Exam 25: Production and Growth

Which of the following statements is correct?

In some countries it is time consuming and costly to establish ownership of property. Reforms to reduce these costs would likely

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

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

You sell cupcakes. One day you double the time you spend and double all your inputs, and make twice as many cupcakes. Your cupcake production function has

In 2010, the imaginary nation of Mainland had a population of 6,000 and real GDP of 120,000. In 2011 the population was 6,200 and real GDP of 128,960. Over the year in question, real GDP per person in Mainland grew by

Senator Noitall says that in order to help poor countries develop, the United States should: 1. Encourage poor countries to allow U.S. and other foreign firms to build and operate businesses in their country; 2. Reduce or eliminate subsidizes to U.S. producers when poor countries have a comparative advantage producing those goods the U.S. subsidizes; 3. Work to promote political stability in poor countries; and 4. Reduce poor countries reliance on market forces in their economies. How many of these ideas are likely to help poor countries grow?

Economists differ in their views of the role of the government in promoting economic growth. At the very least, the government should

Country A has twice as many workers as Country B. Country A also has twice as much physical capital, twice as much human capital, and access to twice as many natural resources as Country B. Assuming constant-returns to scale, which of the following is higher in Country A?

The notion that our ability to conserve natural resources is growing more rapidly than their supplies are dwindling is supported by the fact that

Which of the following correctly ranks the three countries, from highest to lowest, for percentage of high-school age children in school?

Despite its status as one of the richest countries in the world, Japan

Hit-It produces 320 baseball bats per day using 2 workers who each work 8 hours per day. What is Hit­It's productivity?

"Market prices give no reason to believe that natural resources are a limit to economic growth." Explain this statement.

Two countries with the same saving rates must have the same growth rate of real GDP per person.

Over the last 140 years or so, on average Canada's real GDP per­person grew faster than that of the U.K.

Some poor countries appear to be falling behind rather than catching up with rich countries. Which of the following could explain the failure of a poor county to catch up?

Suppose that an American company opens and operates a restaurant in Ireland. This is an example of

Which of the following best states economists' understanding of the facts concerning the relationship between natural resources and economic growth?

Productivity is defined as the quantity of