Exam 25: Production and Growth

Which of the following is an example of human capital?

The traditional view of the production process is that capital is subject to

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

Productivity is the

Technological knowledge refers to

In 1870, the richest country in the world was

Petroleum is an example of a nonrenewable resource.

Your company discovers a better way to produce mousetraps, but your better methods are not apparent from the mousetraps themselves. Your knowledge of how to more efficiently produce mousetraps is

A basic principle of economics is that a country's standard of living depends on its

Which of the following is correct?

In what sense is it likely that geography has an effect on a country's rate of economic growth?

International data on real GDP per person gives us a sense of how standards of living vary across countries.

Indonesians, for example, have a lower standard of living than Americans because they have a lower level of productivity.

If a country has a higher level of productivity than another, then it also has a higher level of real GDP.

In the long run, an increase in the saving rate

Which of the following is a determinant of productivity?

An increase in a country's saving rate permanently raises its productivity.

In determining living standards, productivity plays a key role

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

The catch-up effect refers to the idea that