Its Application

Supply, Demand, and Government Policies

Consumers, Producers, and the Efficiency of Markets

Application: the Costs of Taxation

Application: International Trade

Measuring a Nations Income

Measuring the Cost of Living

Saving, Investment, and the Financial System

The Basic Tools of Finance

Unemployment

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

The Short-Run Trade-Off Between Inflation and Unemployment

Six Debates Over Macroeconomic Policy

Filters