Question 1

One essential force in the growth of human capital over the past several decades has been

Accepted Answer

A)  The growth of Social Security. 
B)  The community college system. 
C)  The growth of Medicare. 
D)  The growth of Medicaid. 
A)  The growth of Social Security. 
B)  The community college system. 
C)  The growth of Medicare. 
D)  The growth of Medicaid.

Question 2

The inputs used in the aggregate production function do not include which of the following?

Accepted Answer

A)  Education and skill levels. 
B)  Knowledge. 
C)  Average price levels. 
D)  The number of workers in a country. 
A)  Education and skill levels. 
B)  Knowledge. 
C)  Average price levels. 
D)  The number of workers in a country.

Question 3

An economy experiences growth if it produces more goods and services than it did the year before.

Accepted Answer

A) True 
 B)False

Question 4

Productivity growth is usually an indicator of

Accepted Answer

A)  the possibility of inflation. 
B)  the possibility of deflation. 
C)  the decline in the health and prosperity of the economy. 
D)  the increase in the health and prosperity of the economy. 
A)  the possibility of inflation. 
B)  the possibility of deflation. 
C)  the decline in the health and prosperity of the economy. 
D)  the increase in the health and prosperity of the economy.

Question 5

In a growing economy,__________ enjoy a rising standard of living.

Accepted Answer

A)  both rich and poor 
B)  only the poor 
C)  only the rich 
D)  neither the rich nor the poor 
A)  both rich and poor 
B)  only the poor 
C)  only the rich 
D)  neither the rich nor the poor

Question 6

Human capital is also known as

Accepted Answer

A)  education and skill levels. 
B)  wages employees receive. 
C)  the cost of labor. 
D)  the cost of collective bargaining. 
A)  education and skill levels. 
B)  wages employees receive. 
C)  the cost of labor. 
D)  the cost of collective bargaining.

Question 7

GDP that is not reported as real GDP is

Accepted Answer

A)  the actual GDP for that year, unadjusted for inflation. 
B)  the actual GDP for that year, adjusted for inflation. 
C)  an average of GDPs over a period of time, adjusted for inflation. 
D)  an average of GDPs over a period of time, unadjusted for inflation. 
A)  the actual GDP for that year, unadjusted for inflation. 
B)  the actual GDP for that year, adjusted for inflation. 
C)  an average of GDPs over a period of time, adjusted for inflation. 
D)  an average of GDPs over a period of time, unadjusted for inflation.

Question 8

An increase in living standards is measured by which of the following?

Accepted Answer

A)  The number of workers employed. 
B)  The number of televisions in a household. 
C)  The increase in GDP. 
D)  The increase in real GDP per capita. 
A)  The number of workers employed. 
B)  The number of televisions in a household. 
C)  The increase in GDP. 
D)  The increase in real GDP per capita.

Question 9

Which of the following is NOT an example of a way that the government interferes in the economy?

Accepted Answer

A)  The government requires everyone to get an elementary and high school education. 
B)  Local governments impose building codes on newly constructed office buildings or factories. 
C)  The government sets laws and rules for how mortgages are issued. 
D)  The government tells Intel what kind of microprocessor chips to make. 
A)  The government requires everyone to get an elementary and high school education. 
B)  Local governments impose building codes on newly constructed office buildings or factories. 
C)  The government sets laws and rules for how mortgages are issued. 
D)  The government tells Intel what kind of microprocessor chips to make.

Question 10

Economic growth is driven by several factors,including

Accepted Answer

A)  government investment in welfare. 
B)  a progressive tax on income. 
C)  education and skill levels of workers. 
D)  Social Security. 
A)  government investment in welfare. 
B)  a progressive tax on income. 
C)  education and skill levels of workers. 
D)  Social Security.

Question 11

The production possibility frontier represents all the combinations of different goods and services that the economy is capable of producing at a given time.

Accepted Answer

A) True 
 B)False

Question 12

Knowledge is human capital plus business know-how.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following would cause an increase in human capital?

Accepted Answer

A)  An increase in the number of college students. 
B)  An increase in the sale of Microsoft Windows. 
C)  A machine purchased to cook burgers automatically. 
D)  The purchase of an airplane. 
A)  An increase in the number of college students. 
B)  An increase in the sale of Microsoft Windows. 
C)  A machine purchased to cook burgers automatically. 
D)  The purchase of an airplane.

Question 14

What is one negative effect of growth?

Accepted Answer

A)  Falling food prices increase food consumption, leading to obesity. 
B)  Cleaner air. 
C)  More healthful foods. 
D)  Advances in medicine. 
A)  Falling food prices increase food consumption, leading to obesity. 
B)  Cleaner air. 
C)  More healthful foods. 
D)  Advances in medicine.

Question 15

Output rises as workers become more educated and skilled.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A)  4.1%. 
B)  1.1%. 
C)  2.5%. 
D)  3.1%. 
A)  4.1%. 
B)  1.1%. 
C)  2.5%. 
D)  3.1%.

Question 17

The growth rate of GDP in 2005 was 6.5%,but the growth rate of real GDP was 3.1%.Based on these facts alone,we can conclude that

Accepted Answer

A)  The government increased its spending in 2005. 
B)  The average price level was rising in 2005. 
C)  The economy experienced disinflation in 2005. 
D)  GDP per capita rose in 2005. 
A)  The government increased its spending in 2005. 
B)  The average price level was rising in 2005. 
C)  The economy experienced disinflation in 2005. 
D)  GDP per capita rose in 2005.

Question 18

Standards of living are measured by

Accepted Answer

A)  nominal GDP per capita. 
B)  real GDP per capita. 
C)  inflation. 
D)  deflation. 
A)  nominal GDP per capita. 
B)  real GDP per capita. 
C)  inflation. 
D)  deflation.

Question 19

A zero-sum economy means that there is

Accepted Answer

A)  excessive growth after adjusting for inflation rates. 
B)  no growth of the economy. 
C)  moderate growth of the economy. 
D)  real GDP growth. 
A)  excessive growth after adjusting for inflation rates. 
B)  no growth of the economy. 
C)  moderate growth of the economy. 
D)  real GDP growth.

Question 20

Which two things happened more or less simultaneously to bring an end to the era of low productivity growth that lasted from 1973 to 1995?

Accepted Answer

A)  The information revolution and the creation of the Environmental Protection Agency. 
B)  The entry of the baby boom generation into the workforce and a great expansion of globalization. 
C)  The information revolution and a great expansion of globalization. 
D)  The entry of the baby boom generation into the workforce and the creation of the Environmental Protection Agency. 
A)  The information revolution and the creation of the Environmental Protection Agency. 
B)  The entry of the baby boom generation into the workforce and a great expansion of globalization. 
C)  The information revolution and a great expansion of globalization. 
D)  The entry of the baby boom generation into the workforce and the creation of the Environmental Protection Agency.

One essential force in the growth of human capital over the past several decades has been

The inputs used in the aggregate production function do not include which of the following?

An economy experiences growth if it produces more goods and services than it did the year before.

Productivity growth is usually an indicator of

In a growing economy,__________ enjoy a rising standard of living.

Human capital is also known as

GDP that is not reported as real GDP is

An increase in living standards is measured by which of the following?

Which of the following is NOT an example of a way that the government interferes in the economy?

Economic growth is driven by several factors,including

The production possibility frontier represents all the combinations of different goods and services that the economy is capable of producing at a given time.

Knowledge is human capital plus business know-how.

Which of the following would cause an increase in human capital?

What is one negative effect of growth?

Output rises as workers become more educated and skilled.

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 the growth rate of the population between 1999 and 2000?

The growth rate of GDP in 2005 was 6.5%,but the growth rate of real GDP was 3.1%.Based on these facts alone,we can conclude that

Standards of living are measured by

A zero-sum economy means that there is

Which two things happened more or less simultaneously to bring an end to the era of low productivity growth that lasted from 1973 to 1995?

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

One essential force in the growth of human capital over the past several decades has been

The inputs used in the aggregate production function do not include which of the following?

An economy experiences growth if it produces more goods and services than it did the year before.

Productivity growth is usually an indicator of

In a growing economy,__________ enjoy a rising standard of living.

Human capital is also known as

GDP that is not reported as real GDP is

An increase in living standards is measured by which of the following?

Which of the following is NOT an example of a way that the government interferes in the economy?

Economic growth is driven by several factors,including

The production possibility frontier represents all the combinations of different goods and services that the economy is capable of producing at a given time.

Knowledge is human capital plus business know-how.

Which of the following would cause an increase in human capital?

What is one negative effect of growth?

Output rises as workers become more educated and skilled.

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 the growth rate of the population between 1999 and 2000?

The growth rate of GDP in 2005 was 6.5%,but the growth rate of real GDP was 3.1%.Based on these facts alone,we can conclude that

Standards of living are measured by

A zero-sum economy means that there is

Which two things happened more or less simultaneously to bring an end to the era of low productivity growth that lasted from 1973 to 1995?

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