Question 1

Between 1982 and 2002, U.S. GDP per capita grew at an average rate of 5.5 percent per year.

Accepted Answer

A) True 
 B)False  False

Question 2

Output per unit of labor is known as _____

Accepted Answer

A)  the production function. 
B)  capital deepening. 
C)  productivity 
D)  production. 
E)  labor productivity. 
A)  the production function. 
B)  capital deepening. 
C)  productivity 
D)  production. 
E)  labor productivity. E

Question 3

The impact of computers on U.S. productivity growth _____

Accepted Answer

A)  has been disappointingly small-about one-half a percentage point annually between 1972 and 1996. 
B)  has been dramatic, contributing to significant growth during the early years of the 21st century. 
C)  has been significant in the health care sector but not elsewhere. 
D)  has actually been negative in most industries. 
E)  was greater during the period 1972-1990 than it has been since that time. 
A)  has been disappointingly small-about one-half a percentage point annually between 1972 and 1996. 
B)  has been dramatic, contributing to significant growth during the early years of the 21st century. 
C)  has been significant in the health care sector but not elsewhere. 
D)  has actually been negative in most industries. 
E)  was greater during the period 1972-1990 than it has been since that time. B

Question 4

Improvements in technology shift the per-worker production function downward.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following would increase labor productivity?

Accepted Answer

A)  a labor-deepening production method 
B)  a decrease in the amount of capital per unit of labor 
C)  a lower unemployment rate 
D)  the recruitment of a new and young labor force 
E)  an increase in the education level of per unit of labor 
A)  a labor-deepening production method 
B)  a decrease in the amount of capital per unit of labor 
C)  a lower unemployment rate 
D)  the recruitment of a new and young labor force 
E)  an increase in the education level of per unit of labor

Question 6

Which of the following was the average yearly increase in U.S. labor productivity growth since 1870?

Accepted Answer

A)  about 1 percent 
B)  about 2.1 percent 
C)  about 5.2 percent 
D)  about 10 percent 
E)  between 0 and 1 percent 
A)  about 1 percent 
B)  about 2.1 percent 
C)  about 5.2 percent 
D)  about 10 percent 
E)  between 0 and 1 percent

Question 7

Which of the following statements reflects the belief of the critics of industrial policy?

Accepted Answer

A)  The government allocates scarce resources more efficiently than markets. 
B)  Industrial policy could evolve into a government giveaway program. 
C)  Industrial policy gives domestic industries a competitive advantage over important trading partners. 
D)  Industrial policy encourages unfavorable terms of trade with foreign countries. 
E)  Industrial policy overprotects domestic producers. 
A)  The government allocates scarce resources more efficiently than markets. 
B)  Industrial policy could evolve into a government giveaway program. 
C)  Industrial policy gives domestic industries a competitive advantage over important trading partners. 
D)  Industrial policy encourages unfavorable terms of trade with foreign countries. 
E)  Industrial policy overprotects domestic producers.

Question 8

Exhibit 8.2
  
-Refer to Exhibit 8.2 which shows three different per-worker production functions: PF₁, PF₂, and PF₃. If PF₁ is the initial per-worker production function, which of the following reflects the impact of an increase in the level of technology?

Accepted Answer

A)  a movement from point D to point C 
B)  an upward shift from PF₁ to PF₂ 
C)  a downward shift from PF₁ to PF₃ 
D)  a movement from point C to point D 
E)  a movement from point D to point F 
A)  a movement from point D to point C 
B)  an upward shift from PF₁ to PF₂ 
C)  a downward shift from PF₁ to PF₃ 
D)  a movement from point C to point D 
E)  a movement from point D to point F

Question 9

Among the G7 economies, the country with the least amount of R&D spending as a percent of GDP is _____

Accepted Answer

A)  Japan. 
B)  the United States. 
C)  Italy. 
D)  Canada. 
E)  Germany. 
A)  Japan. 
B)  the United States. 
C)  Italy. 
D)  Canada. 
E)  Germany.

Question 10

U.S. GDP per capita in 2015 was _____ the world average.

Accepted Answer

A)  more than double 
B)  less than double 
C)  less than three times 
D)  more than three times 
E)  the same as 
A)  more than double 
B)  less than double 
C)  less than three times 
D)  more than three times 
E)  the same as

Question 11

If a nation moves upward along its per-worker production function relating output per worker to capital per worker, then _____

Accepted Answer

A)  labor productivity rises. 
B)  labor productivity falls. 
C)  the amount of capital decreases, other things constant. 
D)  labor input decreases. 
E)  the productivity of capital rises. 
A)  labor productivity rises. 
B)  labor productivity falls. 
C)  the amount of capital decreases, other things constant. 
D)  labor input decreases. 
E)  the productivity of capital rises.

Question 12

Which of the following countries had the highest percentage of young adults with a college degree in 2015?

Accepted Answer

A)  Norway 
B)  Canada 
C)  Japan 
D)  France 
E)  Italy 
A)  Norway 
B)  Canada 
C)  Japan 
D)  France 
E)  Italy

Question 13

Productivity is measured as output per unit of productive input.

Accepted Answer

A) True 
 B)False

Question 14

In the long run, changing technology has led to:

Accepted Answer

A)  lower employment and lower wage rates. 
B)  higher employment and lower wage rates. 
C)  lower employment with wage rates unchanged. 
D)  higher employment with wage rates unchanged. 
E)  higher incomes and more leisure time. 
A)  lower employment and lower wage rates. 
B)  higher employment and lower wage rates. 
C)  lower employment with wage rates unchanged. 
D)  higher employment with wage rates unchanged. 
E)  higher incomes and more leisure time.

Question 15

Which of the following factors of production is likely to be most productive?

Accepted Answer

A)  a certified doctor working in a well-equipped hospital 
B)  a medical student working as a volunteer in a rural health clinic 
C)  a trained nurse without access to the latest medical technology 
D)  a knowledgeable chemist without a degree in medical sciences 
E)  a specialist doctor working in a hospital with poor infrastructure 
A)  a certified doctor working in a well-equipped hospital 
B)  a medical student working as a volunteer in a rural health clinic 
C)  a trained nurse without access to the latest medical technology 
D)  a knowledgeable chemist without a degree in medical sciences 
E)  a specialist doctor working in a hospital with poor infrastructure

Question 16

Which of the following is included in social capital?

Accepted Answer

A)  a neighborhood crime watch 
B)  a successful entrepreneur 
C)  accumulated knowledge, skill, and experience 
D)  a college degree 
E)  specialized software 
A)  a neighborhood crime watch 
B)  a successful entrepreneur 
C)  accumulated knowledge, skill, and experience 
D)  a college degree 
E)  specialized software

Question 17

The production possibilities curve for capital and consumer goods is concave to the origin because _____

Accepted Answer

A)  of decreasing opportunity costs of production. 
B)  resources are not perfectly adaptable to the production of both goods. 
C)  consumer goods and capital goods equally contribute to economic growth. 
D)  the level of technology along the frontier is assumed to vary. 
E)  of constant returns to scale. 
A)  of decreasing opportunity costs of production. 
B)  resources are not perfectly adaptable to the production of both goods. 
C)  consumer goods and capital goods equally contribute to economic growth. 
D)  the level of technology along the frontier is assumed to vary. 
E)  of constant returns to scale.

Question 18

Which of the following is an example of basic research?

Accepted Answer

A)  conducting animal testing to determine if a product contains irritants 
B)  soft drink bottlers testing consumer reactions to their advertisements 
C)  a statistician calculating the odds of winning a promotional sweepstakes that a company is running 
D)  a catalog sales company timing its operators to see how many calls each is handling per day 
E)  a chemist building a mathematical model of the atmosphere of Jupiter 
A)  conducting animal testing to determine if a product contains irritants 
B)  soft drink bottlers testing consumer reactions to their advertisements 
C)  a statistician calculating the odds of winning a promotional sweepstakes that a company is running 
D)  a catalog sales company timing its operators to see how many calls each is handling per day 
E)  a chemist building a mathematical model of the atmosphere of Jupiter

Question 19

Changing technology usually:

Accepted Answer

A)  reduces job opportunities. 
B)  decreases unemployment. 
C)  decreases productivity growth. 
D)  reduces the labor needed to produce a given amount of output. 
E)  reduces dislocations as displaced workers try to find jobs elsewhere. 
A)  reduces job opportunities. 
B)  decreases unemployment. 
C)  decreases productivity growth. 
D)  reduces the labor needed to produce a given amount of output. 
E)  reduces dislocations as displaced workers try to find jobs elsewhere.

Question 20

Technological change leads to unemployment.

Accepted Answer

A) True 
 B)False

Between 1982 and 2002, U.S. GDP per capita grew at an average rate of 5.5 percent per year.

Output per unit of labor is known as _____

The impact of computers on U.S. productivity growth _____

Improvements in technology shift the per-worker production function downward.

Which of the following would increase labor productivity?

Which of the following was the average yearly increase in U.S. labor productivity growth since 1870?

Which of the following statements reflects the belief of the critics of industrial policy?

Exhibit 8.2 -Refer to Exhibit 8.2 which shows three different per-worker production functions: PF₁, PF₂, and PF₃. If PF₁ is the initial per-worker production function, which of the following reflects the impact of an increase in the level of technology?

Among the G7 economies, the country with the least amount of R&D spending as a percent of GDP is _____

U.S. GDP per capita in 2015 was _____ the world average.

If a nation moves upward along its per-worker production function relating output per worker to capital per worker, then _____

Which of the following countries had the highest percentage of young adults with a college degree in 2015?

Productivity is measured as output per unit of productive input.

In the long run, changing technology has led to:

Which of the following factors of production is likely to be most productive?

Which of the following is included in social capital?

The production possibilities curve for capital and consumer goods is concave to the origin because _____

Which of the following is an example of basic research?

Changing technology usually:

Technological change leads to unemployment.

The Art and Science of Economic Analysis.

Economic Tools and Economic Systems.

Economic Decision Makers.

Demand, Supply, and Markets.

Introduction to Macroeconomics.

Tracking the U. S. Economy.

Unemployment and Inflation.

Aggregate Demand.

Aggregate Supply.

Fiscal Policy.

Federal Budgets and Public Policy.

Money and the Financial System.

Banking and the Money Supply.

Monetary Theory and Policy.

Macro Policy Debate: Active or Passive?

International Trade.

International Finance.

Economic Development.

Filters

Exam 8: Productivity and Growth.

Between 1982 and 2002, U.S. GDP per capita grew at an average rate of 5.5 percent per year.

Output per unit of labor is known as _____

The impact of computers on U.S. productivity growth _____

Improvements in technology shift the per-worker production function downward.

Which of the following would increase labor productivity?

Which of the following was the average yearly increase in U.S. labor productivity growth since 1870?

Which of the following statements reflects the belief of the critics of industrial policy?

Exhibit 8.2 -Refer to Exhibit 8.2 which shows three different per-worker production functions: PF₁, PF₂, and PF₃. If PF₁ is the initial per-worker production function, which of the following reflects the impact of an increase in the level of technology?

Among the G7 economies, the country with the least amount of R&D spending as a percent of GDP is _____

U.S. GDP per capita in 2015 was _____ the world average.

If a nation moves upward along its per-worker production function relating output per worker to capital per worker, then _____

Which of the following countries had the highest percentage of young adults with a college degree in 2015?

Productivity is measured as output per unit of productive input.

In the long run, changing technology has led to:

Which of the following factors of production is likely to be most productive?

Which of the following is included in social capital?

The production possibilities curve for capital and consumer goods is concave to the origin because _____

Which of the following is an example of basic research?

Changing technology usually:

Technological change leads to unemployment.

The Art and Science of Economic Analysis.

Economic Tools and Economic Systems.

Economic Decision Makers.

Demand, Supply, and Markets.

Introduction to Macroeconomics.

Tracking the U. S. Economy.

Unemployment and Inflation.

Aggregate Demand.

Aggregate Supply.

Fiscal Policy.

Federal Budgets and Public Policy.

Money and the Financial System.

Banking and the Money Supply.

Monetary Theory and Policy.

Macro Policy Debate: Active or Passive?

International Trade.

International Finance.

Economic Development.

Filters