Question 1

A shift outward in the production possibilities curve is the direct result of improvements in the efficiency factor of economic growth.

Accepted Answer

A) True 
 B)False

Question 2

All of the following are sources of increasing returns and economies of scale except

Accepted Answer

A)  network effects.
B)  the multiplier effect.
C)  learning by doing.
D)  simultaneous consumption.E) B) and C)
F) None of the above

Question 3

The "rule of 70" is a formula for determining the approximate number of

Accepted Answer

A)  years that it would take for a value (like real GDP)  to expand 70 times.
B)  years that it would take for a value (like real GDP)  to double.
C)  times a value (like real GDP)  is a multiple of 70.
D)  times one could double a certain value (like real GDP)  over 70 years.E) C) and D)
F) A) and D)

Question 4

Which of the following countries ranked highest in the World Economic Forum's Global Competitiveness Ranking in 2015-2016?

Accepted Answer

A)  Japan
B)  Switzerland
C)  Germany
D)  the United StatesE) C) and D)
F) A) and D)

Question 5

Nation A's real GDP was $520 billion in 2015 and $550 billion in 2016.Its population was 150 million in 2015 and 155 million in 2016.On the other hand, Nation B's real GDP was $200 billion in 2015 and $210 billion in 2016; and its population was 53 million in 2015 and 55 million in 2016.Which of the following statements is true?

Accepted Answer

A)  Nation A's real GDP growth in 2016 is higher than Nation B's.
B)  Nation B's real GDP growth in 2016 is higher than Nation A's.
C)  Nation A's real GDP growth in 2016 is identical to Nation B's.
D)  Nation A's and Nation B's real GDP growth rates in 2016 are both higher than 10 percent.E) A) and D)
F) None of the above

Question 6

The intense competition of free trade prevents the investment that generates economic growth.

Accepted Answer

A) True 
 B)False

Question 7

The largest contributor to increases in the productivity of American labor is

Accepted Answer

A)  the reallocation of labor from agriculture to manufacturing.
B)  improvements in labor quality.
C)  increases in the quantity of capital.
D)  technological advance.E) A) and D)
F) B) and C)

Question 8

One important growth-promoting institutional structure is the protection of domestic jobs against outsourcing.Topic: Institutional Structures That Promote Growth

Accepted Answer

A) True 
 B)False

Question 9

There is unanimous agreement that economic growth is both desirable and sustainable.

Accepted Answer

A) True 
 B)False

Question 10

(Last Word)  The inverse dependency ratio is defined as

Accepted Answer

A)  the number of people of working age divided by the number of dependents.
B)  the number of dependents divided by the number of people of working age.
C)  the number of seniors over age 65 divided by the number of youths under age 20.
D)  the number of youths under age 20 divided by the number of seniors over age 65.E) A) and B)
F) A) and C)

Question 11

All of the following are economic implications of the 1995-2010 rise in the average rate of productivity growth except

Accepted Answer

A)  a lower natural rate of unemployment.
B)  larger outward shifts of the economy's production possibilities curve.
C)  an end to the business cycle.
D)  a greater rate of economic growth.E) B) and C)
F) C) and D)

Question 12

Which of the following statements is correct?

Accepted Answer

A)  Between 1953 and 2015, all growth in U.S.real GDP can be attributed to increases in labor productivity.
B)  Between 1953 and 2015, increases in labor productivity account for more of the growth in U.S.real GDP than do increases in the quantity of labor.
C)  Between 1953 and 2015, increases in the quantity of labor account for more of the growth in U.S.real GDP than do increases in labor productivity.
D)  Between 1953 and 2015, increases in labor productivity and increases in the quantity of labor contributed equally to the growth in U.S.real GDP.E) B) and D)
F) B) and C)

Question 13

(Consider This)  Over the past several decades, the percentage of women in the paid U.S.workforce has

Accepted Answer

A)  increased in spite of declining wages for women.
B)  decreased because relatively more women are staying home to raise their children.
C)  increased due to higher wages, expanded job accessibility, changing preferences and attitudes, and other factors.
D)  increased for unmarried women but decreased for married women.E) None of the above
F) All of the above

Question 14

Human capital refers to the

Accepted Answer

A)  tools and equipment available to workers.
B)  amount of financing available to start-up firms.
C)  number of workers available in the economy.
D)  education, training, and skills of workers.E) A) and B)
F) A) and C)

Question 15

Which of the following is a demand factor in economic growth?

Accepted Answer

A)  more human and natural resources
B)  technological progress and innovation
C)  an increase in the economy's stock of capital goods
D)  an increase in total spending in the economyE) C) and D)
F) A) and B)

Question 16

Growth in well-being tends to be understated by growth in real GDP because of increases in leisure time.

Accepted Answer

A) True 
 B)False

Question 17

(Consider This)  Rising wages for women in the United States have increased

Accepted Answer

A)  the proportion of women working part time compared to working full time.
B)  labor costs and thus shifted the nation's production possibilities curve inward.
C)  average family size in the United States.
D)  the percentage of married women in the workforce.E) A) and C)
F) B) and C)

Question 18

One major aspect of the socio-cultural-political environment of the United States which has generally been conducive to economic growth is the

Accepted Answer

A)  enforcement of contracts by the market.
B)  denial of the rights of property ownership.
C)  favorable attitude toward work and risk-taking.
D)  strict social regulation of production and progress.E) B) and C)
F) A) and B)

Question 19

Which of the following factors is projected to be the dominant source of economic growth in the U.S.from now until 2026?

Accepted Answer

A)  increase in hours per worker
B)  increase in labor force
C)  increase in population
D)  increase in labor productivityE) A) and B)
F) A) and C)

Question 20

Suppose total output (real GDP)  is $10,000 and worker-hours are 20,000.We can conclude that

Accepted Answer

A)  real GDP per capita must be $200,000.
B)  the price-level index must be less than 100.
C)  labor productivity must be $0.50.
D)  nominal GDP must be between $10,000 and $20,000.E) B) and C)
F) None of the above

Exam 28: Economic Growth

All of the following are economic implications of the 1995-2010 rise in the average rate of productivity growth except

Correct Answer
verified

(Last Word) The inverse dependency ratio is defined as

Correct Answer
verified

Growth in well-being tends to be understated by growth in real GDP because of increases in leisure time.

Correct Answer
verified

Correct Answer
verified

(Consider This) Rising wages for women in the United States have increased

Correct Answer
verified

The intense competition of free trade prevents the investment that generates economic growth.

Correct Answer
verified

The "rule of 70" is a formula for determining the approximate number of

Correct Answer
verified

The largest contributor to increases in the productivity of American labor is

Correct Answer
verified

One major aspect of the socio-cultural-political environment of the United States which has generally been conducive to economic growth is the

Correct Answer
verified

Which of the following statements is correct?

Correct Answer
verified

A shift outward in the production possibilities curve is the direct result of improvements in the efficiency factor of economic growth.

Correct Answer
verified

One important growth-promoting institutional structure is the protection of domestic jobs against outsourcing.Topic: Institutional Structures That Promote Growth

Correct Answer
verified

Which of the following is a demand factor in economic growth?

Correct Answer
verified

(Consider This) Over the past several decades, the percentage of women in the paid U.S.workforce has

Correct Answer
verified

Suppose total output (real GDP) is $10,000 and worker-hours are 20,000.We can conclude that

Correct Answer
verified

There is unanimous agreement that economic growth is both desirable and sustainable.

Correct Answer
verified

Human capital refers to the

Correct Answer
verified

Which of the following factors is projected to be the dominant source of economic growth in the U.S.from now until 2026?

Correct Answer
verified

Which of the following countries ranked highest in the World Economic Forum's Global Competitiveness Ranking in 2015-2016?

Correct Answer
verified

All of the following are sources of increasing returns and economies of scale except

Correct Answer
verified

Exam 28: Economic Growth

All of the following are economic implications of the 1995-2010 rise in the average rate of productivity growth except

Correct AnswerverifiedShow Answer

(Last Word) The inverse dependency ratio is defined as

Correct AnswerverifiedShow Answer

Growth in well-being tends to be understated by growth in real GDP because of increases in leisure time.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

(Consider This) Rising wages for women in the United States have increased

Correct AnswerverifiedShow Answer

The intense competition of free trade prevents the investment that generates economic growth.

Correct AnswerverifiedShow Answer

The "rule of 70" is a formula for determining the approximate number of

Correct AnswerverifiedShow Answer

The largest contributor to increases in the productivity of American labor is

Correct AnswerverifiedShow Answer

One major aspect of the socio-cultural-political environment of the United States which has generally been conducive to economic growth is the

Correct AnswerverifiedShow Answer

Which of the following statements is correct?

Correct AnswerverifiedShow Answer

A shift outward in the production possibilities curve is the direct result of improvements in the efficiency factor of economic growth.

Correct AnswerverifiedShow Answer

One important growth-promoting institutional structure is the protection of domestic jobs against outsourcing.Topic: Institutional Structures That Promote Growth

Correct AnswerverifiedShow Answer

Which of the following is a demand factor in economic growth?

Correct AnswerverifiedShow Answer

(Consider This) Over the past several decades, the percentage of women in the paid U.S.workforce has

Correct AnswerverifiedShow Answer

Suppose total output (real GDP) is $10,000 and worker-hours are 20,000.We can conclude that

Correct AnswerverifiedShow Answer

There is unanimous agreement that economic growth is both desirable and sustainable.

Correct AnswerverifiedShow Answer

Human capital refers to the

Correct AnswerverifiedShow Answer

Which of the following factors is projected to be the dominant source of economic growth in the U.S.from now until 2026?

Correct AnswerverifiedShow Answer

Which of the following countries ranked highest in the World Economic Forum's Global Competitiveness Ranking in 2015-2016?

Correct AnswerverifiedShow Answer

All of the following are sources of increasing returns and economies of scale except

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified