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Exam 19: Economic Growth, Productivity, and Living Standards

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Question 41

Multiple Choice

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The biggest barrier to growth for many of the poorest countries in the world is the need for:

A) larger populations.
B) more human capital.
C) more physical capital.
D) improved legal and political frameworks.

E) A) and B)
F) All of the above

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Question 42

Multiple Choice

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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.

A) 25; 50; 75
B) 25; 50; 37.5
C) 1,000; 2,000; 1,500
D) 1,250; 2,500; 1,875

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

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Question 43

Multiple Choice

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Entrepreneurs are people who:

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

Defenders of limits on economic growth are concerned that continued economic growth will eventually:

Real GDP per person in both Alpha and Omega is equal to $2,000. Over the next 100 years, real GDP per person grows at a 1.5 percent annual rate in Alpha and at a 2.5 percent annual rate in Omega. After 100 years, real GDP per person in Alpha is ________ smaller than real GDP per person in Omega.

Governments contribute to increased average labor productivity in each of the following ways except by:

The costs of economic growth include all of the following except consumption sacrificed for:

A worldwide slowdown in productivity growth occurred:

Getting a college degree is an example of investing in:

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

In order to increase the capital stock, society must divert ________ that could be otherwise used to increase the current supply of ________.

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

Which of the following is an example of an investment in human capital?

The application of new technologies to the production process will increase:

Equipment used to produce other goods and services are called:

A government policy of providing job training for unskilled youths is an example of a policy to promote economic growth by:

Usually an abundance of natural resources ________ average labor productivity.

Betty and Wilma are the only two cashiers employed at a retail store. Each of them works the same 40 hours per week. By manually entering the price of each product purchased into the cash register, Betty can check out 20 customers and Wilma can check out 30 customers per hour. The store owner replaces the old cash registers with new ones that automatically scan product prices into the register. With the new cash registers, Betty and Wilma can each check out 60 customers per hour. Their average labor productivity as a team before the new cash registers were introduced was ________ customers per hour and ________ customers per hour after the new machines were installed.

Real GDP per person equals average labor productivity: