Question 1

The so-called "Rule of 70" is a formula for finding the approximate number of times that a value will double in a period of 70 years.

Accepted Answer

A) True 
 B)False

Question 2

Economic growth in the U.S. since 1950 has been characterized by:

Accepted Answer

A)   An average growth rate in real GDP that is slower than the growth rate of the population
B)   A quadrupling of real GDP from 1950 to 2012
C)   An average growth rate in real GDP that is faster than the growth rate of the population
D)   An average growth rate in real GDP per capita of about 6% per year

Question 3

One major economic benefit of global competition is:

Accepted Answer

A)   Lower unemployment
B)   Increased protection of domestic firms
C)   Pressure to innovate
D)   More leisure opportunities

Question 4

Nation A's real GDP was $520 billion in 2013 and $550 billion in 2014. Its population was 150 million in 2013 and 155 million in 2014. On the other hand, Nation B's real GDP was $200 billion in 2013 and $210 billion in 2014; and its population was 53 million in 2013 and 55 million in 2014. Which of the following statements is true?

Accepted Answer

A)   Nation A's GDP per capita increased from 2013 to 2014, while Nation B's decreased
B)   Nation B's GDP per capita increased from 2013 to 2014, while Nation A's decreased
C)   Nation A's and Nation B's GDP per capita both decreased from 2013 to 2014
D)   Nation A's and Nation B's GDP per capita both increased from 2013 to 2014

Question 5

Historically, the total amount of real capital per worker in the United States has:

Accepted Answer

A)   Provided financing for the industrial expansion of business
B)   Increased significantly and made labor more productive
C)   Been the single most important determinant of economic growth
D)   Remained relatively constant, although the quality of capital has improved dramatically

Question 6

A piece of software that benefits many users at the same time would be an example of:

Accepted Answer

A)   Network effects
B)   Learning by doing
C)   Multiple production
D)   Simultaneous consumption

Question 7

Refer to the above diagram. If the production possibilities of an economy are shown by curve AB but the economy is operating at point 4, the reasons are most likely to be because of:

Accepted Answer

A)   Supply and environmental factors
B)   Demand and efficiency factors
C)   Labor inputs and labor productivity
D)   Technological progress B

Question 8

The number of worker-hours available in an economy is determined by the following, except:

Accepted Answer

A)   Size of the labor force
B)   Length of the average workweek
C)   Unemployment rate of the workforce
D)   Labor force participation rate

Question 9

There are two common measures of economic growth: (1) increases in real GDP over some period of time and (2) increases in real GDP per capita over some time period.

Accepted Answer

A) True 
 B)False  True

Question 10

The supply factors of economic growth are those factors that shift a country's production possibilities curve.

Accepted Answer

A) True 
 B)False

Question 11

In 2011, what percent of adults in the U.S. were college graduates or higher?

Accepted Answer

A)   10%
B)   30%
C)   50%
D)   70%

Question 12

In the U.S. in the past six decades or so, we saw the following trends, except:

Accepted Answer

A)   The average length of the workweek remained relatively constant
B)   The size of the labor force expanded
C)   Rising birthrates kept the native-born population growing at a steady rate
D)   Women's labor-force participation rate surged

Question 13

One important growth-promoting institutional structure is the protection of domestic jobs against outsourcing.

Accepted Answer

A) True 
 B)False

Question 14

In the growth debate, critics of economic growth define "making a better living" as identical to "the good life".

Accepted Answer

A) True 
 B)False  False

Question 15

Patents and copyrights foster the flow of:

Accepted Answer

A)   Saving and investment
B)   Spending and income
C)   Resources and products
D)   Inventions and ideas

Question 16

From 1960 to today, women's labor-force participation rate in the U.S.:

Accepted Answer

A)   Stayed relatively stable at 50%
B)   Increased from about 40% to 60%
C)   Fell from 50% to 40%
D)   Increased slightly from 60% to 65%

Question 17

Which of the following countries ranked highest in the World Economic Forum's Global Competitiveness Ranking in 2012-13?

Accepted Answer

A)   Japan
B)   Switzerland
C)   Germany
D)   The U.S.

Question 18

The table below shows the quantity of labor (measured in hours)  and the productivity of labor (measured in real GDP per hour)  in a hypothetical economy in three different years.  Refer to the above table. In Year 2, the economy's real GDP was:

Accepted Answer

A)   $400,000
B)   $420,000
C)   $462,000
D)   $500,000

Question 19

Which of the following is a demand factor in economic growth?

Accepted Answer

A)   More human and natural resources
B)   Technological progress and innovation
C)   An increase in the economy's stock of capital goods
D)   An increase in total spending in the economy

Question 20

Which of the following is a main source of increasing returns in recent years?

Accepted Answer

A)   More learning by doing
B)   The concentration of development costs
C)   The use of less specialized inputs as firms grow
D)   More resources devoted to agricultural production

Exam 8: Economic Growth

The so-called "Rule of 70" is a formula for finding the approximate number of times that a value will double in a period of 70 years.

Correct Answer
verified

Economic growth in the U.S. since 1950 has been characterized by:

Correct Answer
verified

One major economic benefit of global competition is:

Correct Answer
verified

Correct Answer
verified

Historically, the total amount of real capital per worker in the United States has:

Correct Answer
verified

A piece of software that benefits many users at the same time would be an example of:

Correct Answer
verified

Refer to the above diagram. If the production possibilities of an economy are shown by curve AB but the economy is operating at point 4, the reasons are most likely to be because of:

Correct Answer
verified
B

The number of worker-hours available in an economy is determined by the following, except:

Correct Answer
verified

There are two common measures of economic growth: (1) increases in real GDP over some period of time and (2) increases in real GDP per capita over some time period.

Correct Answer
verified
True

The supply factors of economic growth are those factors that shift a country's production possibilities curve.

Correct Answer
verified

In 2011, what percent of adults in the U.S. were college graduates or higher?

Correct Answer
verified

In the U.S. in the past six decades or so, we saw the following trends, except:

Correct Answer
verified

One important growth-promoting institutional structure is the protection of domestic jobs against outsourcing.

Correct Answer
verified

In the growth debate, critics of economic growth define "making a better living" as identical to "the good life".

Correct Answer
verified
False

Patents and copyrights foster the flow of:

Correct Answer
verified

From 1960 to today, women's labor-force participation rate in the U.S.:

Correct Answer
verified

Which of the following countries ranked highest in the World Economic Forum's Global Competitiveness Ranking in 2012-13?

Correct Answer
verified

The table below shows the quantity of labor (measured in hours) and the productivity of labor (measured in real GDP per hour) in a hypothetical economy in three different years. Refer to the above table. In Year 2, the economy's real GDP was:

Correct Answer
verified

Which of the following is a demand factor in economic growth?

Correct Answer
verified

Which of the following is a main source of increasing returns in recent years?

Correct Answer
verified

Exam 8: Economic Growth

The so-called "Rule of 70" is a formula for finding the approximate number of times that a value will double in a period of 70 years.

Correct AnswerverifiedShow Answer

Economic growth in the U.S. since 1950 has been characterized by:

Correct AnswerverifiedShow Answer

One major economic benefit of global competition is:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Historically, the total amount of real capital per worker in the United States has:

Correct AnswerverifiedShow Answer

A piece of software that benefits many users at the same time would be an example of:

Correct AnswerverifiedShow Answer

Refer to the above diagram. If the production possibilities of an economy are shown by curve AB but the economy is operating at point 4, the reasons are most likely to be because of:

Correct AnswerverifiedB

The number of worker-hours available in an economy is determined by the following, except:

Correct AnswerverifiedShow Answer

There are two common measures of economic growth: (1) increases in real GDP over some period of time and (2) increases in real GDP per capita over some time period.

Correct AnswerverifiedTrue

The supply factors of economic growth are those factors that shift a country's production possibilities curve.

Correct AnswerverifiedShow Answer

In 2011, what percent of adults in the U.S. were college graduates or higher?

Correct AnswerverifiedShow Answer

In the U.S. in the past six decades or so, we saw the following trends, except:

Correct AnswerverifiedShow Answer

One important growth-promoting institutional structure is the protection of domestic jobs against outsourcing.

Correct AnswerverifiedShow Answer

In the growth debate, critics of economic growth define "making a better living" as identical to "the good life".

Correct AnswerverifiedFalse

Patents and copyrights foster the flow of:

Correct AnswerverifiedShow Answer

From 1960 to today, women's labor-force participation rate in the U.S.:

Correct AnswerverifiedShow Answer

Which of the following countries ranked highest in the World Economic Forum's Global Competitiveness Ranking in 2012-13?

Correct AnswerverifiedShow Answer

The table below shows the quantity of labor (measured in hours) and the productivity of labor (measured in real GDP per hour) in a hypothetical economy in three different years. Refer to the above table. In Year 2, the economy's real GDP was:

Correct AnswerverifiedShow Answer

Which of the following is a demand factor in economic growth?

Correct AnswerverifiedShow Answer

Which of the following is a main source of increasing returns in recent years?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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B

Correct Answer
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True

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Correct Answer
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Correct Answer
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Correct Answer
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False

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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