Productivity Capital Saving Growth Policy

100

What is its productivity
A nation's standard of living is determined by

100

What is physical capital
The equipment and structures available to produce goods and services are called

100

What is increases productivity
In the long run, a higher saving rate

100

What is poorly enforced property rights
The Economic Development Minister of a country has a list of things she thinks may explain her country's low growth of real GDP per person realtive to other countries. She asks you to pick the one you think most likely explains her country's low growth. Which of the following contributes to low growth

200

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

200

What is natural resources
The inputs into production of goods and services that are provided by nature, such as land, rivers, and mineral deposits are called

200

What is lower productivity, and lower real GDP per person
If a country's saving rate declined, then other things the same, in the long run it would have

200

What is lend support to the invisible hand by miantaining property rights and political stability.
Economists differ in their views of the role of the government in promoting economic growth . According to the text, at the very least, the government should

300

What is all of the above
Both Tom and Jerry work eight hours a day. Tom can produce six baskets of goods per hour while Jerry can produce four baskets of the same goods per hour. It follows that

300

What is For a restaurant: the land the restaurant was built on, the things the Chef learned at Cooking School, the freezers where the chops and steaks are kept
Which of the following lists contains, in this order, natural resources, human capital, and physical capital?

300

What is higher productivity, but another unit of capital would increase output by less than before.
Suppose that a country increased its saving rate. In the long run it would have

300

What is growth rate of the real GDP per person.
If one wants to know the material well-being of the adverage person has changed over time in a given country, one should look at the

400

What is divide output by the number of hours worked
Which of the following is a correct way to measure productivity?

400

What is remained stable or decreased
Historically, the market prices of most natural resources (adjusted for inflation) have

400

What is foreign direct investment
If an American based firm opens and operates a new watch factory in Panama, then it is engaging in

400

What is 5.9 percent
Last year the real GDP per person in Olympus was 4,500. The year before it was 4,250. What was the growth rate of real GDP per person

500

What is 2 chairs per hour
Cedar Valley Furniture uses 5 workers working 8 hours to produce 80 rocking chairs. What is the productivity of these workers?

500

What is diminishing returns
The traditional view of the production process is that capital is subject to

500

What is foreign portfolio investments
In the 1800s, Europeans purchased stock in American companies that used the funds to build railroads and factories. The Europeans who did this made

500

What is +1
Free point!

Chapter 7

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