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Exam 7: Economic Growth

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Question 71

Multiple Choice

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U.S.productivity growth has rebounded since 1995 largely as a result of:

A) increases in human capital.
B) discoveries of new natural resources.
C) increased political stability.
D) advances in information and communication technology.

E) C) and D)
F) B) and D)

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Question 72

Multiple Choice

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Mike and Tom debone chicken breasts for Ted's Chicken Co.Mike is new and can only debone 60 chicken breasts per hour, while Tom's experience allows him to debone 120 chicken breasts per hour.Both Mike and Tom work 40 hours per week.Their average hourly productivity as a team is ______ chicken breasts.

A) 60
B) 75
C) 90
D) 100

E) B) and C)
F) B) and D)

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Question 73

Multiple Choice

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The population of Omega totals one million people, 30 percent of whom are employed.Average output per worker in Alpha is $30,000.Real GDP per person in Alpha totals:

The key variable in determining changes in a country's standard of living is the:

Real GDP per person in Westland is $30,000, while real GDP in Eastland is $10,000, Westland's real GDP per person is growing at 3percent per year and Eastland's real GDP per person is growing at 3 percent per year.If these growth rates persist indefinitely, then:

To increase future living standards by pursuing higher current rates of investment spending, an economy must:

Three workers run a house painting business and always work the same number of hours together.The paint they use requires applying two coats.Each worker paints 200 square feet per hour using a roller or 80 square feet per hour using a brush.If a technological advance provides a paint that only requires one coat, their average labor productivity per hour as a team:

Assume that average labor productivity is the same in each country.Based on the information in the table, which country has the highest real GDP per capita?

Arguments that economic growth must be constrained by environmental problems and limits of natural resources ignore the fact that economic growth can:

The construction of the interstate highway system in the United States is an example of a government policy to promote economic growth by:

An example of a government policy to provide a framework within which the private sector can operate productively is:

Alpha has $40,000 of capital per worker, while Beta has $5,000 of capital per worker.In all other respects, the two countries are the same.According to the principle of diminishing returns to capital, an additional unit of capital will increase output ______ in Alpha compared to Beta, holding other factors constant.

The average annual growth rates of labor productivity from 1947to 1973 were ______ the average rates over the period from 1973 to 1995.

Bank C promises to pay a compound annual interest rate of 6 percent, while Bank S pays a 10 percent simple annual interest rate on deposits.If you deposit $1,000 in each bank, after 10 years, your deposit in Bank C equals _____, while your deposit in Bank S equals ______.

Real GDP per person in Richland is $20,000, while real GDP per person in Poorland is $10,000.However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's real GDP per person is growing at 3 percent per year.After 50 years, real GDP per person in Richland minus real GDP in Poorland is:

If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:

Fred and Barney fill egg cartons with eggs.Fred just started the job and can fill only 25 cartons an hour.Barney has significant on-the-job experience and can fill 50 cartons an hour.Both Fred and Barney work 50 hours a week.Fred's average weekly productivity is ______ cartons; Barney's average weekly productivity is ______ cartons; and as a team their average weekly productivity is ______ cartons.

Assume that the share of population employed in all countries is 50 percent.Based on the information in the table, which country has the smallest real GDP per capita?

Average labor productivity is determined by:

The principle that if the amount of labor and other inputs is held constant, then the greater the amount of capital in use, the less an additional unit of capital adds to production is called the principle of: