Question 1

The United States has fewer workers than China but has a bigger economy because

Accepted Answer

A)  the United States has more land resources. 
B)  the United States has a larger labor pool. 
C)  the United States has a higher growth rate. 
D)  the United States has more productive workers on average. 
A)  the United States has more land resources. 
B)  the United States has a larger labor pool. 
C)  the United States has a higher growth rate. 
D)  the United States has more productive workers on average. D

Question 2

Raw materials include which of the following?

Accepted Answer

A)  Software. 
B)  Computer cases. 
C)  Oil. 
D)  Steel beams to build houses. 
A)  Software. 
B)  Computer cases. 
C)  Oil. 
D)  Steel beams to build houses. C

Question 3

What is the purpose of the productivity number reported by the Bureau of Labor Statistics,and what does it not include?

Accepted Answer

The productivity number produced by the BLS illustrates how productive most segments of the economy are in terms of production per person employed.The BLS does not include government,housing,agriculture,and nonprofits in these calculations.

Question 4

Growth on a year-to-year basis is called long-term growth.

Accepted Answer

A) True 
 B)False

Question 5

In the past 50 years,the economy of the United States grew,causing

Accepted Answer

A)  a higher standard of living for most citizens. 
B)  a higher standard of living for the employed. 
C)  a stagnant standard of living after adjusting for inflation. 
D)  a lower standard of living after adjusting for inflation. 
A)  a higher standard of living for most citizens. 
B)  a higher standard of living for the employed. 
C)  a stagnant standard of living after adjusting for inflation. 
D)  a lower standard of living after adjusting for inflation.

Question 6

In 2006,the U.S.labor force was approximately

Accepted Answer

A)  133.9 million. 
B)  151.4 million. 
C)  299.4 million. 
D)  12,976 million. 
A)  133.9 million. 
B)  151.4 million. 
C)  299.4 million. 
D)  12,976 million.

Question 7

What inputs are included in the aggregate production function,and what is the economic impact of those inputs?

Accepted Answer

The number of workers,educational and sk

Question 8

Food production over the past 50 years has increased,partially due to

Accepted Answer

A)  Better seeds. 
B)  More farm workers. 
C)  Lower inflation rates. 
D)  Lower interest rates. 
A)  Better seeds. 
B)  More farm workers. 
C)  Lower inflation rates. 
D)  Lower interest rates.

Question 9

$$\begin{array}{l}
\begin{array} { | l | l | l | } 
\hline \text { Year } & \begin{array} { l } 
\text { Real GDP (in } \
\text { Billions of 2005 } \
\text { Dollars) }
\end{array} & \begin{array} { l } 
\text { Population (in } \
\text { Millions of } \
\text { People) }
\end{array} \
\hline 1999 & \$ 10,780 & 279.3 \
\hline 2000 & \$ 11,226 & 282.4 \
\hline
\end{array}\
\text { Table } 9.1
\end{array}$$ Refer to Table 9.1.What was real GDP per capita in 1999?

Accepted Answer

A)  $40,193. 
B)  $38,173. 
C)  $38,596. 
D)  $39,752. 
A)  $40,193. 
B)  $38,173. 
C)  $38,596. 
D)  $39,752.

Question 10

Using the aggregate production function,when inputs increase,

Accepted Answer

A)  inflation occurs. 
B)  disinflation occurs. 
C)  the economy grows. 
D)  the GDP declines. 
A)  inflation occurs. 
B)  disinflation occurs. 
C)  the economy grows. 
D)  the GDP declines.

Question 11

Long-term growth is measured by

Accepted Answer

A)  looking at real GDP over at least 5 or 10 years. 
B)  looking at real GDP over at least one year. 
C)  looking at per capita GDP over at least one year. 
D)  looking at GDP compared to real GDP. 
A)  looking at real GDP over at least 5 or 10 years. 
B)  looking at real GDP over at least one year. 
C)  looking at per capita GDP over at least one year. 
D)  looking at GDP compared to real GDP.

Question 12

Most economists favor less interference in the marketplace by government because

Accepted Answer

A)  economists ignore the positive impact of government because they focus only on GDP. 
B)  the government is too corrupt. 
C)  they believe that corporations and individuals are in a better position to know which investments are most likely to pay off. 
D)  economists have a lot of money invested in the stock market, and they don't want the government to spoil their investments. 
A)  economists ignore the positive impact of government because they focus only on GDP. 
B)  the government is too corrupt. 
C)  they believe that corporations and individuals are in a better position to know which investments are most likely to pay off. 
D)  economists have a lot of money invested in the stock market, and they don't want the government to spoil their investments.

Question 13

How did the information revolution that kicked in during the late 1990s increase productivity?

Accepted Answer

A)  Businesses learned how to use foreign suppliers to cut costs. 
B)  Businesses learned how to use computers to produce more output with fewer workers. 
C)  Businesses began using the Internet to provide online training for workers. 
D)  Businesses were able to sell in larger markets through their websites. 
A)  Businesses learned how to use foreign suppliers to cut costs. 
B)  Businesses learned how to use computers to produce more output with fewer workers. 
C)  Businesses began using the Internet to provide online training for workers. 
D)  Businesses were able to sell in larger markets through their websites.

Question 14

GDP growth on a year-to-year basis is called

Accepted Answer

A)  nominal growth. 
B)  real growth. 
C)  short-term growth. 
D)  long-term growth. 
A)  nominal growth. 
B)  real growth. 
C)  short-term growth. 
D)  long-term growth.

Question 15

The skill level of workers is called human production.

Accepted Answer

A) True 
 B)False

Question 16

The real GDP per capita is real GDP divided by the number of workers in a country.

Accepted Answer

A) True 
 B)False

Question 17

Economic growth generally leads to

Accepted Answer

A)  inflation. 
B)  deflation. 
C)  disinflation. 
D)  higher living standards. 
A)  inflation. 
B)  deflation. 
C)  disinflation. 
D)  higher living standards.

Question 18

What would NOT be one of the reasons for a much lower real GDP in 1905,compared with 2007?

Accepted Answer

A)  Productive capability in 1905 was lower than in 2007. 
B)  Fewer goods and services were available in 1905 than in 2007. 
C)  On average, there were fewer poor people in 1905 than in 2007. 
D)  Automobiles were rare in 1905, but common in 2007. 
A)  Productive capability in 1905 was lower than in 2007. 
B)  Fewer goods and services were available in 1905 than in 2007. 
C)  On average, there were fewer poor people in 1905 than in 2007. 
D)  Automobiles were rare in 1905, but common in 2007.

Question 19

The education and skills of workers are factors driving

Accepted Answer

A)  economic inflation. 
B)  productivity functions. 
C)  economic growth. 
D)  inflationary growth. 
A)  economic inflation. 
B)  productivity functions. 
C)  economic growth. 
D)  inflationary growth.

Question 20

The production possibility frontier represents

Accepted Answer

A)  the different possible combinations of output. 
B)  the shifting of priorities to meet demand. 
C)  the ability of the GDP to grow relative to other countries' GDPs. 
D)  demand tempered by inflation. 
A)  the different possible combinations of output. 
B)  the shifting of priorities to meet demand. 
C)  the ability of the GDP to grow relative to other countries' GDPs. 
D)  demand tempered by inflation.

The United States has fewer workers than China but has a bigger economy because

Raw materials include which of the following?

What is the purpose of the productivity number reported by the Bureau of Labor Statistics,and what does it not include?

Growth on a year-to-year basis is called long-term growth.

In the past 50 years,the economy of the United States grew,causing

In 2006,the U.S.labor force was approximately

What inputs are included in the aggregate production function,and what is the economic impact of those inputs?

Food production over the past 50 years has increased,partially due to

Year Real GDP (in Billions of 2005 Dollars) Population (in Millions of People) 1999 \ 10,780 279.3 2000 \ 11,226 282.4 Table 9.1 Refer to Table 9.1.What was real GDP per capita in 1999?

Using the aggregate production function,when inputs increase,

Long-term growth is measured by

Most economists favor less interference in the marketplace by government because

How did the information revolution that kicked in during the late 1990s increase productivity?

GDP growth on a year-to-year basis is called

The skill level of workers is called human production.

The real GDP per capita is real GDP divided by the number of workers in a country.

Economic growth generally leads to

What would NOT be one of the reasons for a much lower real GDP in 1905,compared with 2007?

The education and skills of workers are factors driving

The production possibility frontier represents

Introduction

Demand and Supply: The Basics of the Market Economy

Market Equilibrium and Shifts

How Businesses Work

Competition and Market Power

Government and the Economy

The First Step Into Macroeconomics

Inflation

Business Cycles, unemployment and Inflation

Fiscal Policy

Monetary Policy

The Financial Markets

International Trade

Technological Change

Economics of the Labor Market

The Distribution of Income

Economics of Retirement and Healthcare

Economics of Energy, the Environment, and Global Climate Change Glossary

Filters

Exam 9: Growth

The United States has fewer workers than China but has a bigger economy because

Raw materials include which of the following?

What is the purpose of the productivity number reported by the Bureau of Labor Statistics,and what does it not include?

Growth on a year-to-year basis is called long-term growth.

In the past 50 years,the economy of the United States grew,causing

In 2006,the U.S.labor force was approximately

What inputs are included in the aggregate production function,and what is the economic impact of those inputs?

Food production over the past 50 years has increased,partially due to

Year Real GDP (in Billions of 2005 Dollars) Population (in Millions of People) 1999 \ 10,780 279.3 2000 \ 11,226 282.4 Table 9.1 Refer to Table 9.1.What was real GDP per capita in 1999?

Using the aggregate production function,when inputs increase,

Long-term growth is measured by

Most economists favor less interference in the marketplace by government because

How did the information revolution that kicked in during the late 1990s increase productivity?

GDP growth on a year-to-year basis is called

The skill level of workers is called human production.

The real GDP per capita is real GDP divided by the number of workers in a country.

Economic growth generally leads to

What would NOT be one of the reasons for a much lower real GDP in 1905,compared with 2007?

The education and skills of workers are factors driving

The production possibility frontier represents

Introduction

Demand and Supply: The Basics of the Market Economy

Market Equilibrium and Shifts

How Businesses Work

Competition and Market Power

Government and the Economy

The First Step Into Macroeconomics

Inflation

Business Cycles, unemployment and Inflation

Fiscal Policy

Monetary Policy

The Financial Markets

International Trade

Technological Change

Economics of the Labor Market

The Distribution of Income

Economics of Retirement and Healthcare

Economics of Energy, the Environment, and Global Climate Change Glossary

Filters