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Exam 25: Production and Growth

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Question 81

Multiple Choice

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After adjusting for inflation, over time the prices of most natural resources have been

A) steady or falling, meaning that our ability to conserve them is growing more rapidly than their supplies are dwindling.
B) steady or falling, meaning that their supplies are dwindling more rapidly than our ability to conserve them is growing.
C) rising, meaning that our ability to conserve them is growing more rapidly than their supplies are dwindling.
D) rising, meaning that their supplies are dwindling more rapidly than our ability to conserve them is growing.

E) A) and B)
F) B) and C)

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Question 82

Multiple Choice

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Inward-oriented policies

A) include imposing tariffs and other trade restrictions.
B) have generally increased productivity and growth in the countries that pursued them.
C) promote the production of goods and services that the country produces most efficiently.
D) All of the above are correct.

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

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Question 83

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The people of Country X save 10 percent of their income, and the people of Country Y save 25 percent of their income. If these respective saving rates persist forever, will one country or the other enjoy a higher rate of income growth forever? Explain.

Which of the following countries had the lowest level of real GDP per person in 2010?

Measured in 2010 dollars, real GDP per person in the United States in 2010 was about

If an economy with constant returns to scale were to double its physical capital stock, its available natural resources, and its human capital, but leave the size of the labor force the same,

As capital per worker rises, output per worker rises. However, this increase in output per worker is smaller at smaller levels of existing capital per worker.

When Chile experiences investment from abroad, it experiences, as a result,

Which well­known economist from the past asserted that "the power of population is infinitely greater than the power in the earth to produce subsistence for man?"

Consider the production function Y=2F(L,K,H,N). Suppose F(12,10,9,7)=100 and F(24,20,18,14)=180. Does the production function have the property of constant returns to scale? Why or why not?

Over extended periods of time, population growth

Figure 25-1 -Refer to Figure 21-1. Does the figure represent the idea that the amount of capital per worker influences the amount of output per worker, or does the figure represent the idea that the amount of output per worker influences the amount of capital per worker?

Allied Business Consultants employs five researchers that each work 8 hour days. In one day the researchers prepared 10 reports for its 2 largest clients. What was Allied Business Consultants' productivity?

Which of the following are human capital and physical capital, respectively?

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

The level of real GDP is a good measure of economic prosperity, and the growth of real GDP is a good measure of __________.

The population growth rate tends to be higher in developed countries than in developing countries.

What do we mean when we say that some technological knowledge is not proprietary?

Phoenix furniture uses 12 workers, each working eight hours, to produce 192 rocking chairs. What is Phoenix's productivity?

In one day Madison Laundry washed 4,000 pounds of laundry with 5 workers who each worked 8 hours. What was its productivity?