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Exam 7: Economic Growth, Productivity, and Living Standards

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Question 1

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The growth of real GDP per person in the United States between 1960 and 2008 was the result of:

A) growth in average labor productivity only.
B) growth in the share of population employed only.
C) growth in both average labor productivity and the share of population employed.
D) neither the growth in average labor productivity nor the share of population employed.

E) C) and D)
F) None of the above

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Question 2

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More economic growth is not necessarily better unless the benefits of growth:

A) exceed the costs of growth.
B) increase average labor productivity.
C) increase real GDP per capita.
D) increase human capital.

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

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Question 3

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Entrepreneurs are people who:

When new technologies are applied to the production and distribution of goods and services:

If the share of population employed in two countries is the same, average living standards will be higher in the country with:

If real GDP per person in a country equals $40,000 and 60 percent of the population is employed, then average labor productivity equals:

Bank C promises to pay a compound annual interest rate of 6 percent, while Bank S pays an 8 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 ______.

The rise in average living standards experienced by most industrialized countries:

Real GDP per person in both Alpha and Omega is equal to $2,000. Over the next 100 years, real GDP per person grows at a 1 percent annual rate in Alpha and at a 2 percent annual rate in Omega. After 100 years, real GDP per person in Alpha is ______ smaller than real GDP per person in Omega.

Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 60 chicken breasts per hour by hand, while Tom's experience allows him to debone 120 chicken breasts per hour by hand. Ted buys one new machine that can debone 100 chicken breasts per hour. Both Mike and Tom work the same 40 hours per week, but one of them is assigned to operate the machine instead of deboning the chicken breasts by hand. To obtain maximum average hourly productivity, ______ is assigned to use the machine and their combined average hourly productivity as a team is ______ chicken breasts.

Which of the following is an example of an investment in physical capital?

The key indicator of a country's living standard and economic well-being is:

At the time it collapsed in 1991, the Soviet Union possessed all of the factors that promote increases in economic growth EXCEPT:

If you left $2,500 on deposit with a bank promising to pay you a 6 percent compound annual rate of interest, then after 50 years your deposit would be worth approximately:

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

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

To increase future living standards by pursuing higher current rates of investment spending, an economy must:

Developing new products and services as well as introducing new production methods are among the ways that ______ increases average labor productivity.

Real GDP per person can increase:

Suppose when you are 21 years old, you deposit $1,000 into a bank account that pays annual compound interest, and you do not withdraw from the account until your retirement at the age of 65, 44 years later. How much more will be in your account if the interest rate is 6 percent rather than 4 percent?