Exam 12: Production and Growth

Studies confirm that controlling for other variables such as the percentage of GDP devoted to investment, poor countries tend to grow at a faster rate than rich countries.

Ralph is a plumber. Which of the following are included in his human capital?

Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience.

All else equal, which of the following would tend to cause real GDP per person to rise?

Which of the following is an example of physical capital?

What is the difference between human capital and technology?

Consider three imaginary countries. In Aire, saving amounts to $4,000 and consumption amounts to $12,000; in Bovina, saving amounts to $3,000 and consumption amounts to $24,000; and in Cartar, saving amounts to $10,000 and consumption amounts to $50,000. The saving rate is

International data on the history of real GDP growth rates shows that over the last 120 years or so, rich countries got richer and poor countries got poorer.

Suppose that a new government is elected in Eurnesia. The new government takes steps toward improving the court system and reducing government corruption. The citizens of Eurnesia find these efforts credible and outsiders believe these changes will be effective and long lasting. These changes will probably

Natural resources

Suppose that a country increased its saving rate. In the long run it would have

National defense and knowledge are generally considered to be

Mexico is

Which of the following best illustrates the human capital of a survivor stranded on an island?

The inputs into production of goods and services that are provided by nature, such as land, rivers, and mineral deposits are called

In the production function Y = AFL,K,H,N), Y represents the quantity of output; L represents the quantity of labor; K represents the quantity of physical capital; and H represents the quantity of human capital. What does N represent?

Which of the following countries achieved higher economic growth, in part by mandating a reduction in population growth?

Which of the following nations experienced average rates of economic growth of less than 2 percent over the last 100 years or so?

Real Foods produced 400,000 cans of diced tomatoes last year and 460,000 cans of diced tomatoes this year. It employed the same number of labor hours each year. Real Foods' productivity

Megan is a landscaper. Which of the following are included in her physical capital?