Exam 25: Production and Growth

In the 19th century John Deere took out a patent on a newly designed plow that incorporated steel to make plowing faster. Many farmers bought plows from his company and he made millions. This example shows that patents turn an idea into a

Greater scarcity of a natural resource is indicated

Which of the following countries benefited significantly from the catch-up effect in the last half of the twentieth century?

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

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

In 2011 Buckeye Brewing produced 1,000 bottles of ginger ale each day. It employed 10 workers each working 8 hours a day. In 2012 it produced 960 bottles of ginger ale each day employing 8 workers who worked 8 hours each day. Productivity at Buckeye Brewing

Is coal a produced factor of production?

Which of the following is an example of a nonrenewable resource?

The slope of the production function with capital per worker on the horizontal axis and output per worker on the vertical axis

Apple founder Steve Jobs received patents on many of his ideas. While the patents existed, his ideas were

Foreign direct investment and domestic investment have the same effect on all measures of economic prosperity.

An organization that tries to encourage the flow of investment to poor countries is the

According to research by Robert Fogel, what proportion of the increase in the standard of living in Britain between 1790 and 1980 can be accounted for by greater caloric intake?

Country A and country B are the same except country A currently has more capital. Assuming diminishing returns, if both countries increase their capital by 100 units and other factors that determine output are unchanged, then

If there are diminishing returns to capital, then

Suppose that real GDP grew more in Country A than in Country B last year.

Over the last century, U.S. real GDP per person grew at a rate of about

The president of Suldinia, a developing country, proposes that his country needs to help domestic firms by reducing trade restrictions.

Of the following countries, which grew most slowly, in terms of real GDP per person, over about the last 120 years?

Alexis and Tara both mine salt. Alexis mines 300 pounds in 20 hours. Tara mines 400 pounds in 40 hours. Which of the following is correct?