24. Which of the following is correct?

C. The ranking of countries by income changes substantially over time.

A.Countries with the highest growth rates over the last 100 years are the ones that had the highest level of real GDP 100 years ago.

B.Most countries have had little fluctuation around their average growth rates during the past 100 years.

D.Over the last 100 years, Japan had the highest real GDP growth rate, and now has the highest real GDP per person.

28. In 2002 real GDP per person in Olympus was 4,500. In 2001 it was 4,250. What was the growth rate of real GDP per person?

D.None of the above are correct to the nearest tenth.

D.explains most of the differences across countries in the standard of living.

A.is nearly the same across countries and so provides no help explaining differences across countries in the standard of living.

B.explains very little of the differences across countries in the standard of living.

C. explains some, but not most of the differences across countries in the standard of living.

34. Which of the following is a correct way to measure productivity?

B.divide output by the number of hours worked

A.divide the number of hours worked by output

D.divide the change in output by the change in number of hours worked

35. Cedar Valley Furniture uses 5 workers working 8 hours to produce 80 rocking chairs. What is the productivity of these workers?

D.None of the above are correct.

36. Which of the following is correct?

B.Americans have a higher standard of living than Indonesians because American workers are more productive than Indonesian workers.

A.Productivity is hours worked divided by output produceD.

C. Changes in the market prices of most resources indicate that they are becoming increasingly scarce.

37. Which of the following is NOT correct?

A.Countries that have had higher output growth per person have typically not done so with higher productivity growth.

B.A country’s standard of living and its productivity are closely relateD.

C. Productivity refers to output produced per hour of work.

D.Increases in productivity can be used to increase output or leisure.

38. Both Tom and Jerry work eight hours a day. Tom can produce six baskets of goods per hour while Jerry can produce four baskets of the same goods per hour. It follows that Tom’s

A.productivity is greater than Jerry’s.

B.output is greater than Jerry’s.

C. standard of living is higher than Jerry’s.

43. Which of the following would not be considered physical capital?

B.a computer used to help Mercury Delivery Service keep track of their orders

D.a desk used in an accountant’s office

44. Which of the following would be considered physical capital?

A.the pizza oven at the Liquidity Preferences Tavern

B.soy beans used to make soy milk

C. the skills and knowledge of a barber

45. Human capital is the

A.knowledge and skills that workers acquire through education, training, and experience.

B.stock of equipment and structures that is used to produce goods and services.

C. total number of hours worked in an economy.

D.same thing as technological knowledge.

46. Which of the following is considered human capital?

A.knowledge acquired from early childhood education programs

B.knowledge acquired from grade school

C. knowledge acquired from on-the-job training

47. Which of the following is human capital?

B.understanding how to use a company’s accounting software

A.breakfasts served in a company’s cafeteria

C. training videos for new corporate employees

48. Which of the following is considered human capital?

C. the things you have learned this semester

A.the comfortable chair in your dorm room where you read economics texts

B.the amount you get paid each week to work at the library

D.any capital goods that require a human to be present to operate

49. Which of the following is a part of your Economics professor’s human capital?

A.the things she learned at some prestigious university

50. Natural resources

A.are inputs provided by nature.

B.are inputs such as land, rivers, and mineral deposits.

C. take two forms: renewable and nonrenewable.

51. Which of the following lists contains, in this order, natural resources, human capital, and physical capital?

A.For a restaurant: the produce used to make salad, the things the Chef learned at Cooking School, the freezers where the steaks are kept.

B.For a furniture company: wood, the company cafeteria, saws.

C. For a railroad: fuel, railroad engines, railroad tracks.

D.None of the above are correct.

54. In a market economy, we know that a resource has become scarcer when

A.its price rises relative to other prices.

B.it is non-renewable and some of it is useD.

C. people search for substitutes.

56. Greater scarcity of a natural resource is indicated

C. by an in increase in its price that is greater than the rate of inflation .

A.simply by an increase in its price.

B.by an increase in its price that is greater than the rate of inflation , but only if the increase in price is created by a reduction in supply.

D.by an increase in its price that is greater than the rate of inflation , but only if the stock of the resource has fallen.

58. The behavior of market prices over time show that natural resources

C. are not a limit to economic growth.

A.are a limit to economic growth.

B.are unrelated to economic growth.

D.are the major determinant of productivity.

59. Which of the following is correct?

B.The prices of most natural resources are stable or falling relative to other prices.

A.There are no renewable natural resources.

C. Technology requires greater use of natural resources.

60. If natural resources were becoming scarcer, then we would expect their

B.prices to be rising relative to other prices, but this has not occurreD.

A.prices to be rising relative to other prices, as they have been.

C. known quantities to be falling, as they have been.

D.known quantities to be falling, but they have not been.

61. A leading environmental group recently published a report contending that humans are running a “resource deficit” because we are using natural resources faster than they can be regenerateD. The group claims that this means that economic growth will eventually stop, and will even be reverseD. An economist would

C. disagree with the report, in part because it ignores the mitigating effffects of technological change.

A.agree with the report, and would point to rising natural resource prices as evidence.

B.agree with the report, but wouldn’t think it was important because growth will not slow down for several centuries.

D.disagree with the report because labor and capital are the primary determinants of growth, and since they are plentiful, growth will not slow down.

62. Which of the following best states economists’ understanding of the facts concerning the relationship between natural resources and economic growth?

D.Abundant domestic natural resources may help make a country rich, but even countries with few natural resources can have high standards of living.

A.A country with no or few domestic natural resources is destined to be poor.

B.differences in natural resources have virtually no role in explaining differences in standards of living.

C. Some countries can be rich mostly because of their natural resources and countries without natural resources need not be poor, but can never have very high standards of living.

63. In the country of Krypton, the price of lead increased from $10 per pound to $11 per pound during a time when the overall price level increased by 5 percent. During this period, the real price of lead

D.might have increased, decreased or stayed the same; more information is needed to be sure.

64. Proprietary technology is knowledge that is

D.known only by the company that discovers it.

A.known but no longer used much.

B.known, but has only recently been discovereD.

C. known widely by those in a profession.

65. A management professor discovers a way for corporate management to operate more efficiently. He publishes his findings in a journal. His findings are

D.common, but not proprietary, knowledge

A.proprietary and common knowledge.

B.neither proprietary nor common knowledge.

C. proprietary, but not common, knowledge

66. Your company discovers a better way to produce mousetraps, but your better methods are not apparent from the mousetraps themselves. Your knowledge of how to more efficiently produce mousetraps is

C. proprietary technological knowledge.

A.common technological knowledge.

B.common, but not technological, knowledge.

D.proprietary, but not technological, knowledge.

67. Technological knowledge refers to

B.available information on how to produce things.

C. resources expended transmitting society's understanding to the labor force.

D.All of the above are technological knowledge.

68. The relationship between the quantity of output created and the quantity of inputs needed to create it is called

A.the capital accumulation function.

69. If your firm has constant returns to scale, then if you doubled all your inputs your firm’s output would

B.increase, but by less than double.

72. If a production function has constant returns to scale, output can be doubled if

B.any one of the inputs doubles.

D.None of the above are correct.

73. If the production function for an economy had constant returns to scale, the labor force doubled, and all other inputs stayed the same, then real GDP would

C. increase, but by something less than double.

74. If the number of workers in an economy doubled, all other inputs stayed the same, and there were constant returns to scale, productivity would

A.fall to half its former value.

Chapter 25 (A)

Authored by Hằng Nguyễn

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MULTIPLE CHOICE QUESTION

2 mins • 1 pt

1. A nation’s standard of living is measured by its

A.real GDP.

B.real GDP per person.

C. nominal GDP.

D.nominal GDP per person.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

6. The level of real GDP person

A.differs widely across countries, but the growth rate of real GDP per person is similar across countries.

B.is very similar across countries, but the growth rate of real GDP per person differs widely across countries.

C. and the growth rate of real GDP per person are similar across countries.

D.and the growth rate of real GDP per person vary widely across countries.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

9. New products are invented every year. Consequently real GDP growth

A.probably underestimates the rate of real economic growth.

B.probably overestimates the rate of real economic growth.

C. probably accurately estimates the rate of real economic growth.

D.is rarely useD.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

14. Which of the following is true?

A.Although levels of real GDP per person vary substantially from country to country, the growth rate of real GDP per person is similar across countries.

B.Productivity is not closely linked to government policies.

C. The level of real GDP per person is a good gauge of economic prosperity, and the growth rate of real GDP per person is a good gauge of economic progress.

D.Productivity may be measured by the growth rate of real GDP per person.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

15. Which of the following does the level of real GDP measure?

A.total real income

B.productivity

C. the standard of living

D.All of the above are correct.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

16. The average amount of goods and services produced from each hour of a worker's time is called

A.per capita GDP

B.per capita GNP

C. productivity

D.human capital

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

17. A nation's standard of living is determined by

A.its productivity.

B.its gross domestic product.

C. its national income.

D.how much it has relative to others.

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Chapter 25 (A)

1. A nation’s standard of living is measured by its

6. The level of real GDP person

9. New products are invented every year. Consequently real GDP growth

14. Which of the following is true?

15. Which of the following does the level of real GDP measure?

16. The average amount of goods and services produced from each hour of a worker's time is called

17. A nation's standard of living is determined by

24. Which of the following is correct?

28. In 2002 real GDP per person in Olympus was 4,500. In 2001 it was 4,250. What was the growth rate of real GDP per person?

29. In 2002 real GDP in Oceania was 561.0 billion and the population was 2.2 million. In 2001 real GDP was 500.0 billion and the population was 2.0 million. What was the approximate growth rate of real GDP per person?

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