Question 1

Recently, the changes in the educational attainment of the Canadian labour force indicate that the percentage of those:

Accepted Answer

A)  completing high school has been rising, but the percentage of those attending university has declined.
B)  attending university have increased.
C)  completing college has been constant, and the percentage of those attending university has declined.
D)  attending university and community colleges have decreased.E) None of the above
F) C) and D)

Question 2

One of the distinguishing features of the recent productivity growth is:

Accepted Answer

A)  decreasing returns to scale in manufacturing.
B)  the need for less specialized inputs in manufacturing.
C)  technological progress from the investment in the space program.
D)  technological progress from the microchip and information technology.E) B) and C)
F) A) and D)

Question 3

Which would be the best economic measure to compare standards of living among nations over time?

Accepted Answer

A)  changes in labour productivity
B)  changes in real domestic output
C)  changes in real GDP per capita
D)  changes in nominal income per capitaE) A) and C)
F) C) and D)

Question 4

In 1998, the average living standards in Canada were approximately how many times higher than those in Africa?

Accepted Answer

A)  15
B)  20
C)  50
D)  100E) A) and C)
F) None of the above

Question 5

Show me a pastoral society with an untouched environment, an abundance of leisure, and nonsecular values, and I will show you an underdeveloped, poverty-ridden country.This statement is most likely to be made by a(n) :

Accepted Answer

A)  advocate of learning by doing.
B)  advocate of network effects.
C)  proponent of economic growth.
D)  critic of economic growth.E) A) and B)
F) All of the above

Question 6

One of the basic economic defences of economic growth rests on the conclusion that:

Accepted Answer

A)  growth makes workers less obsolete and more secure in employment.
B)  growth reduces the cost to society of "common property" resources.
C)  growth makes the gap between unlimited wants and scarce resources less acute.
D)  a growth-oriented society confers a "work and look to the future" attitude on the members of society.E) B) and D)
F) All of the above

Question 7

A skeptic of the recent rapid advances in new technology would argue that the phenomenon is:

Accepted Answer

A)  a short-run trend.
B)  a network effect.
C)  the result of learning by doing.
D)  designed to lower the natural rate of unemployment.E) B) and C)
F) A) and B)

Question 8

If a nation's real GDP is growing by 5 percent per year, its real GDP will double in approximately:

Accepted Answer

A)  22 years.
B)  20 years.
C)  14 years.
D)  8 years.E) A) and C)
F) All of the above

Question 9

Economies of scale indicates:

Accepted Answer

A)  the idea that proprietorships are less bureaucratic and therefore more efficient than corporations.
B)  public investments in highways, schools, utilities, and such.
C)  the fact that large producers may be able to use more efficient technologies than smaller producers.
D)  the reallocation of labour from less-productive to more-productive uses.E) None of the above
F) A) and D)

Question 10

Which of the following arguments are correct:

Accepted Answer

A)  Canada is entering an era of low structural unemployment due to rapid technological change.
B)  technological advance will result in a lower rate of economic growth.
C)  innovations in computers and communications, together with global competition, are boosting Canadian productivity and the economy's potential economic growth rate.
D)  technological change will require more central planning and government regulation.E) A) and B)
F) A) and C)

Question 11

Real GDP in any year is equal to:

Accepted Answer

A)  the quantity of labour divided by resource outputs.
B)  labour productivity multiplied by the quality of labour.
C)  worker-hours divided by labour productivity.
D)  worker-hours multiplied by labour productivity.E) A) and B)
F) B) and C)

Question 12

Refer to the above table, between years 2 and 3:

Accepted Answer

A)  Italy's real GDP grew more rapidly than China's real GDP.
B)  real GDP fell in China.
C)  population growth reduced Italy's real GDP growth to zero.
D)  population fell in Italy's.E) A) and D)
F) B) and D)

Question 13

Assume that the nominal GDP of an economy was $350 billion in 2016 and $375 billion in 2017.On the basis of this information, we:

Accepted Answer

A)  cannot make a meaningful comparison of the economy's performance in 2017 relative to 2016.
B)  can conclude that the economy achieved real economic growth in 2017.
C)  can conclude that the real GDP was higher in 2016 than in 2017.
D)  can conclude that the real GDP was lower in 2016 than in 2017.E) A) and B)
F) B) and C)

Question 14

Critics of the recent rapid advances in new technology say that:

Accepted Answer

A)  it is too early to predict whether recent boosts in Canadian productivity are permanent or transitory.
B)  global competition is a media fiction, not an economic reality.
C)  the growth of service productivity is severely understated.
D)  many of the factors slowing productivity in the past have now reversed themselves.E) None of the above
F) B) and C)

Question 15

One of the main arguments against further growth for industrialized nations focuses on the problem of:

Accepted Answer

A)  technological knowledge.
B)  environmental quality.
C)  feedback mechanisms.
D)  infrastructure.E) B) and C)
F) All of the above

Question 16

There are several institutional structures that promote and sustain economic growth.These factors include:

Accepted Answer

A)  efficient financial institutions, education, free trade, patent and copyrights, property rights and competitive market system.
B)  restricted trade, property rights and, monopoly power.
C)  monopoly power, education and strong market incentives.
D)  both efficient financial institutions, education, free trade, patent and copyrights, property rights and competitive market system and restricted trade, property rights and, monopoly power.E) C) and D)
F) B) and C)

Question 17

If the number of worker-hours in an economy is 100 and its labour productivity is 5 units of output per worker-hour, the economy's real GDP:

Accepted Answer

A)  is $20.
B)  is $500.
C)  is $5000.
D)  cannot be calculated.E) A) and B)
F) A) and C)

Question 18

Refer to the above table.Between years 1 and 2, real GDP per capita grew by _____ percent in Italy:

Accepted Answer

A)  3
B)  4
C)  5
D)  10E) None of the above
F) All of the above

Question 19

The case against economic growth is often made using which of the following arguments?

Accepted Answer

A)  Limiting growth will contribute to more income equality across nations.
B)  Common property resources need to be protected by the price system.
C)  Economic growth permits us to "make a living," but it does not provide us with "the good life."
D)  Economic growth will contribute to more economic security, but it will also produce more boring life styles.E) A) and B)
F) A) and C)

Question 20

Real GDP per capita is found by:

Accepted Answer

A)  adding real GDP and population.
B)  subtracting population from real GDP.
C)  dividing real GDP by population.
D)  dividing population by real GDP.E) B) and C)
F) None of the above

Exam 8: Part B: Economic Growth

Recently, the changes in the educational attainment of the Canadian labour force indicate that the percentage of those:

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Refer to the above table.Between years 1 and 2, real GDP per capita grew by _____ percent in Italy:

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There are several institutional structures that promote and sustain economic growth.These factors include:

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In 1998, the average living standards in Canada were approximately how many times higher than those in Africa?

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Economies of scale indicates:

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If a nation's real GDP is growing by 5 percent per year, its real GDP will double in approximately:

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One of the distinguishing features of the recent productivity growth is:

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If the number of worker-hours in an economy is 100 and its labour productivity is 5 units of output per worker-hour, the economy's real GDP:

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Real GDP in any year is equal to:

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A skeptic of the recent rapid advances in new technology would argue that the phenomenon is:

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One of the main arguments against further growth for industrialized nations focuses on the problem of:

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Which would be the best economic measure to compare standards of living among nations over time?

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The case against economic growth is often made using which of the following arguments?

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Real GDP per capita is found by:

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One of the basic economic defences of economic growth rests on the conclusion that:

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Show me a pastoral society with an untouched environment, an abundance of leisure, and nonsecular values, and I will show you an underdeveloped, poverty-ridden country.This statement is most likely to be made by a(n) :

Correct AnswerverifiedShow Answer

Critics of the recent rapid advances in new technology say that:

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Assume that the nominal GDP of an economy was $350 billion in 2016 and $375 billion in 2017.On the basis of this information, we:

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Refer to the above table, between years 2 and 3:

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Which of the following arguments are correct:

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