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Exam 6: Economic Growth, Productivity, and Living Standards

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Question 21

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If real GDP per person in a country equals $20,000 and 40 percent of the population is employed, then average labor productivity equals:

A) $8,000.
B) $20,000.
C) $40,000.
D) $50,000.

E) A) and B)
F) None of the above

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Question 22

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

A) developing new products.
B) obtaining financing.
C) assigning workers to jobs.
D) dealing with suppliers.

E) None of the above
F) A) and B)

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Question 23

Multiple Choice

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Empirical studies suggest that as real GDP per person increases the level of pollution:

The principle that if the amount of labor and other inputs is held constant, then the greater the amount of capital in use, the less an additional unit of capital adds to production is called the principle of:

Diminishing returns to capital is a consequence of firms' incentives to use each piece of capital as productively as possible and illustrates the:

The quantity and quality of human capital, physical capital, technology, natural resources, entrepreneurship, and the legal and political environment determine the:

Real GDP per person in Westland is $30,000, while real GDP in Eastland is $10,000, Westland's real GDP per person is growing at 3 percent per year and Eastland's real GDP per person is growing at 3 percent per year. If these growth rates persist indefinitely, then:

Business managers are people who:

Real GDP per person in Northland is $30,000, while real GDP in Southland is $10,000, However, Northland's real GDP per person is growing at 1 percent per year, and Southland's real GDP per person is growing at 3 percent per year. If these growth rates persist indefinitely, then:

If real GDP per person were equal to $2,000 in 1900 and grew at a one percent annual rate, what would be the value of real GDP per person 100 years later?

Growth of real GDP per person is totally determined by the growth of average:

Suppose that the share of population employed in Country B is 50 percent, and that Countries B and C have the same real GDP per capita. Based on the information in the table, what share of Country C's population must be employed?

Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 60 chicken breasts per hour by hand, while Tom's experience allows him to debone 120 chicken breasts per hour by hand. Ted buys one new machine that can debone 100 chicken breasts per hour. Both Mike and Tom work the same 40 hours per week, but one of them is assigned to operate the machine instead of deboning the chicken breasts by hand. To obtain maximum average hourly productivity, ______ is assigned to use the machine and their combined average hourly productivity as a team is ______ chicken breasts.

Real GDP per person in the United States was $9,864 in 1950. Over the next 48 years, it grew at a compound annual rate of 2.0%. If, instead, real GDP per person had grown at an average compound annual rate 2.5%, then real GDP per capita in the United States in 1998 would have been approximately ______ larger.

In the long run, increases in output per person arise primarily from:

The key indicator of a country's living standard and economic well-being is:

The construction of the interstate highway system in the United States is an example of a government policy to promote economic growth by:

Most political scientists and economists agree that ______ is detrimental to economic growth.

Providing workers with on-the-job training will increase:

Suppose when you are 21 years old, you deposit $1,000 into a bank account that pays annual compound interest, and you do not withdraw from the account until your retirement at the age of 65, 44 years later. How much more will be in your account if the interest rate is 6 percent rather than 4 percent?