Exam 7: Production and Growth

Which statement best explains the logic behind the catch-up effect?

In a market economy, when do we know that a resource has become scarcer?

One of the ten principles of economics is that people face tradeoffs. The growth that arises from capital accumulation is not a free lunch. What is the opportunity cost of that capital accumulation?

From 1974 to 1982, what was the growth in Canadian productivity?

Which of the following best describes changes in the average well-being in a country?

If a country's saving rate increases, what happens in the long run?

What is generally an opportunity cost of investment in human capital?

What would an economist call the saws, lathes, and drill presses that woodworkers at Cedar Valley Furniture use to produce chests and cabinets?

If your firm has constant returns to scale, what would happen to your firm's output if you doubled all your inputs?

From 1960 to 1990, the ratio of investment to GDP in South Korea was higher than in Canada and so South Korea had substantially higher growth.

What do property rights refer to?

What is a characteristic of inward-oriented policies?

Over the past 100 years, Canadian real GDP per person has doubled about every 35 years. If in the next 100 years it doubles every 25 years, then what will Canadian real GDP per person be a century from now?

Which of the following goods does a patent turn a new idea into?

What is the difference between human capital and technology

What indicates greater scarcity of a natural resource?

Which of the following is considered human capital?

According to Malthus's view, what is a consequence of increased population?

All else equal, which of the following would tend to cause GDP per person to rise?

Why are property rights important for the growth of a nation's standard of living