Question 1

Compare and contrast the population theories of Malthus and Kremer.

Accepted Answer

The difference is that Malthus predicted...

Question 2

In the 1800s,Europeans purchased stock in American companies that used the funds to build railroads and factories.The Europeans who did this engaged in

Accepted Answer

A)   foreign portfolio investment.
B)   indirect domestic investment.
C)   foreign direct investment.
D)   foreign indirect investment.E) A) and C)
F) B) and C)

Question 3

Which of the following statements is correct?

Accepted Answer

A)   In 1870,real income per person was higher in the United Kingdom than in any other country at that time.
B)   Between 1870 and 2008,India experienced significantly higher growth of real income per person than did the United States.
C)   Between 1870 and 2008,the United States experienced significantly higher growth of real income per person than did Canada.
D)   All of the above are correct.E) C) and D)
F) None of the above

Question 4

If a country were to increase its saving rate,then in the long run it would also increase its

Accepted Answer

A)   level of income.
B)   growth rate of income.
C)   growth rate of productivity.
D)   All of the above are correct.E) A) and D)
F) B) and C)

Question 5

Which of the following is correct?

Accepted Answer

A)   If developing countries limit career and educational opportunities for women,birth rates are likely to be lower.
B)   Growth rates in developed and developing countries are nearly the same.
C)   Historically,in periods where the rate of population growth was high,so was the rate of growth in world real GDP per person.
D)   None of the above is correct.E) B) and C)
F) A) and D)

Question 6

Which of the following is considered human capital? Knowledge acquired from

Accepted Answer

A)   early childhood education programs
B)   job training
C)   on-the-job experience
D)   All of the above are correct.E) A) and C)
F) None of the above

Question 7

Which of the following statements is not correct?

Accepted Answer

A)   The catch-up effect is based on the assumption of diminishing returns to capital.
B)   Investment in poor countries by citizens of rich countries is one way poor countries can learn new technologies.
C)   Malthus argued that charity and government aid was an effective way to reduce poverty.
D)   Peace and justice are keys to growth.E) C) and D)
F) B) and C)

Question 8

In 2008,income per person in the United States was about 16 times that in India.

Accepted Answer

A) True 
 B)False

Question 9

In which of the following cases can we be certain that a natural resource has become scarcer?

Accepted Answer

A)   both the demand for the resource and the supply of the resource have increased.
B)   both the demand for the resource and the supply of the resource have decreased.
C)   the demand for the resource has increased and the supply has decreased.
D)   the demand for the resource has decreased and the supply has increased.E) C) and D)
F) B) and C)

Question 10

A country experiencing a growth rate of 8% per year can go from being one of the poorest to one of the richest in how many generations?

Accepted Answer

A)   one
B)   two
C)   three
D)   fourE) B) and D)
F) All of the above

Question 11

In determining living standards,productivity plays a key role

Accepted Answer

A)   for individuals,but not for nations.
B)   for nations,but not for individuals.
C)   for both nations and individuals.
D)   for neither nations nor individuals.E) B) and C)
F) A) and D)

Question 12

If a production function has constant returns to scale,then if all inputs double so does production.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is human capital?

Accepted Answer

A)   textbooks
B)   hand held power tools
C)   understanding how to repair cars
D)   All of the above are correct.E) A) and B)
F) None of the above

Question 14

Some data that at first might seem puzzling: The share of GDP devoted to investment was similar for the United States and South Korea from 1960-1991.However,during these same years South Korea had a 6 percent growth rate of average annual income per person,while the United States had only a 2 percent growth rate.If the saving rates were the same,why were the growth rates so different?

Accepted Answer

The explanation is based on the concept ...

Question 15

Gramp's Potato Chips produces 1280 bags of potato chips a day.Each employee at Gramp's works 8 hours.If the company's productivity is 20 bags per hour,how many people does Gramp's employ?

Accepted Answer

A)   8
B)   10
C)   80
D)   100E) A) and C)
F) A) and B)

Question 16

Technological knowledge refers to

Accepted Answer

A)   human capital.
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.E) A) and B)
F) A) and C)

Question 17

Which of the following is a good gauge of economic progress?

Accepted Answer

A)   the level of real GDP per person,but not the growth rate of real GDP per person
B)   the level of real GDP per person and the growth rate of real GDP per person
C)   the growth rate of real GDP per person,but not the level of real GDP per person
D)   neither the level nor the growth rate of real GDP per personE) A) and B)
F) None of the above

Question 18

Which of the following is not correct?

Accepted Answer

A)   Across countries there are large differences in the average income per person.These differences are reflected in large differences in the quality of life.
B)   With a growth rate of about 2 percent per year,average income per person doubles about every 35 years.
C)   The ranking of countries by average income changes very little over time.
D)   In some countries real income per person has changed very little over many years.E) All of the above
F) A) and B)

Question 19

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

Accepted Answer

A)   common technological knowledge.
B)   common,but not technological,knowledge.
C)   proprietary technological knowledge.
D)   proprietary,but not technological,knowledge.E) B) and C)
F) A) and D)

Question 20

Suppose a person receives an education in her home country.Which of the following will tend to make the increase in GDP of the person's home country larger than the increase in this person's income?

Accepted Answer

A)   externalities and brain drain
B)   externalities but not brain drain
C)   brain drain but not externalities
D)   neither externalities nor brain drainE) C) and D)
F) A) and C)

Exam 25: Production and Growth

In 2008,income per person in the United States was about 16 times that in India.

Correct Answer
verified

Which of the following statements is correct?

Correct Answer
verified

Which of the following is a good gauge of economic progress?

Correct Answer
verified

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

Correct Answer
verified

If a production function has constant returns to scale,then if all inputs double so does production.

Correct Answer
verified

If a country were to increase its saving rate,then in the long run it would also increase its

Correct Answer
verified

A country experiencing a growth rate of 8% per year can go from being one of the poorest to one of the richest in how many generations?

Correct Answer
verified

Which of the following is considered human capital? Knowledge acquired from

Correct Answer
verified

In the 1800s,Europeans purchased stock in American companies that used the funds to build railroads and factories.The Europeans who did this engaged in

Correct Answer
verified

Suppose a person receives an education in her home country.Which of the following will tend to make the increase in GDP of the person's home country larger than the increase in this person's income?

Correct Answer
verified

Correct Answer
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The explanation is based on the concept ...
View Answer

Compare and contrast the population theories of Malthus and Kremer.

Correct Answer
verified
The difference is that Malthus predicted...
View Answer

Which of the following is human capital?

Correct Answer
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Which of the following statements is not correct?

Correct Answer
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Gramp's Potato Chips produces 1280 bags of potato chips a day.Each employee at Gramp's works 8 hours.If the company's productivity is 20 bags per hour,how many people does Gramp's employ?

Correct Answer
verified

Technological knowledge refers to

Correct Answer
verified

Which of the following is not correct?

Correct Answer
verified

In determining living standards,productivity plays a key role

Correct Answer
verified

Which of the following is correct?

Correct Answer
verified

In which of the following cases can we be certain that a natural resource has become scarcer?

Correct Answer
verified

Exam 25: Production and Growth

In 2008,income per person in the United States was about 16 times that in India.

Correct AnswerverifiedShow Answer

Which of the following statements is correct?

Correct AnswerverifiedShow Answer

Which of the following is a good gauge of economic progress?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

If a production function has constant returns to scale,then if all inputs double so does production.

Correct AnswerverifiedShow Answer

If a country were to increase its saving rate,then in the long run it would also increase its

Correct AnswerverifiedShow Answer

A country experiencing a growth rate of 8% per year can go from being one of the poorest to one of the richest in how many generations?

Correct AnswerverifiedShow Answer

Which of the following is considered human capital? Knowledge acquired from

Correct AnswerverifiedShow Answer

In the 1800s,Europeans purchased stock in American companies that used the funds to build railroads and factories.The Europeans who did this engaged in

Correct AnswerverifiedShow Answer

Suppose a person receives an education in her home country.Which of the following will tend to make the increase in GDP of the person's home country larger than the increase in this person's income?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThe explanation is based on the concept ...View AnswerShow Answer

Compare and contrast the population theories of Malthus and Kremer.

Correct AnswerverifiedThe difference is that Malthus predicted...View AnswerShow Answer

Which of the following is human capital?

Correct AnswerverifiedShow Answer

Which of the following statements is not correct?

Correct AnswerverifiedShow Answer

Gramp's Potato Chips produces 1280 bags of potato chips a day.Each employee at Gramp's works 8 hours.If the company's productivity is 20 bags per hour,how many people does Gramp's employ?

Correct AnswerverifiedShow Answer

Technological knowledge refers to

Correct AnswerverifiedShow Answer

Which of the following is not correct?

Correct AnswerverifiedShow Answer

In determining living standards,productivity plays a key role

Correct AnswerverifiedShow Answer

Which of the following is correct?

Correct AnswerverifiedShow Answer

In which of the following cases can we be certain that a natural resource has become scarcer?

Correct AnswerverifiedShow Answer

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Correct Answer
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Correct Answer
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The explanation is based on the concept ...
View Answer

Correct Answer
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The difference is that Malthus predicted...
View Answer

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Correct Answer
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