Question 1

Productivity can be computed as the number of hours worked divided by output.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following are human capital and physical capital,respectively?

Accepted Answer

A)  for an accounting firm: the accountants' knowledge of tax laws and computer software
B)  for a grocery store: grocery carts and shelving
C)  for a school: chalkboard and desks
D)  for a library: the building and the reference librarians' knowledge of the InternetE) A) and B)
F) A) and C)

Question 3

When a country removes trade barriers and imports appliances and exports engineering services,

Accepted Answer

A)  its growth slows.
B)  its productivity decreases.
C)  it is essentially transforming engineering services into appliances.
D)  its economic well-being decreases while that of the country that sells appliances increases.E) A) and B)
F) C) and D)

Question 4

Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education,training,and experience.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following would not be considered physical capital?

Accepted Answer

A)  a new factory building
B)  a computer used to help Mercury Delivery Service keep track of its orders
C)  on-the-job training
D)  a desk used in an accountant's officeE) None of the above
F) A) and D)

Question 6

Country A experienced a growth rate of real GDP per person of 0.5 percent per year throughout the 1900's.In view of other countries' experiences,country A's growth was

Accepted Answer

A)  exceptionally high.
B)  moderately high.
C)  moderately low.
D)  exceptionally low.E) B) and C)
F) A) and C)

Question 7

According to some estimates,over the last two decades China has had an annual average growth rate of about 12 percent.

Accepted Answer

A) True 
 B)False

Question 8

What is the difference between human capital and technology?

Accepted Answer

Technology is society's understanding of...

Question 9

Why is productivity related to the standard of living?
 In your answer be sure to explain what productivity and standard of living mean.Make a list of things that determine labor productivity.

Accepted Answer

The standard of living is a measure of h...

Question 10

What is a production function?
 Write an equation for a typical production function,and explain what each of the terms represents.

Accepted Answer

A production function is a mathematical ...

Exam 25: Production and Growth

Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education,training,and experience.

Correct Answer
verified

Productivity can be computed as the number of hours worked divided by output.

Correct Answer
verified

What is a production function? Write an equation for a typical production function,and explain what each of the terms represents.

Correct Answer
verified
A production function is a mathematical ...
View Answer

Which of the following are human capital and physical capital,respectively?

Correct Answer
verified

According to some estimates,over the last two decades China has had an annual average growth rate of about 12 percent.

Correct Answer
verified

When a country removes trade barriers and imports appliances and exports engineering services,

Correct Answer
verified

Which of the following would not be considered physical capital?

Correct Answer
verified

What is the difference between human capital and technology?

Correct Answer
verified
Technology is society's understanding of...
View Answer

Country A experienced a growth rate of real GDP per person of 0.5 percent per year throughout the 1900's.In view of other countries' experiences,country A's growth was

Correct Answer
verified

Why is productivity related to the standard of living? In your answer be sure to explain what productivity and standard of living mean.Make a list of things that determine labor productivity.

Correct Answer
verified
The standard of living is a measure of h...
View Answer

Exam 25: Production and Growth

Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education,training,and experience.

Correct AnswerverifiedShow Answer

Productivity can be computed as the number of hours worked divided by output.

Correct AnswerverifiedShow Answer

What is a production function? Write an equation for a typical production function,and explain what each of the terms represents.

Correct AnswerverifiedA production function is a mathematical ...View AnswerShow Answer

Which of the following are human capital and physical capital,respectively?

Correct AnswerverifiedShow Answer

According to some estimates,over the last two decades China has had an annual average growth rate of about 12 percent.

Correct AnswerverifiedShow Answer

When a country removes trade barriers and imports appliances and exports engineering services,

Correct AnswerverifiedShow Answer

Which of the following would not be considered physical capital?

Correct AnswerverifiedShow Answer

What is the difference between human capital and technology?

Correct AnswerverifiedTechnology is society's understanding of...View AnswerShow Answer

Country A experienced a growth rate of real GDP per person of 0.5 percent per year throughout the 1900's.In view of other countries' experiences,country A's growth was

Correct AnswerverifiedShow Answer

Why is productivity related to the standard of living? In your answer be sure to explain what productivity and standard of living mean.Make a list of things that determine labor productivity.

Correct AnswerverifiedThe standard of living is a measure of h...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A production function is a mathematical ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Technology is society's understanding of...
View Answer

Correct Answer
verified

Correct Answer
verified
The standard of living is a measure of h...
View Answer