Exam 7: Production and Growth

In 2009, the imaginary nation of Mainland had a population of 6,000 and real GDP of 120,000. In 2010 the population was 6,200 and real GDP of 128,960. Over the year in question, real GDP per person in Mainland grew by

Which of the following is not correct?

Which of the following is generally an opportunity cost of investment in human capital?

Over the last 140 years or so, on average Canada's real GDP per-person grew faster than that of the U.K.

An increase in a country's saving rate permanently raises its productivity.

One of the Ten Principles of Economics in Chapter 1 is that people face tradeoffs. The growth that arises from capital accumulation is not a free lunch. It requires that society

Other things the same, an economy's factors of production are likely to be used more effectively if there is an economywide respect for property rights.

The behavior of market prices over time indicates that natural resources are

In the fourteenth century it is estimated that deaths resulting from the bubonic plague reduced the population by about a third. Assuming diminishing returns, the decrease in population should have

Economists differ in their views of the role of the government in promoting economic growth. A controversial idea is that government should

Suppose over the last year that the price of iron ore increased from $1,200 a ton to $1,300 a ton. Over the same time a measure of the overall price level increased from 168 to 187. The price of iron ore increased by

Megan is a landscaper. Which of the following are included in her human capital?

All else equal, if there are diminishing returns, then what happens to productivity if both capital and labor increase?

Which of the following lists contains, in this order, natural resources, human capital, and physical capital?

Over the period 1890-2008, Japan experienced a 2.71 percent average annual growth rate of real GDP per person.

The same size decrease in the amount of capital stock per worker will cause output per worker to fall by more in a country with a relatively high level of capital per worker than in a country with a relatively low level of capital per worker.

The catch-up effect refers to the idea that

Once an idea enters society's pool of knowledge, the idea becomes a

Which list contains, in this order, a country whose real GDP per person grew faster and one whose real GDP per person grew slower than real GDP per person in the U.S. over the last 100 years?

Other things equal, relatively poor countries tend to grow