Question 1

Miller's Dairy produces 960 gallons of milk per day. Each milker at the dairy works 8 hours per day and produces the same number of gallons of milk per hour. If the Dairy's productivity is 12 gallons of milk per hour of labor, then how many milkers does the shop employ?

Accepted Answer

A)   8
B)   10
C)   80
D)   120E) A) and B)
F) A) and C)

Question 2

What is the difference between human capital and technology?

Accepted Answer

Technology is society's understanding of...

Question 3

Adam and Doug both build birdhouses. Adam works 30 hours a week and produces 15 bird houses. Doug works 20 hours a week and produces 12 bird houses. Which of the following is correct?

Accepted Answer

A)   Adam's production and productivity are higher than Doug's.
B)   Adam's production is higher than Doug's, but Doug's productivity is higher than Adam's.
C)   Doug's production is higher than Adam's, but Adam's productivity is higher than Doug's.
D)   Doug's production and productivity are higher than Adam's.E) A) and B)
F) A) and C)

Question 4

Journey Motorcycles produced 100 motorcycles using 50 workers who each worked 8 hours a day. Journey's productivity was 1/4.

Accepted Answer

A) True 
 B)False

Question 5

If WarmWear, a U.S.manufacturer of winter clothing, opens a new factory in Austria, then

Accepted Answer

A)   Austrian GNP increases by more than Austrian GDP, because GDP includes income earned by foreigners working in Austria.
B)   Austrian GNP increases by more than Austrian GDP, because GDP excludes income earned by foreigners working in Austria.
C)   Austrian GNP increases by less than Austrian GDP, because GDP includes income earned by foreigners working in Austria.
D)   Austrian GNP increases by less than Austrian GDP, because GDP excludes income earned by foreigners working in Austria.E) A) and C)
F) C) and D)

Question 6

An important prerequisite for the price system to work is an economy-wide respect for _______ rights.

Accepted Answer

The answer of An important prerequisite for the price system...

Question 7

On the basis of theory and empirical evidence, economists have reached several conclusions about economic growth. Which of the following is not one of these conclusions?

Accepted Answer

A)   A relatively simple way to increase growth rates permanently is to increase a country's saving rate.
B)   Growth is generally inhibited rather than promoted by policies like protective tariffs.
C)   Well-established property rights that are enforced by fair and efficient courts are important to economic growth.
D)   Countries with few domestic natural resources still have opportunities for economic growth.E) A) and B)
F) B) and D)

Question 8

If a country has a higher level of productivity than another, then it also has a higher level of real GDP.

Accepted Answer

A) True 
 B)False

Question 9

How do outward-oriented policies affect a nation's productivity?

Accepted Answer

Most economists believe that poor nation...

Question 10

Senator Smith says that in order to help poor countries develop, the United States should: 1. Prevent U.S. corporations from investing in poor countries because they take profits that the poor countries should have; 2. Not import goods from poor countries that use child labor; 3. Work to promote political stability in poor countries; and 4. Reduce poor countries' reliance on market forces in their economies. How many of these ideas are likely to help poor countries grow?

Accepted Answer

A)   1
B)   2
C)   3
D)   4E) None of the above
F) A) and B)

Question 11

Which of the following statements is true?

Accepted Answer

A)   The quantity of natural resources per worker can influence productivity.
B)   Technological knowledge and human capital are closely related.
C)   Over long periods of time, the prices of most natural resources are stable or falling, relative to other prices.
D)   All of the above are correct.E) B) and D)
F) A) and B)

Question 12

Which of the following is correct?

Accepted Answer

A)   Countries with the highest growth rates over the last 120 years are the ones that had the highest level of real GDP 120 years ago.
B)   Most countries have had little fluctuation around their average growth rates during the past 120 years.
C)   The ranking of countries by income changes little over time.
D)   Even though Japan had a higher growth rate of real GDP per person than the U.S. over the last 120 years, it's level of real GDP per person is less than that of the U.S.E) B) and C)
F) A) and B)

Question 13

Over the last 140 years or so, on average Canada's real GDP per­person grew faster than that of the U.K.

Accepted Answer

A) True 
 B)False

Question 14

If natural resources had become scarcer, then we would expect their

Accepted Answer

A)   prices to have risen more than inflation as they have.
B)   prices to have risen more than inflation, but they have not.
C)   known quantities to have fallen as they have.
D)   known quantities to have fallen but they have not.E) B) and D)
F) B) and C)

Question 15

When a country imposes tariffs, intending to protect domestic firms from foreign competition, it is pursuing_______-oriented policies.

Accepted Answer

The answer of When a country imposes tariffs, intending to...

Question 16

Country A had a population of 1,000, of whom 600 worked an average of 8 hours a day and had a productivity of 2.5. Country B had a population of 800, of whom 560 worked 8 hours a day and had productivity of 3.0. Country

Accepted Answer

A)   A had the higher level of real GDP and real GDP per person.
B)   A had the higher level of real GDP and Country B had the higher level of real GDP per person
C)   B had the higher level of real GDP and Country A had the higher level of real GDP per person
D)   B had the higher level of real GDP and real GDP per person.E) All of the above
F) B) and D)

Question 17

Which of the following best describes the response of output as time passes to an increase in the saving rate?

Accepted Answer

A)   The growth rate of output does not change.
B)   The growth rate of output increases and gets even larger as time passes.
C)   The growth rate of output increases and does not change as time passes.
D)   The growth rate of output increases, but diminishes to its former level as time passes.E) A) and B)
F) C) and D)

Question 18

All else equal, which of the following would tend to cause real GDP per person to rise?

Accepted Answer

A)   a change from inward-oriented policies to outward-oriented policies
B)   an increase in investment in human capital
C)   strengthening of property rights.
D)   All of the above are correct.E) B) and C)
F) A) and C)

Question 19

Which of the following nations experienced average rates of economic growth of less than 2 percent over the last 100 years or so?

Accepted Answer

A)   Bangladesh
B)   Pakistan
C)   United Kingdom
D)   All of the above are correct.E) A) and B)
F) A) and C)

Question 20

In 2010, real GDP per person in Bangladesh was

Accepted Answer

A)   about 3 times as high as it was in the U.S. in 1870.
B)   about twice as high as it was in the U.S. in 1870.
C)   about the same as it was in the U.S. in 1870.
D)   less than it was in the U.S. in 1870.E) A) and B)
F) None of the above

Exam 17: Production and Growth

If natural resources had become scarcer, then we would expect their

Correct Answer
verified

When a country imposes tariffs, intending to protect domestic firms from foreign competition, it is pursuing_______-oriented policies.

Correct Answer
verified

If WarmWear, a U.S.manufacturer of winter clothing, opens a new factory in Austria, then

Correct Answer
verified

If a country has a higher level of productivity than another, then it also has a higher level of real GDP.

Correct Answer
verified

Correct Answer
verified

Which of the following best describes the response of output as time passes to an increase in the saving rate?

Correct Answer
verified

How do outward-oriented policies affect a nation's productivity?

Correct Answer
verified
Most economists believe that poor nation...
View Answer

Adam and Doug both build birdhouses. Adam works 30 hours a week and produces 15 bird houses. Doug works 20 hours a week and produces 12 bird houses. Which of the following is correct?

Correct Answer
verified

Over the last 140 years or so, on average Canada's real GDP perperson grew faster than that of the U.K.

Correct Answer
verified

Country A had a population of 1,000, of whom 600 worked an average of 8 hours a day and had a productivity of 2.5. Country B had a population of 800, of whom 560 worked 8 hours a day and had productivity of 3.0. Country

Correct Answer
verified

Miller's Dairy produces 960 gallons of milk per day. Each milker at the dairy works 8 hours per day and produces the same number of gallons of milk per hour. If the Dairy's productivity is 12 gallons of milk per hour of labor, then how many milkers does the shop employ?

Correct Answer
verified

All else equal, which of the following would tend to cause real GDP per person to rise?

Correct Answer
verified

In 2010, real GDP per person in Bangladesh was

Correct Answer
verified

Which of the following nations experienced average rates of economic growth of less than 2 percent over the last 100 years or so?

Correct Answer
verified

Which of the following statements is true?

Correct Answer
verified

Journey Motorcycles produced 100 motorcycles using 50 workers who each worked 8 hours a day. Journey's productivity was 1/4.

Correct Answer
verified

What is the difference between human capital and technology?

Correct Answer
verified
Technology is society's understanding of...
View Answer

On the basis of theory and empirical evidence, economists have reached several conclusions about economic growth. Which of the following is not one of these conclusions?

Correct Answer
verified

An important prerequisite for the price system to work is an economy-wide respect for _______ rights.

Correct Answer
verified

Which of the following is correct?

Correct Answer
verified

Exam 17: Production and Growth

If natural resources had become scarcer, then we would expect their

Correct AnswerverifiedShow Answer

When a country imposes tariffs, intending to protect domestic firms from foreign competition, it is pursuing_______-oriented policies.

Correct AnswerverifiedShow Answer

If WarmWear, a U.S.manufacturer of winter clothing, opens a new factory in Austria, then

Correct AnswerverifiedShow Answer

If a country has a higher level of productivity than another, then it also has a higher level of real GDP.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following best describes the response of output as time passes to an increase in the saving rate?

Correct AnswerverifiedShow Answer

How do outward-oriented policies affect a nation's productivity?

Correct AnswerverifiedMost economists believe that poor nation...View AnswerShow Answer

Adam and Doug both build birdhouses. Adam works 30 hours a week and produces 15 bird houses. Doug works 20 hours a week and produces 12 bird houses. Which of the following is correct?

Correct AnswerverifiedShow Answer

Over the last 140 years or so, on average Canada's real GDP per­person grew faster than that of the U.K.

Correct AnswerverifiedShow Answer

Country A had a population of 1,000, of whom 600 worked an average of 8 hours a day and had a productivity of 2.5. Country B had a population of 800, of whom 560 worked 8 hours a day and had productivity of 3.0. Country

Correct AnswerverifiedShow Answer

Miller's Dairy produces 960 gallons of milk per day. Each milker at the dairy works 8 hours per day and produces the same number of gallons of milk per hour. If the Dairy's productivity is 12 gallons of milk per hour of labor, then how many milkers does the shop employ?

Correct AnswerverifiedShow Answer

All else equal, which of the following would tend to cause real GDP per person to rise?

Correct AnswerverifiedShow Answer

In 2010, real GDP per person in Bangladesh was

Correct AnswerverifiedShow Answer

Which of the following nations experienced average rates of economic growth of less than 2 percent over the last 100 years or so?

Correct AnswerverifiedShow Answer

Which of the following statements is true?

Correct AnswerverifiedShow Answer

Journey Motorcycles produced 100 motorcycles using 50 workers who each worked 8 hours a day. Journey's productivity was 1/4.

Correct AnswerverifiedShow Answer

What is the difference between human capital and technology?

Correct AnswerverifiedTechnology is society's understanding of...View AnswerShow Answer

On the basis of theory and empirical evidence, economists have reached several conclusions about economic growth. Which of the following is not one of these conclusions?

Correct AnswerverifiedShow Answer

An important prerequisite for the price system to work is an economy-wide respect for _______ rights.

Correct AnswerverifiedShow Answer

Which of the following is correct?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Most economists believe that poor nation...
View Answer

Correct Answer
verified

Over the last 140 years or so, on average Canada's real GDP perperson grew faster than that of the U.K.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Technology is society's understanding of...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified