WorksheetsChapter 8 Quiz Review
Total questions: 6
Worksheet time: 6mins
Identify whether the following argument is anti-growth or pro-growth:
Earth has only a finite amount of natural resources.
Pro-Growth
Anti-Growth
Which of the following is correct?
An increase in the availability of labor increases labor productivity per hour and grows the economy
With technological progress the same number of workers will produce less total output
A move from inside the production possibilities curve onto the curve shows economic growth
Greater availability of inputs and technological progress are the primary determinants of economic growth
Once a given level of output has been achieved, it will always be possible to reach this output level
Suppose that just by doubling the amount of output that it produces each year, a firm's per-unit production costs fall by 30 percent. This result is an example of:
economies of scale
improved resource allocation
technological advance
the demand factor
the efficiency factor
Identify the situation:
A nation introduces patent laws for the first time
Increases Growth
Decreases Growth
Economic Growth can be shown by:
An outward shift of the production possibilities curve
An inward shift of the production possibilities curve
Movement from a point on to a point inside a production possibilities curve
Movement from one point to another point on a fixed production possibilities curve
Fewer resources producing less output
If real GDP grows at 7 percent per year, then real GDP would double in approximately _______ years.
70
14
10
7
5
