Question 1

Over the last three centuries,

Accepted Answer

A)  until the 1800s,real income per person barely changed at all.
B)  until the 1500s,real income per person barely changed at all.
C)  real income per person has steadily increased at an average rate of 2 percent
D)  real income per person has barely changed at all.E) A) and B)
F) A) and C)

Question 2

One explanation for the growth in the U.S.economy over the last 100 years is:

Accepted Answer

A)  a large increase in human capital.
B)  a rapid decline in human capital.
C)  a small,incremental increase in human capital.
D)  Human capital was not the cause of growth in the United States over the last 100 years.E) A) and D)
F) All of the above

Question 3

Which of the following is not considered a renewable resource:

Accepted Answer

A)  fresh water.
B)  sunlight.
C)  oil.
D)  All of these are renewable resources.E) A) and B)
F) B) and C)

Question 4

In the 1980s,Howard was one of the best car phone repairmen in his area.After staying home in the 1990s and early 2000s to take care of his children,Howard wants to go back to work in the phone repair business.Which of the following can be said about Howard?

Accepted Answer

A)  Because car phones are obsolete,Howard's human capital is less valuable.
B)  Howard's knowledge of how to repair car phones is obsolete,and his human capital is less valuable now than in 1980.
C)  Howard's ability to repair car phones represents an obsolete skill.
D)  All of these could be said about Howard.E) A) and C)
F) B) and D)

Question 5

One way the government can encourage economic growth is to:

Accepted Answer

A)  protect property rights.
B)  enforce contracts.
C)  ensure legal agreements will be upheld.
D)  All of these actions will encourage economic growth.E) C) and D)
F) B) and C)

Question 6

Trees are considered:

Accepted Answer

A)  a renewable resource.
B)  a nonrenewable resource.
C)  physical capital.
D)  technology.E) A) and B)
F) None of the above

Question 7

Our measurement of output per worker is called:

Accepted Answer

A)  productivity.
B)  production growth rate.
C)  nominal output.
D)  None of these is true.E) A) and B)
F) All of the above

Question 8

A variable that is essential to economic growth is:

Accepted Answer

A)  savings.
B)  capital.
C)  technology.
D)  All of these are important to economic growth.E) A) and C)
F) A) and B)

Question 9

An example of physical capital is:

Accepted Answer

A)  a construction worker's strength.
B)  a scientist's knowledge of cellular biology.
C)  Both of these are examples of physical capital.
D)  Neither of these are examples of physical capital.E) B) and C)
F) All of the above

Question 10

An example of government investment in physical capital to increase business productivity is:

Accepted Answer

A)  roadways.
B)  bridges.
C)  sewer systems.
D)  All of these are examples of ways governments can increase productivity.E) C) and D)
F) B) and D)

Question 11

What types of capital can improve the productivity of workers?

Accepted Answer

A)  Technological and human
B)  Human and physical
C)  Physical and technological
D)  Human,technological,and physical capital are all determinants of productivity.E) B) and D)
F) A) and B)

Question 12

An example of physical capital is:

Accepted Answer

A)  a factory.
B)  a computer.
C)  a pen.
D)  All of the items are examples of physical capital.E) All of the above
F) A) and B)

Question 13

If a country has a high level of income,it likely has:

Accepted Answer

A)  a highly productive work force.
B)  widespread access to technology.
C)  high levels of physical capital.
D)  All of these are true.E) A) and C)
F) B) and D)

Question 14

Household savings rates:

Accepted Answer

A)  were negative in China in 2005.
B)  were 38 percent in China in 2005.
C)  were fairly constant at about 8 percent in China from 2000 to 2010.
D)  have been roughly 10 percent for the last 30 years or so in China.E) B) and C)
F) A) and D)

Question 15

Which of the following is not considered a renewable resource?

Accepted Answer

A)  Fish in the ocean
B)  Sunlight
C)  Wind
D)  All of these are renewable resources.E) A) and D)
F) B) and C)

Question 16

Natural resources:

Accepted Answer

A)  are production inputs that come from the earth.
B)  include lakes,mineral deposits,forests,and so on.
C)  can be split into two categories: renewable or nonrenewable.
D)  All of these are true statements.E) A) and B)
F) A) and C)

Question 17

The rule of 70 estimates how long it will take a country to double its real GDP per capita by:

Accepted Answer

A)  dividing the average growth rate by 70.
B)  dividing 70 by the average growth rate.
C)  dividing the current real GDP per capita by 70.
D)  multiplying the average growth rate by 70 percent.E) A) and C)
F) A) and B)

Question 18

Real per capital GDP in the United States is:

Accepted Answer

A)  over three times what it was a century ago.
B)  over seven times what it was a century ago.
C)  over 30 times what it was a century ago.
D)  about the same as it was a century ago.E) None of the above
F) B) and C)

Question 19

An example of the opportunity to gain human capital would be:

Accepted Answer

A)  a firm expanding and creating 20 more jobs.
B)  a firm offering on-the-job training.
C)  a firm starting a community garden for its employees.
D)  All of these are examples of human capital.E) B) and C)
F) None of the above

Question 20

Human capital:

Accepted Answer

A)  is always increasing.
B)  can become outdated or deteriorate.
C)  is better when acquired as an adult.
D)  All of these are true.E) B) and C)
F) C) and D)

Exam 26: Economic Growth

One way the government can encourage economic growth is to:

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Natural resources:

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An example of the opportunity to gain human capital would be:

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Human capital:

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Real per capital GDP in the United States is:

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Over the last three centuries,

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An example of physical capital is:

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Which of the following is not considered a renewable resource:

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An example of government investment in physical capital to increase business productivity is:

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The rule of 70 estimates how long it will take a country to double its real GDP per capita by:

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What types of capital can improve the productivity of workers?

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Which of the following is not considered a renewable resource?

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Trees are considered:

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A variable that is essential to economic growth is:

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In the 1980s,Howard was one of the best car phone repairmen in his area.After staying home in the 1990s and early 2000s to take care of his children,Howard wants to go back to work in the phone repair business.Which of the following can be said about Howard?

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An example of physical capital is:

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One explanation for the growth in the U.S.economy over the last 100 years is:

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If a country has a high level of income,it likely has:

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Household savings rates:

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Our measurement of output per worker is called:

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