WorksheetsProduction and Growth-Part One
Total questions: 8
Worksheet time: 4mins
Human capital refers to human-made capital such as tools and machinery, as opposed to natural capital such as rivers and mineral deposits
True
False
If a production function exhibits constant returns to scale, then doubling all of the inputs doubles output.
True
False
For a given level of technology, we should expect an increase in productivity within a nation when there is an increase in each of the following except
Labor
physical capital/worker
human capital/worker
natural resources/worker
Which of the following describes an increase in technological knowledge?
A farmer sends his child to agricultural college and the child returns to work on the farm
A farmer hires another day laborer
A farmer buys another tractor
A farmer discovers that it is better to plant in the spring rather than in the fall
If we have the following information about three different countries (A, B, C):
Country (A): Real GDP (20000 units)-Total workers (400 workers)
Country (B): Real GDP (40000 units)-Total workers (400 workers)
Country (C): Real GDP (16000 units)-Total workers (400 workers)
Which country has a higher productivity?
A
B
C
D
International data on real GDP per person give us a sense of how standards of living vary across countries.
True
False
The one variable that stands out as the most significant explanation of large variations in living standards around the world is
productivity
population
preferences
prices
Productivity is defined as
the amount of difficulty that is involved in producing a given quantity of goods and services.
the quantity of labor that is required to produce one unit of goods and services.
the quantity of goods and services produced from each unit of labor input.
the quantity of goods and services produced over a given amount of time.
