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Exam 25: Production and Growth

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Question 41

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Which of the following is correct?

A) Countries with the highest growth rates over the last 120 years are the ones that had the highest level of real GDP 120 years ago.
B) Most countries have had little fluctuation around their average growth rates during the past 120 years.
C) The ranking of countries by income changes little over time.
D) Even though Japan had a higher growth rate of real GDP per person than the United States over the last 120 years, it's level of real GDP per person is less than that of the United States.

E) A) and B)
F) All of the above

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Question 42

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If Country A produces 7,000 units of goods and services using 700 hours of labor, and if Country B produces 5,500 units of goods and services using 500 units of labor, then productivity is lower in Country A than in Country B.

A) True
B) False

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Question 43

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Increases in both human capital per worker and physical capital per worker increase productivity.

The behavior of market prices over time indicates that natural resources are

Over the last 140 years or so, on average Canada's real GDP per-person grew faster than that of the U.K.

Suppose Japanese-based Toshiba Corporation builds and operates a new computer factory in the United States. Future production from such an investment will

The catch-up effect says that countries with low income can grow faster than countries with higher income. However, in statistical studies that include many diverse countries we do not observe the catch-up-effect unless we control for other variables that affect productivity. Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a poor country's ability to catch up with the rich ones.

Consider the production function Y=2F(L,K,H,N). Suppose F(12, 10, 9, 7) = 100 and F(24, 20, 18, 14) = 180. Does the production function have the property of constant returns to scale? Why or why not?

Which one of the factors of production originates as an output from the production process, and is subsequently used as an input into the production process?

Foreign direct investment and domestic investment have the same effect on all measures of economic prosperity.

Industrial machinery is an example of

An organization that tries to encourage the flow of investment from advanced countries to poor countries is the

What is the relationship between education and human capital?

John and Miguel are fishermen. When they go fishing, John consistently catches 2 or 3 fish per hour, while Miguel consistently catches 5 or 6 fish per hour. Miguel's __________ exceeds that of John.

Out of the following economic statistics, which is the best measure of economic prosperity?

Real GDP per person in rich countries, such as Germany, is sometimes more than 10 times that of poor countries like India.

Studies have found that there is a relationship between height and productivity. Briefly explain.

Figure 25-2 ​ ​ -Refer to Figure 25-2. "When the amount of capital per worker increases by one unit, a poor country experiences a greater benefit than does a rich country." Does the figure illustrate this notion? Briefly explain.

What do we mean when we say that some technological knowledge is not proprietary?

Consider the nations of China, Japan, and the United States. Over the past century, which of these nations has progressed, in an economic sense, more rapidly than the other two nations?