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Exam 25: Production and Growth

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Question 51

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Keira is a farmer. Which of the following are included in her human capital?

A) Her seed drill and what she's learned from experience
B) Her seed drill but not what she's learned from experience
C) What she's learned from experience but not her seed drill
D) Neither her seed drill nor what she's learned from experience

E) A) and C)
F) All of the above

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Question 52

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When a country eliminates tariffs and other trade restrictions, intending to promote economic growth, it is pursuing _______-oriented policies.

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Question 53

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Journey Motorcycles produced 100 motorcycles using 50 workers who each worked 8 hours a day. Journey's productivity was 1/4.

Figure 25-2 ​ ​ -Refer to Figure 25-2. Does the figure represent the idea that the amount of capital per worker influences the amount of output per worker, or does the figure represent the idea that the amount of output per worker influences the amount of capital per worker?

The majority of economists believe that future innovations will not be transformational enough to sustain high economic growth rates in the U.S. and western Europe.

As capital per worker rises, output per worker rises. However, this increase in output per worker is smaller at smaller levels of existing capital per worker.

The equipment and structures available to produce goods and services are called

According to some estimates, over the last two decades China has had an annual average growth rate of about 12 percent.

Assuming constant returns to scale, if two countries are otherwise the same, the one that is poorer grows faster.

How do outward-oriented policies affect a nation's productivity?

Human capital is the

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.

If a country has a higher level of productivity than another, then it also has a higher level of real GDP.

A country's standard of living depends on its ability to produce goods and services.

If over a short time there is an increase in the number of people retired and a decrease in the number of people working, then productivity

A country that made its courts less corrupt and its government more stable would likely see its standard of living rise.

All else equal, if there are diminishing returns, then which of the following is true if a country increases its capital by one unit?

Over the period 1900-2014, Brazil's rate of economic growth exceeded that of China.

Figure 25-2 ​ ​ -Refer to Figure 25-2. In order for the figure to make sense, do we have to assume that capital is the only determinant of output? Briefly explain.

Compare and contrast the population theories of Malthus and Kremer.