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Exam 25: Production and Growth

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Question 61

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In recent decades, Americans have increased their purchase of stocks of foreign-based companies. The Americans who have bought these stocks were engaged in

A) foreign portfolio investment.
B) indirect domestic investment.
C) foreign direct investment.
D) foreign indirect investment.

E) A) and B)
F) A) and D)

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Question 62

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Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1993 to 2012. $\begin{array} { | l | l | l | } \hline \text { Year } & \text { Real GDP (2009 prices) } & \text { Population } \\\hline 1993 & \$ 9,510,800 \text { million } & 257.8 \text { million } \\\hline 2012 & \$ 15,470,700 \text { million } & 313.85 \text { million } \\\hline\end{array}$

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Real GDP per person in 1993 wa...

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Question 63

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An increase in the saving rate permanently increases the growth rate of real GDP per person.

In the production function Y=AF(L,K,H,N), Y represents the quantity of output; L represents the quantity of labor; K represents the quantity of physical capital; and N represents the quantity of natural resources. What does H represent?

In what sense is capital accumulation costly to a society?

Economists differ in their views of the role of the government in promoting economic growth. At the very least, the government should

Other things the same, another unit of capital will increase output by more in a poor country than in a rich country.

Japan's status as a rich nation is attributable to

The level of real GDP per person

From 1960 to 1990, in which of the following countries has investment resulted in economic growth sufficiently higher than that in the United States?

Over the period 1870-2014, the United States experienced an average annual growth rate of real GDP per person of about 1.8 percent per year.

How would an economist typically assess the extent of economic progress in a nation?

Each day Lea works 7 hours and produces 9 units of goods and services. Clara works 11 hours each day and produces 10 units of goods and services. It follows that

The level of real GDP is a good measure of economic prosperity, and the growth of real GDP is a good measure of __________.

Economist Michael Kremer found that world growth rates fell as population increased.

What are inward-oriented policies? Do most economists recommend these types of policies to poor countries?

Susan and Calvin paint houses. Susan consistently paints about 400 square feet of a house's exterior per hour, while Calvin consistently paints about 300 square feet per hour. Susan's __________ exceeds that of Calvin.

Consider the production function Y=4F(L,K,H,N). Suppose F(10, 8, 6, 5) = 100 and F(30, 24, 18, 15) = 300. Does the production function have the property of constant returns to scale? Why or why not?

Countries with high population growth rates tend to have lower levels of educational attainment.

What is the difference between human capital and technology?