Question 1

What are the three sources of total factor productivity discussed in the text? Can you name other possible sources? Explain your answer.

Accepted Answer

@#LAT-DLM& Human capital: Simply defined, this is

Question 2

The text uses this analogy of the economic model: "As the model-builder, ________ what actions the robots can take and ________ the raw materials that fill the robot world. After constructing the world, you switch on the power source and ________."

Accepted Answer

A)  you determine; you provide; you know what happens 
B)  reality determines; reality provides; watch what happens 
C)  reality determines; reality provides; you know what happens 
D)  you determine; you provide; watch what happens 
E)  None of these answers is correct. 
A)  you determine; you provide; you know what happens 
B)  reality determines; reality provides; watch what happens 
C)  reality determines; reality provides; you know what happens 
D)  you determine; you provide; watch what happens 
E)  None of these answers is correct.

Question 3

In the United States, each year of education increases a worker's wage by about ________ percent per year.

Accepted Answer

A)  7 
B)  1 
C)  4 
D)  10 
E)  None of these answers is correct. 
A)  7 
B)  1 
C)  4 
D)  10 
E)  None of these answers is correct.

Question 4

Which of the following production functions exhibits constant returns to scale?

Accepted Answer

A)    
B)    
C)    
D)    
E)  All of these answers are correct. 
A)    
B)    
C)    
D)    
E)  All of these answers are correct.

Question 5

The production function of the form   
exhibits constant returns to scale.

Accepted Answer

A) True 
 B)False

Question 6

The equation   is an example of :

Accepted Answer

A)  a growth model. 
B)  a utility function. 
C)  a consumption function. 
D)  the production possibilities frontier. 
E)  a production function. 
A)  a growth model. 
B)  a utility function. 
C)  a consumption function. 
D)  the production possibilities frontier. 
E)  a production function.

Question 7

The equation   is called the ________ function.

Accepted Answer

A)  Lucas expectations 
B)  Keynesian welfare 
C)  Friedman-Schwartz money 
D)  Cobb-Douglas production 
E)  Glass-Steagall utility 
A)  Lucas expectations 
B)  Keynesian welfare 
C)  Friedman-Schwartz money 
D)  Cobb-Douglas production 
E)  Glass-Steagall utility

Question 8

Refer to the following figure when answering the following questions.
Figure 4.2: The Production Function  
-Consider Figure 4.2. The shape of this production function suggests:

Accepted Answer

A)  a constant marginal product of capital. 
B)  a diminishing marginal product of capital. 
C)  a constant marginal product of labor. 
D)  an increasing marginal product of capital. 
E)  None of these answers is correct. 
A)  a constant marginal product of capital. 
B)  a diminishing marginal product of capital. 
C)  a constant marginal product of labor. 
D)  an increasing marginal product of capital. 
E)  None of these answers is correct.

Question 9

A model is a(n) ________ representation of ________ world that we use to study economic phenomena.

Accepted Answer

A)  false; a toy 
B)  mathematical; a toy 
C)  accurate; the real 
D)  mathematical; the real 
E)  accurate; a toy 
A)  false; a toy 
B)  mathematical; a toy 
C)  accurate; the real 
D)  mathematical; the real 
E)  accurate; a toy

What are the three sources of total factor productivity discussed in the text? Can you name other possible sources? Explain your answer.

The text uses this analogy of the economic model: "As the model-builder, what actions the robots can take and the raw materials that fill the robot world. After constructing the world, you switch on the power source and ."

In the United States, each year of education increases a worker's wage by about ________ percent per year.

Which of the following production functions exhibits constant returns to scale?

The production function of the form exhibits constant returns to scale.

The equation is an example of :

The equation is called the ________ function.

Refer to the following figure when answering the following questions. Figure 4.2: The Production Function -Consider Figure 4.2. The shape of this production function suggests:

A model is a(n) representation of world that we use to study economic phenomena.

Introduction to Macroeconomics

Measuring the Macroeconomy

An Overview of Long-Run Economic Growth

The Solow Growth Model

Growth and Ideas

The Labor Market, Wages, and Unemployment

Inflation

An Introduction to the Short Run

The Great Recession: a First Look

The Is Curve

Monetary Policy and the Phillips Curve

Stabilization Policy and the Asad Framework

The Great Recession and the Short-Run Model

Dsge Models: the Frontier of Business Cycle Research

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

Exam 4: A Model of Production

What are the three sources of total factor productivity discussed in the text? Can you name other possible sources? Explain your answer.

The text uses this analogy of the economic model: "As the model-builder, ________ what actions the robots can take and ________ the raw materials that fill the robot world. After constructing the world, you switch on the power source and ________."

In the United States, each year of education increases a worker's wage by about ________ percent per year.

Which of the following production functions exhibits constant returns to scale?

The production function of the form exhibits constant returns to scale.

The equation is an example of :

The equation is called the ________ function.

Refer to the following figure when answering the following questions. Figure 4.2: The Production Function -Consider Figure 4.2. The shape of this production function suggests:

A model is a(n) ________ representation of ________ world that we use to study economic phenomena.

Introduction to Macroeconomics

Measuring the Macroeconomy

An Overview of Long-Run Economic Growth

The Solow Growth Model

Growth and Ideas

The Labor Market, Wages, and Unemployment

Inflation

An Introduction to the Short Run

The Great Recession: a First Look

The Is Curve

Monetary Policy and the Phillips Curve

Stabilization Policy and the Asad Framework

The Great Recession and the Short-Run Model

Dsge Models: the Frontier of Business Cycle Research

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

The text uses this analogy of the economic model: "As the model-builder, what actions the robots can take and the raw materials that fill the robot world. After constructing the world, you switch on the power source and ."

A model is a(n) representation of world that we use to study economic phenomena.