Exam 25: Production and Growth

In 2012, the imaginary nation of Platland had a population of 10,000 and real GDP of 42,000,000. During the year its real GDP per person grew by about 1.94%. Which of the following sets of growth rates is consistent with this growth in real GDP per person?

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

Over the period 1960-1990,

Which of the following nations experienced average rates of economic growth of a bit under 2% over the last 100 years or so?

Figure 25-1. On the horizontal axis, K/L represents capital (K) per worker (L). On the vertical axis, Y/L represents output (Y) per worker (L). -Refer to Figure 25-1. Choose a point anywhere on the curve and call it point A. If the economy is at point A in 2011, then it will definitely remain at point A in 2012 if, between 2011 and 2012,

A country with a relatively low level of real GDP per person is considering adopting two policies to promote economic growth. The first is to decrease barriers to trade. The second is to restrict foreign portfolio investment. Which of these policies do most economists say promote growth?

Upland has a population of 15,000, of whom 9,000 work 8 hours a day to produce real output of $342,000. Lowland has a population of 8,000, of whom 7,000 work 7 hours a day to produce real output of $171,500.

A country experiencing a growth rate of 12% per year can go from being one of the poorest to one of the richest in

What is the difference between human capital and technology?

Which of the following is correct?

If your firm's production function has constant returns to scale, then if you double all your inputs, your firm's output will

Scenario 25-1. An economy's production form takes the form Y = AF(L, K, H, N). -Refer to Scenario 25-1. If the production function has the constant-returns-to-scale property, then it is possible that the specific form of the production function is

Which country has had a higher growth rate than the U.S. over about the last 120 years?

Thomas Malthus's predictions turned out to be wrong due to

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

Which one of the factors of production originates as an output from the production process, and is subsequently used as an input into the production process?

Among the following countries, which one has the highest level of real GDP per person but the lowest growth rate of real GDP per person over a very long period of time?

If a newly elected government takes actions that makes its country's courts more efficient and less corrupt, then

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

Educated people may generate ideas that increase production. These ideas