Question 1

Economists generally believe that policies such as reducing barriers to trade are likely to foster economic growth.

Accepted Answer

A) True 
 B)False

Question 2

In 2010, Acme Foods produced 300,000 bags of pretzels, employing 12,000 hours of labor. In 2011, it produced 322,000 bags of pretzels, employing 14,000 hours of labor. Acme Foods productivity

Accepted Answer

A)   decreased by 8%.
B)   was unchanged.
C)   increased by 6.8%.
D)   increased by 7.3%.E) All of the above
F) A) and B)

Question 3

Figure 25-1 
-Refer to Figure 21-1. Does the figure represent the idea that the amount of capital per worker influences the amount of output per worker, or does the figure represent the idea that the amount of output per worker influences the amount of capital per worker?

Accepted Answer

The figure represents the idea...

Question 4

Assuming constant returns to scale, if two countries are otherwise the same, the one that is poorer grows faster.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following countries had the highest growth rate over about the last 100 years?

Accepted Answer

A)   Japan
B)   China
C)   Germany
D)   United StatesE) A) and B)
F) None of the above

Question 6

Which country has had a higher growth rate than the U.S. over about the last 120 years?

Accepted Answer

A)   India
B)   Mexico
C)   United Kingdom
D)   PakistanE) None of the above
F) A) and B)

Question 7

The Economic Development Minister of a country has a list of things she thinks may explain her country's low growth of real GDP per person relative to other countries. She asks you to pick the one you think most likely explains her country's low growth. Which of the following contributes to low growth?

Accepted Answer

A)   poorly enforced property rights
B)   outward-oriented trade policies
C)   policies that permit foreign investment
D)   All of the above are correct.E) None of the above
F) B) and D)

Exam 17: Production and Growth

Figure 25-1 -Refer to Figure 21-1. Does the figure represent the idea that the amount of capital per worker influences the amount of output per worker, or does the figure represent the idea that the amount of output per worker influences the amount of capital per worker?

Correct Answer
verified
The figure represents the idea...
View Answer

Which country has had a higher growth rate than the U.S. over about the last 120 years?

Correct Answer
verified

Economists generally believe that policies such as reducing barriers to trade are likely to foster economic growth.

Correct Answer
verified

Which of the following countries had the highest growth rate over about the last 100 years?

Correct Answer
verified

Correct Answer
verified

Assuming constant returns to scale, if two countries are otherwise the same, the one that is poorer grows faster.

Correct Answer
verified

In 2010, Acme Foods produced 300,000 bags of pretzels, employing 12,000 hours of labor. In 2011, it produced 322,000 bags of pretzels, employing 14,000 hours of labor. Acme Foods productivity

Correct Answer
verified

Exam 17: Production and Growth

Figure 25-1 -Refer to Figure 21-1. Does the figure represent the idea that the amount of capital per worker influences the amount of output per worker, or does the figure represent the idea that the amount of output per worker influences the amount of capital per worker?

Correct AnswerverifiedThe figure represents the idea...View AnswerShow Answer

Which country has had a higher growth rate than the U.S. over about the last 120 years?

Correct AnswerverifiedShow Answer

Economists generally believe that policies such as reducing barriers to trade are likely to foster economic growth.

Correct AnswerverifiedShow Answer

Which of the following countries had the highest growth rate over about the last 100 years?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Assuming constant returns to scale, if two countries are otherwise the same, the one that is poorer grows faster.

Correct AnswerverifiedShow Answer

In 2010, Acme Foods produced 300,000 bags of pretzels, employing 12,000 hours of labor. In 2011, it produced 322,000 bags of pretzels, employing 14,000 hours of labor. Acme Foods productivity

Correct AnswerverifiedShow Answer

Correct Answer
verified
The figure represents the idea...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified