Question 1

The main cause of low per capita income is ________.

Accepted Answer

A) a low level of capital 
B) a small workforce 
C) low productivity of capital and labor 
D) slow growth of capital and labor shares of income 
E) none of the above 
A) a low level of capital 
B) a small workforce 
C) low productivity of capital and labor 
D) slow growth of capital and labor shares of income 
E) none of the above

Question 2

The marginal product of labor (MPL)measures ________.

Accepted Answer

A) by how much labor increases for each additional unit of output 
B) by how much labor increases for each additional unit of capital 
C) by how much total factor productivity increases for each additional unit of labor 
D) by how much labor increases for each additional unit of productivity 
E) by how much output increases for each additional unit of labor 
A) by how much labor increases for each additional unit of output 
B) by how much labor increases for each additional unit of capital 
C) by how much total factor productivity increases for each additional unit of labor 
D) by how much labor increases for each additional unit of productivity 
E) by how much output increases for each additional unit of labor

Question 3

If country X has a higher capital per person than country Y,then ________.

Accepted Answer

A) country X is richer than country Y 
B) the only way for country X to be richer than country Y is if X is just as productive (has the same TFP)as Y 
C) the only way for country Y to be richer than country X is if Y is more productive (has a higher TFP)than X 
D) the only way for country X to be richer than country Y is if X is less productive (has a lower TFP)than Y 
E) none of the above 
A) country X is richer than country Y 
B) the only way for country X to be richer than country Y is if X is just as productive (has the same TFP)as Y 
C) the only way for country Y to be richer than country X is if Y is more productive (has a higher TFP)than X 
D) the only way for country X to be richer than country Y is if X is less productive (has a lower TFP)than Y 
E) none of the above

Question 4

An economy's production function is Y = A  
 
,and the economy's total output in equilibrium is $700 billion.Total labor income in this economy is ________.

Accepted Answer

A) $300 billion 
B) $233.3 billion 
C) $210 billion 
D) $400 billion 
E) none of the above 
A) $300 billion 
B) $233.3 billion 
C) $210 billion 
D) $400 billion 
E) none of the above

Question 5

The marginal product of labor (MPL)can be calculated from the following ________.

Accepted Answer

A) the labor share of income and the average output per unit of labor 
B) the labor share of income and average labor per worker 
C) output and labor 
D) the labor share of income and output 
E) none of the above 
A) the labor share of income and the average output per unit of labor 
B) the labor share of income and average labor per worker 
C) output and labor 
D) the labor share of income and output 
E) none of the above

The main cause of low per capita income is ________.

The marginal product of labor (MPL)measures ________.

If country X has a higher capital per person than country Y,then ________.

An economy's production function is Y = A ,and the economy's total output in equilibrium is $700 billion.Total labor income in this economy is ________.

The marginal product of labor (MPL)can be calculated from the following ________.

The Policy and Practice of Macroeconomics

Measuring Macroeconomic Data

Saving and Investment in Closed and Open Economies

Money and Inflation

The Sources of Growth and the Solow Model

Drivers of Growth: Technology, policy, and Institutions

Business Cycles: an Introduction

The Is Curve

Monetary Policy and Aggregate Demand

Aggregate Supply and the Phillips Curve

The Aggregate Demand and Supply Model

Macroeconomic Policy and Aggregate Demand and Supply Analysis

The Financial System and Economic Growth

Financial Crises and the Economy

Fiscal Policy and the Government Budget

Exchange Rates and International Economic Policy

Consumption and Saving

Investment

The Labor Market, employment, and Unemployment

The Role of Expectations in Macroeconomic Policy

Modern Business Cycle Theory

Filters

Exam 3: Aggregate Production and Productivity

The main cause of low per capita income is ________.

The marginal product of labor (MPL)measures ________.

If country X has a higher capital per person than country Y,then ________.

An economy's production function is Y = A ,and the economy's total output in equilibrium is $700 billion.Total labor income in this economy is ________.

The marginal product of labor (MPL)can be calculated from the following ________.

The Policy and Practice of Macroeconomics

Measuring Macroeconomic Data

Saving and Investment in Closed and Open Economies

Money and Inflation

The Sources of Growth and the Solow Model

Drivers of Growth: Technology, policy, and Institutions

Business Cycles: an Introduction

The Is Curve

Monetary Policy and Aggregate Demand

Aggregate Supply and the Phillips Curve

The Aggregate Demand and Supply Model

Macroeconomic Policy and Aggregate Demand and Supply Analysis

The Financial System and Economic Growth

Financial Crises and the Economy

Fiscal Policy and the Government Budget

Exchange Rates and International Economic Policy

Consumption and Saving

Investment

The Labor Market, employment, and Unemployment

The Role of Expectations in Macroeconomic Policy

Modern Business Cycle Theory

Filters