Question 1

The process by which the stock of equipment and structures available to an economy is increased by investment is referred to as ________.

Accepted Answer

A)   investment growth
B)   output expansion
C)   physical capital accumulation
D)   autonomous growthE) C) and D)
F) B) and C)

Question 2

The advantage of using real GDP over nominal GDP is that it ________.

Accepted Answer

A)   is easier to calculate
B)   can be compared over time
C)   takes the distribution of income into account
D)   takes into account changes in the ruling political partyE) C) and D)
F) A) and C)

Question 3

If s denotes the saving rate,I denotes aggregate investment,and Y denotes GDP,then which of the following equations is correct?

Accepted Answer

A)   Y = s × I
B)   I = s × Y
C)   I = s/Y
D)   I = Y/sE) A) and B)
F) A) and C)

Question 4

The following figure shows graphs of various types of growth.
 
-Refer to the figure above.The data in Graph A best represent ________.

Accepted Answer

A)   linear growth
B)   no growth
C)   exponential growth
D)   exponential declineE) B) and C)
F) None of the above

Question 5

Which of the following factors of production is least likely to exhibit diminishing marginal product?

Accepted Answer

A)   Land
B)   Labor
C)   Physical capital
D)   TechnologyE) B) and C)
F) A) and D)

Question 6

The following figure shows graphs of various types of growth.
 
-Refer to the figure above.The data in Graph D best represent ________.

Accepted Answer

A)   linear growth
B)   no growth
C)   exponential growth
D)   exponential declineE) B) and C)
F) A) and D)

Question 7

Scenario: Consider two countries, Country A and Country B. Both countries have identical aggregate production functions, populations, and efficiency units of labor, but they have different technologies. The technology used in Country B is more advanced than that used in Country A.
-Refer to the scenario above.If the size of the population is the same in both countries,at the steady-state equilibrium,________.

Accepted Answer

A)   the physical capital stock will be the same in both countries
B)   the GDP per capita will be the same in both countries
C)   the GDP per capita of Country A will be higher than that of Country B
D)   the GDP per capita of Country B will be higher than that of Country AE) A) and D)
F) All of the above

Question 8

In Fiji,total saving is $560 million,while GDP is $4.4 billion.In Papua New Guinea,total saving is $2.4 billion,while GDP is $16.9 billion.Which of the following is true?

Accepted Answer

A)   Fiji's saving rate is at least one percentage point higher than that of Papua New Guinea.
B)   Papua New Guinea's saving rate is at least one percentage point higher than that of Fiji.
C)   Fiji and Papua New Guinea have exactly the same saving rate.
D)   Fiji and Papua New Guinea have saving rates that are less than one percentage point apart, but are not exactly equal.E) All of the above
F) C) and D)

Question 9

Most of the growth in GDP per hour worked in the United States over the past several decades can be attributed to growth resulting from ________.

Accepted Answer

A)   physical capital
B)   human capital
C)   government policies
D)   technologyE) C) and D)
F) A) and D)

Question 10

The term "demographic transition" refers to the ________ in fertility and number of children per family that many societies undergo as they transition ________.

Accepted Answer

A)   increase; from industry to agriculture
B)   increase; from agriculture to industry
C)   decrease; from agriculture to industry
D)   decrease; from industry to agricultureE) A) and C)
F) B) and D)

Exam 7: Economic Growth

The term "demographic transition" refers to the in fertility and number of children per family that many societies undergo as they transition .

Correct Answer
verified

If s denotes the saving rate,I denotes aggregate investment,and Y denotes GDP,then which of the following equations is correct?

Correct Answer
verified

Most of the growth in GDP per hour worked in the United States over the past several decades can be attributed to growth resulting from ________.

Correct Answer
verified

The advantage of using real GDP over nominal GDP is that it ________.

Correct Answer
verified

The following figure shows graphs of various types of growth. -Refer to the figure above.The data in Graph A best represent ________.

Correct Answer
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Which of the following factors of production is least likely to exhibit diminishing marginal product?

Correct Answer
verified

In Fiji,total saving is $560 million,while GDP is $4.4 billion.In Papua New Guinea,total saving is $2.4 billion,while GDP is $16.9 billion.Which of the following is true?

Correct Answer
verified

Correct Answer
verified

The process by which the stock of equipment and structures available to an economy is increased by investment is referred to as ________.

Correct Answer
verified

The following figure shows graphs of various types of growth. -Refer to the figure above.The data in Graph D best represent ________.

Correct Answer
verified

Exam 7: Economic Growth

The term "demographic transition" refers to the ________ in fertility and number of children per family that many societies undergo as they transition ________.

Correct AnswerverifiedShow Answer

If s denotes the saving rate,I denotes aggregate investment,and Y denotes GDP,then which of the following equations is correct?

Correct AnswerverifiedShow Answer

Most of the growth in GDP per hour worked in the United States over the past several decades can be attributed to growth resulting from ________.

Correct AnswerverifiedShow Answer

The advantage of using real GDP over nominal GDP is that it ________.

Correct AnswerverifiedShow Answer

The following figure shows graphs of various types of growth. -Refer to the figure above.The data in Graph A best represent ________.

Correct AnswerverifiedShow Answer

Which of the following factors of production is least likely to exhibit diminishing marginal product?

Correct AnswerverifiedShow Answer

In Fiji,total saving is $560 million,while GDP is $4.4 billion.In Papua New Guinea,total saving is $2.4 billion,while GDP is $16.9 billion.Which of the following is true?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The process by which the stock of equipment and structures available to an economy is increased by investment is referred to as ________.

Correct AnswerverifiedShow Answer

The following figure shows graphs of various types of growth. -Refer to the figure above.The data in Graph D best represent ________.

Correct AnswerverifiedShow Answer

The term "demographic transition" refers to the in fertility and number of children per family that many societies undergo as they transition .

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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