Question 1

Which of the following institutional structures is most likely to promote growth?

Accepted Answer

A)   A well-enforced system of patents and copyrights.
B)   A tightly regulated market system.
C)   A system of tariffs and other trade barriers to protect domestic companies.
D)   All of these.E) A) and B)
F) A) and C)

Question 2

The period in the U.S.economy from 1995 to 2012 is characterized by:

Accepted Answer

A)   a higher trend rate of saving.
B)   a higher natural rate of unemployment.
C)   a higher trend rate of productivity growth.
D)   the end of the business cycle.E) A) and B)
F) A) and C)

Question 3

In 1998,living standards in the United States were nearly ______ times higher than those in Africa.

Accepted Answer

A)   3
B)   8
C)   14
D)   20E) All of the above
F) A) and B)

Question 4

Increases in household and business spending are a demand factor in economic growth.

Accepted Answer

A) True 
 B)False

Question 5

Improvements in education and training explain about 80 percent of the historical growth of U.S.labor productivity.

Accepted Answer

A) True 
 B)False

Question 6

Improvements in technology are considered a demand factor in economic growth.

Accepted Answer

A) True 
 B)False

Question 7

The percentage of U.S.adults with a high school education or has:

Accepted Answer

A)   remained constant since the 1960s.
B)   risen from 8 percent in 1960 to 31 percent in 2012.
C)   risen to over 90 percent in the twenty-first century.
D)   risen from 41 percent in 1960 to 88 percent in 2012.E) B) and C)
F) C) and D)

Question 8

Which of the following statements is correct?

Accepted Answer

A)   The U.S.population has increased more rapidly than real GDP in recent decades.
B)   Improved education and training of labor is the most important source of U.S.productivity growth.
C)   The average American factory worker has about 16 years of formal education.
D)   The amount of real capital used per worker has increased historically in the United States.E) A) and C)
F) C) and D)

Question 9

For a nation's real GDP per capita to rise during a year:

Accepted Answer

A)   consumption spending must increase.
B)   real GDP must increase more rapidly than population.
C)   population must increase more rapidly than real GDP.
D)   investment spending must increase.E) B) and C)
F) A) and D)

Question 10

Which of the following is a true statement?

Accepted Answer

A)   Economists who support economic growth say that it is the most practical route to the higher standards of living that the vast majority of people desire.
B)   Most economists believe that the recent rise in the average rate of productivity growth implies an end to the business cycle.
C)   Most economists believe that increases in real GDP actually produce decreases in overall economic well-being because of spillover costs.
D)   Mainstream economists disagree as to whether the rate of productivity growth was higher between 1995 and 2012 or between 1973 and 1995.E) None of the above
F) B) and D)

Question 11

The achievement of full employment through time will:

Accepted Answer

A)   diminish labor productivity.
B)   reduce the level of investment as a percentage of GDP.
C)   increase the realized rate of economic growth.
D)   have no impact on the rate of economic growth.E) A) and B)
F) A) and C)

Question 12

(Consider This) Over the past several decades,the percentage of women in the paid U.S.workforce has:

Accepted Answer

A)   increased in spite of declining wages for women.
B)   decreased because relatively more women are staying home to raise their children.
C)   increased due to higher wages,expanded job accessibility,changing preferences and attitudes,and other factors.
D)   increased for unmarried women but decreased for married women.E) B) and C)
F) None of the above

Question 13

An increase in total spending generates economic growth by shifting the production possibilities curve farther from the origin.

Accepted Answer

A) True 
 B)False

Question 14

Economists who believe that the 1995-2012 rise in the average rate of productivity growth may be long lasting claim that the above-normal economic growth in the United States between 1995 and 2012 was caused by:

Accepted Answer

A)   increases in the rate of personal saving.
B)   increased entrepreneurial activity,application of information technology,and global competition.
C)   rising federal budget surpluses that reduced real interest rates.
D)   expansionary monetary policy.E) A) and B)
F) None of the above

Question 15

Labor productivity is measured by:

Accepted Answer

A)   the ratio of capital to labor.
B)   real output per worker hour.
C)   real output per capita.
D)   the ratio of worker hours to real GDP.E) B) and C)
F) B) and D)

Question 16

Globally,on average test scores of eighth-grade math and science students,the U.S.ranks (as of 2011) :

Accepted Answer

A)   5th and 7th,respectively.
B)   1st and 1st,respectively.
C)   9th and 10th,respectively.
D)   8th and 6th,respectively.E) All of the above
F) A) and D)

Question 17

Economic growth is best defined as an increase in:

Accepted Answer

A)   either real GDP or real GDP per capita.
B)   nominal GDP.
C)   total consumption expenditures.
D)   wealth in the economy.E) A) and B)
F) A) and C)

Question 18

The fundamental invention underpinning the 1995-2012 rise in the average rate of productivity growth is the:

Accepted Answer

A)   microchip.
B)   fuel cell.
C)   Internet.
D)   personal computer.E) A) and D)
F) C) and D)

Question 19

Proponents of economic growth make all of the following arguments except:

Accepted Answer

A)   growth is the basic means of improving living standards.
B)   it is easier to reduce poverty when the economy is growing than when it is not.
C)   there is a direct relationship between a growing real GDP and rising pollution.
D)   growth provides an economic environment favorable to education and self-fulfillment.E) A) and D)
F) None of the above

Question 20

Which of the following economic regions has experienced the least growth in real GDP per capita since 1820?

Accepted Answer

A)   Africa.
B)   Asia excluding Japan.
C)   Latin America.
D)   Western Europe.E) None of the above
F) B) and C)

Exam 27: Economic Growth

An increase in total spending generates economic growth by shifting the production possibilities curve farther from the origin.

Correct AnswerverifiedShow Answer

Economists who believe that the 1995-2012 rise in the average rate of productivity growth may be long lasting claim that the above-normal economic growth in the United States between 1995 and 2012 was caused by:

Correct AnswerverifiedShow Answer

Globally,on average test scores of eighth-grade math and science students,the U.S.ranks (as of 2011) :

Correct AnswerverifiedShow Answer

The period in the U.S.economy from 1995 to 2012 is characterized by:

Correct AnswerverifiedShow Answer

For a nation's real GDP per capita to rise during a year:

Correct AnswerverifiedShow Answer

In 1998,living standards in the United States were nearly ______ times higher than those in Africa.

Correct AnswerverifiedShow Answer

Which of the following institutional structures is most likely to promote growth?

Correct AnswerverifiedShow Answer

Increases in household and business spending are a demand factor in economic growth.

Correct AnswerverifiedShow Answer

Improvements in education and training explain about 80 percent of the historical growth of U.S.labor productivity.

Correct AnswerverifiedShow Answer

Which of the following economic regions has experienced the least growth in real GDP per capita since 1820?

Correct AnswerverifiedShow Answer

The percentage of U.S.adults with a high school education or has:

Correct AnswerverifiedShow Answer

The achievement of full employment through time will:

Correct AnswerverifiedShow Answer

Labor productivity is measured by:

Correct AnswerverifiedShow Answer

Economic growth is best defined as an increase in:

Correct AnswerverifiedShow Answer

Improvements in technology are considered a demand factor in economic growth.

Correct AnswerverifiedShow Answer

The fundamental invention underpinning the 1995-2012 rise in the average rate of productivity growth is the:

Correct AnswerverifiedShow Answer

Which of the following is a true statement?

Correct AnswerverifiedShow Answer

Which of the following statements is correct?

Correct AnswerverifiedShow Answer

(Consider This) Over the past several decades,the percentage of women in the paid U.S.workforce has:

Correct AnswerverifiedShow Answer

Proponents of economic growth make all of the following arguments except:

Correct AnswerverifiedShow Answer

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