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Exam 7: Economic Growth, Productivity, and Living Standards

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Question 41

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Government policies that increase the long-term economic growth rate by a small amount result in ______ in average living standards.

A) large increases
B) small increases
C) small decreases
D) no change

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Question 42

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Defenders of limits on economic growth are concerned that continued economic growth will eventually:

A) raise interest rates.
B) reduce the rate of technological progress.
C) exhaust natural resources.
D) make plant and equipment obsolete.

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Question 43

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Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 30 chicken breasts per hour, while Tom's experience allows him to debone 60 chicken breasts per hour. Both Mike and Tom work 40 hours per week. Their average hourly productivity as a team is ______ chicken breasts.

The biggest barrier to growth for many of the poorest countries in the world is the need for:

The discovery and utilization of vast, previously unknown oil and mineral deposits in a country will increase:

Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 60 chicken breasts per hour, while Tom's experience allows him to debone 120 chicken breasts per hour. Both Mike and Tom work 40 hours per week. Their average hourly productivity as a team is ______ chicken breasts.

Bank C promises to pay a compound annual interest rate of 6 percent, while Bank S pays a 10 percent simple annual interest rate on deposits. If you deposit $1,000 in each bank, after 10 years, your deposit in Bank C equals _____, while your deposit in Bank S equals ______.

Real GDP per person in the Canada was $7,377 in 1950. Over the next 48 years it grew at a compound annual rate of 2.0%. If instead real GDP per person had grown at an average compound annual rate 2.5%, then real GDP per capita in the Canada in 1998 would have been approximately ______ larger.

U.S. productivity growth has rebounded since 1995 largely as a result of:

If average labor productivity increases, real GDP per person:

Real GDP per person in Richland is $20,000, while real GDP per person in Poorland is $10,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's real GDP per person is growing at 2 percent per year. After 50 years, real GDP per person in Richland minus real GDP in Poorland is:

If real GDP per person was equal to $2,000 in 1900 and grew at a 1 percent annual rate, what would be the value of real GDP per person 100 years later?

In order to promote growth, the poorest countries-in contrast to the richer countries-need most to:

A political system that promotes the free and open exchange of ideas:

Governments contribute to increased average labor productivity in each of the following ways EXCEPT by:

Based on the table below and the principle of diminishing returns to capital, then total packages wrapped when a fourth machine is installed must be less than ______ packages. $\begin{array} { | c | c | } \hline \text { Number of (Identical) Machines } & \text { Total Packages Wrapped } \\\hline 1 & 10,000 \\\hline 2 & 13,000 \\\hline 3 & 15,000 \\\hline\end{array}$

Additional economic growth should be pursued when:

The cost of a higher living standard in the future is giving up:

An example of a government policy to provide a framework within which the private sector can operate productively is:

Each of the following statements describes how the political and legal environment encourages productivity EXCEPT: