Question 1

What is an example of a nonrenewable resource?

Accepted Answer

A)  coal 
B)  honey 
C)  livestock 
D)  a forest 
A)  coal 
B)  honey 
C)  livestock 
D)  a forest

Question 2

In 2014,real GDP in Latania was $750 billion and the population was 3 million.In 2015,real GDP was $990 billion and the population was 3.3 million.What was the approximate growth rate of real GDP per person?

Accepted Answer

A)  11 percent 
B)  14 percent 
C)  17 percent 
D)  20 percent 
A)  11 percent 
B)  14 percent 
C)  17 percent 
D)  20 percent

Question 3

A forest is an example of a nonrenewable resource.

Accepted Answer

A) True 
 B)False

Question 4

Changes in the prices of most natural resources compared to other goods indicate that natural resources are generally becoming scarcer.

Accepted Answer

A) True 
 B)False

Question 5

From 1960 to 1990,what happened to the growth rates of Canada and South Korea?

Accepted Answer

A)  South Korea had a higher growth rate than Canada because it had a higher ratio of investment to GDP. 
B)  Canada had a higher growth rate than South Korea because it had a higher ratio of investment to GDP. 
C)  South Korea had a higher growth rate than Canada,even though it had a similar ratio of investment to GDP. 
D)  Canada had a higher growth rate than South Korea,even though it had a similar ratio of investment to GDP. 
A)  South Korea had a higher growth rate than Canada because it had a higher ratio of investment to GDP. 
B)  Canada had a higher growth rate than South Korea because it had a higher ratio of investment to GDP. 
C)  South Korea had a higher growth rate than Canada,even though it had a similar ratio of investment to GDP. 
D)  Canada had a higher growth rate than South Korea,even though it had a similar ratio of investment to GDP.

Question 6

From 1966 to 1973,at what rate did Canadian productivity grow?

Accepted Answer

A)  1.3 percent 
B)  1.8 percent 
C)  2.3 percent 
D)  2.5 percent 
A)  1.3 percent 
B)  1.8 percent 
C)  2.3 percent 
D)  2.5 percent

Question 7

The productivity slowdown in 1973 appears to be primarily the result of a decrease in the capital to labour ratio.

Accepted Answer

A) True 
 B)False

Question 8

What is a characteristic of inward-oriented policies?

Accepted Answer

A)  They are generally supported by economists. 
B)  They are primarily concerned with the development of human capital. 
C)  They are in some ways like prohibiting the use of certain technologies. 
D)  They are generally rejected by domestic producers in import-competing industries. 
A)  They are generally supported by economists. 
B)  They are primarily concerned with the development of human capital. 
C)  They are in some ways like prohibiting the use of certain technologies. 
D)  They are generally rejected by domestic producers in import-competing industries.

Question 9

The annual population growth rate in developed countries is about 1 percent,while the growth rate in developing countries is about 3 percent.

Accepted Answer

A) True 
 B)False

Question 10

How do inward-oriented policies affect a nation's growth?

Accepted Answer

Most economists believe that poor nation

Question 11

What factor did economic historian Robert Fogel focus on as one determinant of long-run economic growth?

Accepted Answer

A)  education 
B)  national defence 
C)  nutrition 
D)  trade restrictions 
A)  education 
B)  national defence 
C)  nutrition 
D)  trade restrictions

Question 12

Suppose Japanese-based Sony Corporation builds and operates a new chip factory in Canada.What would the future production from such an investment do?

Accepted Answer

A)  increase Canadian GNP more than it would increase Canadian GDP 
B)  increase Canadian GDP more than it would increase Canadian GNP 
C)  not affect Canadian GNP,but it would increase Canadian GDP 
D)  not affect Canadian GDP,but it would increase Canadian GNP 
A)  increase Canadian GNP more than it would increase Canadian GDP 
B)  increase Canadian GDP more than it would increase Canadian GNP 
C)  not affect Canadian GNP,but it would increase Canadian GDP 
D)  not affect Canadian GDP,but it would increase Canadian GNP

Question 13

In 2014,Freedonia had a population of 2700 and real GDP of about $1,080,000.In 2013,it had a population of 2500 and real GDP of about $1,000,000.What was the approximate growth rate of real GDP per person in Freedonia between 2013 and 2014?

Accepted Answer

A)  0 percent 
B)  2.5 percent 
C)  5 percent 
D)  7.5 percent 
A)  0 percent 
B)  2.5 percent 
C)  5 percent 
D)  7.5 percent

Question 14

How does productivity explain the differences in standard of living across countries?

Accepted Answer

A)  Productivity tends to be lower in countries with high population,and therefore in those countries standards of living are lower. 
B)  Productivity explains very little of the differences across countries in the standard of living. 
C)  Productivity explains some,but not most,of the differences across countries in the standard of living. 
D)  Productivity explains most of the differences across countries in the standard of living. 
A)  Productivity tends to be lower in countries with high population,and therefore in those countries standards of living are lower. 
B)  Productivity explains very little of the differences across countries in the standard of living. 
C)  Productivity explains some,but not most,of the differences across countries in the standard of living. 
D)  Productivity explains most of the differences across countries in the standard of living.

Question 15

Which statement best describes the evolution of productivity growth in Canada?

Accepted Answer

A)  From 1974 to 1982,Canadian productivity growth was slower than from 1966 to 1973.This continued a long-term downward trend in productivity growth. 
B)  From 1974 to 1982,Canadian productivity growth was slower than from 1966 to 1973.It appears that this was the result of a slowdown in technological progress. 
C)  From 1966 to 1973,Canadian productivity growth was slower than from 1974 to 1982.This continued an upward trend in productivity growth. 
D)  From 1966 to 1973,Canadian productivity growth was slower than from 1974 to 1982.It appears that this was the result of an upward trend in capital formation. 
A)  From 1974 to 1982,Canadian productivity growth was slower than from 1966 to 1973.This continued a long-term downward trend in productivity growth. 
B)  From 1974 to 1982,Canadian productivity growth was slower than from 1966 to 1973.It appears that this was the result of a slowdown in technological progress. 
C)  From 1966 to 1973,Canadian productivity growth was slower than from 1974 to 1982.This continued an upward trend in productivity growth. 
D)  From 1966 to 1973,Canadian productivity growth was slower than from 1974 to 1982.It appears that this was the result of an upward trend in capital formation.

Question 16

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

Accepted Answer

A)  0.5 percent 
B)  1.3 percent 
C)  1.8 percent 
D)  2.5 percent 
A)  0.5 percent 
B)  1.3 percent 
C)  1.8 percent 
D)  2.5 percent

Question 17

A puzzle: The share of GDP devoted to investment was similar for Canada and South Korea over the period 1960-1990.However,South Korea had a 7 percent growth rate of average annual income,while Canada had only a 2.5 percent growth rate.How can this be explained?

Accepted Answer

The solution to the puzzle is based on t

Question 18

Based on historical data on the prices of natural resources,which statement best describes how natural resources limit economic growth?

Accepted Answer

A)  Prices have been increasing,which shows that natural resources become scarcer and this impedes growth. 
B)  Prices of natural resources have been fluctuating,which shows that there is no correlation between growth and natural resources. 
C)  Prices of natural resources have been decreasing in constant dollars,which shows that natural resources are not scarcer than they were in the past,thus economic growth is not limited by natural resources. 
D)  Prices do not show whether resources limit growth because the natural resources that economies use are not the same today as those in the past. 
A)  Prices have been increasing,which shows that natural resources become scarcer and this impedes growth. 
B)  Prices of natural resources have been fluctuating,which shows that there is no correlation between growth and natural resources. 
C)  Prices of natural resources have been decreasing in constant dollars,which shows that natural resources are not scarcer than they were in the past,thus economic growth is not limited by natural resources. 
D)  Prices do not show whether resources limit growth because the natural resources that economies use are not the same today as those in the past.

Question 19

What is the average amount of goods and services produced from each hour of a worker's time called?

Accepted Answer

A)  per capita GDP 
B)  per capita national income 
C)  productivity 
D)  human capital 
A)  per capita GDP 
B)  per capita national income 
C)  productivity 
D)  human capital

Question 20

Constant returns to scale is the point on a production function where increasing inputs will no longer increase output.

Accepted Answer

A) True 
 B)False

What is an example of a nonrenewable resource?

In 2014,real GDP in Latania was $750 billion and the population was 3 million.In 2015,real GDP was $990 billion and the population was 3.3 million.What was the approximate growth rate of real GDP per person?

A forest is an example of a nonrenewable resource.

Changes in the prices of most natural resources compared to other goods indicate that natural resources are generally becoming scarcer.

From 1960 to 1990,what happened to the growth rates of Canada and South Korea?

From 1966 to 1973,at what rate did Canadian productivity grow?

The productivity slowdown in 1973 appears to be primarily the result of a decrease in the capital to labour ratio.

What is a characteristic of inward-oriented policies?

The annual population growth rate in developed countries is about 1 percent,while the growth rate in developing countries is about 3 percent.

How do inward-oriented policies affect a nation's growth?

What factor did economic historian Robert Fogel focus on as one determinant of long-run economic growth?

Suppose Japanese-based Sony Corporation builds and operates a new chip factory in Canada.What would the future production from such an investment do?

In 2014,Freedonia had a population of 2700 and real GDP of about $1,080,000.In 2013,it had a population of 2500 and real GDP of about $1,000,000.What was the approximate growth rate of real GDP per person in Freedonia between 2013 and 2014?

How does productivity explain the differences in standard of living across countries?

Which statement best describes the evolution of productivity growth in Canada?

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

A puzzle: The share of GDP devoted to investment was similar for Canada and South Korea over the period 1960-1990.However,South Korea had a 7 percent growth rate of average annual income,while Canada had only a 2.5 percent growth rate.How can this be explained?

Based on historical data on the prices of natural resources,which statement best describes how natural resources limit economic growth?

What is the average amount of goods and services produced from each hour of a worker's time called?

Constant returns to scale is the point on a production function where increasing inputs will no longer increase output.

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Measuring a Nations Income

Measuring the Cost of Living

Saving, investment, and the Financial System

Unemployment and Its Natural Rate

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Small Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

The Short-Run Tradeoff Between Inflation and Unemployment

Five Debates Over Macroeconomic Policy

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Exam 7: Production and Growth

What is an example of a nonrenewable resource?

In 2014,real GDP in Latania was $750 billion and the population was 3 million.In 2015,real GDP was $990 billion and the population was 3.3 million.What was the approximate growth rate of real GDP per person?

A forest is an example of a nonrenewable resource.

Changes in the prices of most natural resources compared to other goods indicate that natural resources are generally becoming scarcer.

From 1960 to 1990,what happened to the growth rates of Canada and South Korea?

From 1966 to 1973,at what rate did Canadian productivity grow?

The productivity slowdown in 1973 appears to be primarily the result of a decrease in the capital to labour ratio.

What is a characteristic of inward-oriented policies?

The annual population growth rate in developed countries is about 1 percent,while the growth rate in developing countries is about 3 percent.

How do inward-oriented policies affect a nation's growth?

What factor did economic historian Robert Fogel focus on as one determinant of long-run economic growth?

Suppose Japanese-based Sony Corporation builds and operates a new chip factory in Canada.What would the future production from such an investment do?

In 2014,Freedonia had a population of 2700 and real GDP of about $1,080,000.In 2013,it had a population of 2500 and real GDP of about $1,000,000.What was the approximate growth rate of real GDP per person in Freedonia between 2013 and 2014?

How does productivity explain the differences in standard of living across countries?

Which statement best describes the evolution of productivity growth in Canada?

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

A puzzle: The share of GDP devoted to investment was similar for Canada and South Korea over the period 1960-1990.However,South Korea had a 7 percent growth rate of average annual income,while Canada had only a 2.5 percent growth rate.How can this be explained?

Based on historical data on the prices of natural resources,which statement best describes how natural resources limit economic growth?

What is the average amount of goods and services produced from each hour of a worker's time called?

Constant returns to scale is the point on a production function where increasing inputs will no longer increase output.

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Measuring a Nations Income

Measuring the Cost of Living

Saving, investment, and the Financial System

Unemployment and Its Natural Rate

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Small Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

The Short-Run Tradeoff Between Inflation and Unemployment

Five Debates Over Macroeconomic Policy

Filters