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Exam 7: Economic Growth

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Question 1

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

A) increases in female labor force participation.
B) increases in male labor force participation.
C) an increasing proportion of the population retiring
D) increases in average labor productivity.

E) A) and B)
F) A) and C)

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Question 2

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Additional economic growth should be pursued when:

A) new technologies are discovered.
B) scarcity exists.
C) the marginal costs of growth exceed the marginal benefits.
D) the marginal costs of growth are less than the marginal benefits.

E) B) and C)
F) A) and D)

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Question 3

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One factor that contributed to the growth in the share of population employed in the United States between 1960 and 2010 was increased:

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

Over the period from 1950 to 2010, which country experienced the fastest average annual growth rate of real GDP per person?

Physical capital is:

A government policy of providing free public education is an example of a policy to promote economic growth by:

Developing new products and services as well as introducing new production methods are among the ways that ______ increases average labor productivity.

In order to promote growth, the poorest countries-in contrast to the middle-level and rich countries-need most to:

Each of the following increases average labor productivity except:

The prediction that workers get additional training only when the rewards from the training are expected to exceed the costs of the training (including the opportunity costs) is based on the:

Betty and Wilma are the only two cashiers employed at a retail store.Each of them works the same 40 hours per week.By manually entering the price of each product purchased into the cash register, Betty can check out 20 customers and Wilma can check out 30 customers per hour.The store owner replaces the old cash registers with new ones that automatically scan product prices into the register.With the new cash registers, Betty and Wilma can each check out 60 customers per hour.Their average labor productivity as a team before the new cash registers were introduced was ______ customers per hour and ______ customers per hour after the new machines were installed.

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:

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

Workers should invest in additional human capital as long as the:

Mike and Tom debone chicken breasts for Ted's Chicken Co.Mike is new and can only debone 30 chicken breasts per hour, while Tom's experience allows him to debone 60 chicken breasts per hour.Both Mike and Tom work 40 hours per week.Their average hourly productivity as a team is ______ chicken breasts.

In Macroland, 500,000 of the 1 million people in the country are employed.Average labor productivity in Macroland is $20,000 per worker.Real GDP per person in Macroland totals:

The application of new technologies to the production process will increase:

Increasing the capital available to the workforce, holding other factors constant, tends to ______ total output while ______ average labor productivity.

Suppose that average labor productivity in Country C is $6,000, and that Countries C and A have the same real GDP per capita.Based on the information in the table, what must be the average labor productivity in Country A?