Exam 8: Productivity and Growth

Exhibit 8-1 -In Exhibit 8-1,Tasmania is currently operating at point A on the per-worker production function.If the number of workers is stable while Tasmania's capital stock is growing it will produce a movement from A to

Productivity growth is important because

The reason why productivity growth is so important is that

All of the following might cause an increase in economic growth,but which would be least certain to do so?

If the ratio of capital to labor increases,we can expect that labor productivity will increase.

Productivity is defined as

If a nation moves upward along its per-worker production function relating output per worker to capital per worker,

In the U.S.the proportion of people who say they are happy has grown substantially after 60 years of economic growth.

Income and happiness are __________ related.

Over the long run,technological change increases both labor productivity and unemployment rates.

Most economists agree that the most important factor contributing to the recent reduction in U.S.labor productivity growth rate has been the increased level of government regulation.

An example of an increase in human capital would be

What was the average yearly increase in U.S.labor productivity growth between the 1870s and the early years of the 21st century?

An increase in the amount of capital per worker is called

According to Nobel prize winner Simon Kuznets,the greatest increase in output and economic growth comes from changes in the

Which of the following would not slow down productivity growth?

An increase in the amount of capital per worker will

Which of the following would not increase labor productivity?

Labor productivity is measured as

Exhibit 8-1 -In Exhibit 8-1,Tasmania is currently operating at point A on the per-worker production function.An improvement in the "rules of the game" will produce a movement from A to