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Productivity
Capital
Saving
Growth Policy
100
A nation's standard of living is determined by
What is its productivity
100
The equipment and structures available to produce goods and services are called
What is physical capital
100
In the long run, a higher saving rate
What is increases productivity
100
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
What is poorly enforced property rights
200
The average amount of goods and services produced from each hour of a worker's time is called
What is productivity
200
The inputs into production of goods and services that are provided by nature, such as land, rivers, and mineral deposits are called
What is natural resources
200
If a country's saving rate declined, then other things the same, in the long run it would have
What is lower productivity, and lower real GDP per person
200
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
What is lend support to the invisible hand by miantaining property rights and political stability.
300
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
What is all of the above
300
Which of the following lists contains, in this order, natural resources, human capital, and physical capital?
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
300
Suppose that a country increased its saving rate. In the long run it would have
What is higher productivity, but another unit of capital would increase output by less than before.
300
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
What is growth rate of the real GDP per person.
400
Which of the following is a correct way to measure productivity?
What is divide output by the number of hours worked
400
Historically, the market prices of most natural resources (adjusted for inflation) have
What is remained stable or decreased
400
If an American based firm opens and operates a new watch factory in Panama, then it is engaging in
What is foreign direct investment
400
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
What is 5.9 percent
500
Cedar Valley Furniture uses 5 workers working 8 hours to produce 80 rocking chairs. What is the productivity of these workers?
What is 2 chairs per hour
500
The traditional view of the production process is that capital is subject to
What is diminishing returns
500
In the 1800s, Europeans purchased stock in American companies that used the funds to build railroads and factories. The Europeans who did this made
What is foreign portfolio investments
500
Free point!
What is +1