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Exam 18: Economic Growth

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Question 51

Multiple Choice

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If real GDP per person in a country equals $20,000 and 40 percent of the population is employed,then average labor productivity equals:

A) $8,000.
B) $20,000.
C) $40,000.
D) $50,000.

E) None of the above
F) A) and B)

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Question 52

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

A) increasing human capital.
B) increasing physical capital.
C) improving technology.
D) improving the social and legal environment.

E) A) and D)
F) A) and C)

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Question 53

Multiple Choice

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Because of diminishing returns to capital,there is a limit to the increases in average labor productivity that can be gained from additional or improved ______.

The principle economic cost of growth is:

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:

If real GDP per person in a country equals $40,000 and 60 percent of the population is employed,then average labor productivity equals:

If average labor productivity in two countries is the same,average living standards will be higher in the country with:

Average labor productivity is determined by:

The quantity and quality of human capital,physical capital,technology,natural resources,entrepreneurship,and the legal and political environment determine the:

Small differences in annual growth rates of real GDP generate large differences in real GDP over time because of the:

Mike and Tom debone chicken breasts for Ted's Chicken Co.Mike is new and can only debone 60 chicken breasts per hour by hand,while Tom's experience allows him to debone 120 chicken breasts per hour by hand.Ted buys one new machine that can debone 100 chicken breasts per hour.Both Mike and Tom work the same 40 hours per week,but one of them is assigned to operate the machine instead of deboning the chicken breasts by hand.To obtain maximum average hourly productivity,______ is assigned to use the machine and their combined average hourly productivity as a team is ______ chicken breasts.

The biggest problem thwarting economic growth in the poorest countries,compared to the richest countries,is:

When a firm builds a new factory,this is an example of an investment in:

Growth of real GDP per person is totally determined by the growth of average:

Real GDP per person in Northland is $30,000,while real GDP in Southland is $10,000,However,Northland's real GDP per person is growing at 1 percent per year,and Southland's real GDP per person is growing at 3 percent per year.If these growth rates persist indefinitely,then:

Based on the table below and the principle of diminishing returns to capital,then total packages wrapped when a fourth machine is installed must be less than ______ packages. $\begin{array} { | c | c | } \hline \text { Number of (Identical) Machines } & \text { Total Packages Wrapped } \\\hline 1 & 10,000 \\\hline 2 & 13,000 \\\hline 3 & 15,000 \\\hline\end{array}$

A nation's standard of living,as measured by real GDP per person,increases:

If real GDP per person was equal to $2,000 in 1900 and grew at a 1 percent annual rate,what would be the value of real GDP per person 100 years later?

Real GDP per person can increase:

Real GDP per person in the Canada was $7,377 in 1950.Over the next 48 years it grew at a compound annual rate of 2.0%.If instead real GDP per person had grown at an average compound annual rate 2.5%,then real GDP per capita in the Canada in 1998 would have been approximately ______ larger.