Question 1

Which of the following is a determinant of productivity?

Accepted Answer

A)   human capital per worker
B)   physical capital per worker
C)   natural resources per worker
D)   All of the above are correct.E) None of the above
F) All of the above

Question 2

If there are constant returns to scale, the production function can be written as

Accepted Answer

A)   xY = 2xAFL, K, H, N) .
B)   Y/L = A FxL, xK, xH, xN) .
C)   Y/L = A F 1, K/L, H/L, N/L) .
D)   L = AFY, K, H, N) .E) B) and C)
F) C) and D)

Question 3

Over the period 1900­2010, Brazil's rate of economic growth exceeded that of China.

Accepted Answer

A) True 
 B)False

Question 4

"When workers acquire tools, they become more productive." This statement reflects the general fact that is a determinant of productivity.

Accepted Answer

physical c...

Question 5

Country A experienced a growth rate of real GDP per person of 0.5 percent per year throughout the 1900's. In view of other countries' experiences, country A's growth was

Accepted Answer

A)   exceptionally high.
B)   moderately high.
C)   moderately low.
D)   exceptionally low.E) A) and B)
F) C) and D)

Question 6

John and Miguel are fishermen. When they go fishing, John consistently catches 2 or 3 fish per hour, while Miguel consistently catches 5 or 6 fish per hour. Miguel's exceeds that of John.

Accepted Answer

The answer of John and Miguel are fishermen. When they...

Question 7

Which of the following statements is correct? In 2010,

Accepted Answer

A)   real income per person in the U.S. was about 6 times that in China.
B)   real income per person in China was more than 2 times that in India.
C)   the typical resident of India had less real income than the typical resident of England in 1870.
D)   All of the above are correct.E) B) and D)
F) A) and D)

Question 8

Scenario 25-1. An economy's production form takes the form Y = AFL, K, H, N) .
-Refer to Scenario 25-1. In the production function, which of the following represents technology?

Accepted Answer

A)   A
B)   K
C)   H
D)   NE) All of the above
F) C) and D)

Question 9

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

Accepted Answer

A)   increased by 20%.
B)   increased by 16.67%.
C)   decreased by 1.67%.
D)   decreased by 40%.E) A) and B)
F) None of the above

Question 10

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?

Accepted Answer

A)   both output per worker and productivity
B)   output per worker but not productivity
C)   productivity but not output per worker
D)   neither productivity nor output per workerE) B) and C)
F) A) and B)

Question 11

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

Accepted Answer

A)   Japan
B)   China
C)   Germany
D)   United StatesE) C) and D)
F) None of the above

Question 12

Other things the same, if a country raises its saving rate, then in the long run

Accepted Answer

A)   both the level and growth rate of real GDP are unchanged.
B)   the level of real GDP is higher but the growth rate of real GDP is unchanged.
C)   both the level and growth rate of real GDP are higher.
D)   None of the above are correct.E) A) and B)
F) B) and C)

Question 13

Natural resources

Accepted Answer

A)   are inputs provided by nature.
B)   include land, rivers, and mineral deposits.
C)   take two forms: renewable and nonrenewable.
D)   All of the above are correct.E) B) and C)
F) C) and D)

Question 14

If a good has become more scarce, then we know for sure that

Accepted Answer

A)   the demand for it increased.
B)   the supply of it decreased.
C)   either the demand for it increased or the supply of it decreased.
D)   both the supply of it and the demand for it decreased.E) A) and D)
F) B) and C)

Question 15

Proprietary technology is knowledge that is

Accepted Answer

A)   known but no longer used much.
B)   known, but only recently discovered.
C)   known mostly by only those in a certain profession.
D)   known only by the company that discovered it.E) B) and C)
F) A) and C)

Question 16

The president of a poor country has announced that he will implement the following measures which he claims are designed to increase growth: 1. Reduce corruption in the legal system; 2. Reduce reliance on market forces because they allocate goods and services in an unfair manner; 3. Restrict investment in domestic industries by foreigners because they take some of the profits out of the country; 4. Encourage trade with neighboring countries; and 5. Increase the fraction of GDP devoted to consumption. How many of these measures will have a positive effect on growth?

Accepted Answer

A)   1
B)   2
C)   3
D)   4E) A) and D)
F) B) and C)

Question 17

Which of the following is an example of physical capital?

Accepted Answer

A)   the computer a secretary uses
B)   rivers on which goods are transported
C)   the skills and knowledge of a doctor
D)   All of the above are correct.E) None of the above
F) All of the above

Question 18

All else equal, if there are diminishing returns, then which of the following is true if a country increases its capital by one unit?

Accepted Answer

A)   Output will rise by more than it did when the previous unit was added.
B)   Output will rise but by less than it did when the previous unit was added.
C)   Output will fall by more than it did when the previous unit was added.
D)   Output will fall but by less then it did when the previous unit was added.E) B) and C)
F) A) and D)

Question 19

Which of the following is an example of physical capital?

Accepted Answer

A)   the strength of workers
B)   on the job training
C)   financial assets like cash and bonds
D)   the equipment in a factoryE) None of the above
F) B) and C)

Question 20

Countries that grew the fastest over the last 100 or so years had average growth rates of real income per person of about

Accepted Answer

A)   1.5 percent per year.
B)   2.0 percent per year.
C)   2.5 percent per year.
D)   3.0 percent per year.E) A) and B)
F) All of the above

Exam 7: Production and Growth

If there are constant returns to scale, the production function can be written as

Correct Answer
verified

All else equal, if there are diminishing returns, then which of the following is true if a country increases its capital by one unit?

Correct Answer
verified

Over the period 19002010, Brazil's rate of economic growth exceeded that of China.

Correct Answer
verified

Country A experienced a growth rate of real GDP per person of 0.5 percent per year throughout the 1900's. In view of other countries' experiences, country A's growth was

Correct Answer
verified

Which of the following statements is correct? In 2010,

Correct Answer
verified

John and Miguel are fishermen. When they go fishing, John consistently catches 2 or 3 fish per hour, while Miguel consistently catches 5 or 6 fish per hour. Miguel's exceeds that of John.

Correct Answer
verified

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?

Correct Answer
verified

Which of the following is a determinant of productivity?

Correct Answer
verified

If a good has become more scarce, then we know for sure that

Correct Answer
verified

Countries that grew the fastest over the last 100 or so years had average growth rates of real income per person of about

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Proprietary technology is knowledge that is

Correct Answer
verified

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

Correct Answer
verified

Other things the same, if a country raises its saving rate, then in the long run

Correct Answer
verified

Natural resources

Correct Answer
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Which of the following is an example of physical capital?

Correct Answer
verified

"When workers acquire tools, they become more productive." This statement reflects the general fact that is a determinant of productivity.

Correct Answer
verified
physical c...
View Answer

Which of the following is an example of physical capital?

Correct Answer
verified

Scenario 25-1. An economy's production form takes the form Y = AFL, K, H, N) . -Refer to Scenario 25-1. In the production function, which of the following represents technology?

Correct Answer
verified

Exam 7: Production and Growth

If there are constant returns to scale, the production function can be written as

Correct AnswerverifiedShow Answer

All else equal, if there are diminishing returns, then which of the following is true if a country increases its capital by one unit?

Correct AnswerverifiedShow Answer

Over the period 1900­2010, Brazil's rate of economic growth exceeded that of China.

Correct AnswerverifiedShow Answer

Country A experienced a growth rate of real GDP per person of 0.5 percent per year throughout the 1900's. In view of other countries' experiences, country A's growth was

Correct AnswerverifiedShow Answer

Which of the following statements is correct? In 2010,

Correct AnswerverifiedShow Answer

John and Miguel are fishermen. When they go fishing, John consistently catches 2 or 3 fish per hour, while Miguel consistently catches 5 or 6 fish per hour. Miguel's exceeds that of John.

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

Which of the following is a determinant of productivity?

Correct AnswerverifiedShow Answer

If a good has become more scarce, then we know for sure that

Correct AnswerverifiedShow Answer

Countries that grew the fastest over the last 100 or so years had average growth rates of real income per person of about

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Proprietary technology is knowledge that is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Other things the same, if a country raises its saving rate, then in the long run

Correct AnswerverifiedShow Answer

Natural resources

Correct AnswerverifiedShow Answer

Which of the following is an example of physical capital?

Correct AnswerverifiedShow Answer

"When workers acquire tools, they become more productive." This statement reflects the general fact that is a determinant of productivity.

Correct Answerverifiedphysical c...View AnswerShow Answer

Which of the following is an example of physical capital?

Correct AnswerverifiedShow Answer

Scenario 25-1. An economy's production form takes the form Y = AFL, K, H, N) . -Refer to Scenario 25-1. In the production function, which of the following represents technology?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Over the period 19002010, Brazil's rate of economic growth exceeded that of China.

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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physical c...
View Answer

Correct Answer
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Correct Answer
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