Question 1

Which of the following statements is correct?

Accepted Answer

A)  Human capital per worker is a determinant of productivity.
B)  A nation cannot be highly productive in producing goods and services without abundant quantities of natural resources.
C)  Human capital and technological knowledge are the same thing.
D)  All technological knowledge is proprietary.E) A) and B)
F) A) and C)

Question 2

Suppose that real GDP grew more in Country A than in Country B last year.

Accepted Answer

A)  Country A must have a higher standard of living than country B.
B)  Country A's productivity must have grown faster than country B's.
C)  Both of the above are correct.
D)  None of the above are correct.E) A) and B)
F) All of the above

Question 3

The saws,lathes,and drill presses that woodworkers at Cedar Valley Furniture use to produce furniture are called

Accepted Answer

A)  human capital.
B)  physical capital.
C)  natural resources.
D)  technological knowledge.E) A) and B)
F) B) and D)

Question 4

If a production function has constant returns to scale,output can be doubled if

Accepted Answer

A)  labor alone doubles.
B)  all inputs but labor double.
C)  all of the inputs double.
D)  None of the above is correct.E) A) and C)
F) All of the above

Question 5

Which of the following is an example of human capital?

Accepted Answer

A)  a student loan
B)  knowledge learned from reading books
C)  training videos for new corporate employees
D)  All of the above are correct.E) None of the above
F) A) and D)

Question 6

If there are constant returns to scale,the production function can be written as

Accepted Answer

A)  xY = 2xAF(L,K,H,N) .
B)  Y/L = A F(xL,xK,xH,xN) .
C)  Y/L = A F( 1,K/L,H/L,N/L) .
D)  L = AF(Y,K,H,N) .E) None of the above
F) C) and D)

Question 7

Both Arnold and Will work 10 hours a day.Arnold can produce six baskets of goods per hour while Will can produce four baskets of the same goods per hour.It follows that Arnold's

Accepted Answer

A)  productivity is greater than Will's.
B)  output is greater than Will's.
C)  standard of living is higher than Will's.
D)  All of the above are correct.E) A) and B)
F) B) and C)

Question 8

In which of the following cases can we be certain that a natural resource has become scarcer?

Accepted Answer

A)  both the demand for the resource and the supply of the resource have increased
B)  both the demand for the resource and the supply of the resource have decreased
C)  demand for the resource is unchanged and the supply of the resource has increased
D)  the demand for the resource has decreased and the supply of the resource is unchangedE) B) and D)
F) A) and B)

Question 9

Which of the following is not an example of physical capital?

Accepted Answer

A)  a new factory building
B)  a delivery van
C)  the knowledge of workers
D)  the office chair in a lawyer's officeE) All of the above
F) B) and C)

Question 10

In one day Portal Computer Company made 400 laptops with 1200 hours of labor.What was its productivity?

Accepted Answer

A)  1/3 laptop per hour
B)  3 hours per laptop
C)  1200 laptops
D)  400 laptopsE) None of the above
F) A) and D)

Question 11

Which of the following is an example of a produced factor of production?

Accepted Answer

A)  a plant in which automobiles are assembled
B)  skills that people accumulate in high school and college
C)  skills that people accumulate through experience in the workplace
D)  All of the above are correct.E) A) and D)
F) None of the above

Question 12

Which of the following is considered human capital? Knowledge acquired from

Accepted Answer

A)  early childhood education programs
B)  job training
C)  on-the-job experience
D)  All of the above are correct.E) B) and D)
F) A) and D)

Question 13

Greater scarcity of a natural resource is indicated

Accepted Answer

A)  by an increase in the price of the resource,whether the price increase is less than or greater than the rate of inflation.
B)  only by an increase in the price of the resource that is less than the rate of inflation.
C)  only by an increase in the price of the resource that is greater than the rate of inflation.
D)  only by an increase in the price of the resource that is caused by a decrease in supply and is greater than the rate of inflation.E) C) and D)
F) B) and C)

Question 14

In a market economy,scarcity of resources is most clearly reflected in

Accepted Answer

A)  supply.
B)  demand.
C)  market prices.
D)  the stock of the resource.E) A) and D)
F) B) and D)

Question 15

Allied Business Consultants employs five researchers that each work 8 hour days.In one day the researchers prepared 10 reports for its 2 largest clients.What was Allied Business Consultants' productivity?

Accepted Answer

A)  10 reports
B)  5 reports per client
C)  1.25 reports per hour
D)  1/4 report per hourE) B) and C)
F) A) and D)

Question 16

The inputs into production of goods and services that are provided by nature,such as land,rivers,and mineral deposits are called

Accepted Answer

A)  physical capital.
B)  natural resources.
C)  human capital.
D)  technological knowledge.E) None of the above
F) C) and D)

Question 17

Scenario 25-1.An economy's production form takes the form Y = AF(L,K,H,N) .
-Refer to Scenario 25-1.K represents the quantity of

Accepted Answer

A)  human capital only.
B)  physical capital only.
C)  human capital and physical capital combined.
D)  nonrenewable natural resources.E) A) and B)
F) None of the above

Question 18

Which of the following is not correct?

Accepted Answer

A)  Countries that have had higher output growth per person have typically done so without higher productivity growth.
B)  A country's standard of living and its productivity are closely related.
C)  Productivity refers to output produced per hour of work.
D)  Increases in productivity can be used to increase output or leisure.E) None of the above
F) All of the above

Question 19

Real Foods produced 400,000 cans of diced tomatoes last year and 460,000 cans of diced tomatoes this year.It employed the same number of labor hours each year.Real Foods' productivity

Accepted Answer

A)  decreased 13%.
B)  was unchanged.
C)  increased 13%.
D)  increased 15%.E) None of the above
F) A) and B)

Exam 12: Production and Growth: Productivity Its Role and Determinants

Which of the following is an example of human capital?

Correct Answer
verified

In one day Portal Computer Company made 400 laptops with 1200 hours of labor.What was its productivity?

Correct Answer
verified

In which of the following cases can we be certain that a natural resource has become scarcer?

Correct Answer
verified

Which of the following is considered human capital? Knowledge acquired from

Correct Answer
verified

Which of the following statements is correct?

Correct Answer
verified

Both Arnold and Will work 10 hours a day.Arnold can produce six baskets of goods per hour while Will can produce four baskets of the same goods per hour.It follows that Arnold's

Correct Answer
verified

Scenario 25-1.An economy's production form takes the form Y = AF(L,K,H,N) . -Refer to Scenario 25-1.K represents the quantity of

Correct Answer
verified

Which of the following is not correct?

Correct Answer
verified

Greater scarcity of a natural resource is indicated

Correct Answer
verified

Suppose that real GDP grew more in Country A than in Country B last year.

Correct Answer
verified

Allied Business Consultants employs five researchers that each work 8 hour days.In one day the researchers prepared 10 reports for its 2 largest clients.What was Allied Business Consultants' productivity?

Correct Answer
verified

Real Foods produced 400,000 cans of diced tomatoes last year and 460,000 cans of diced tomatoes this year.It employed the same number of labor hours each year.Real Foods' productivity

Correct Answer
verified

The saws,lathes,and drill presses that woodworkers at Cedar Valley Furniture use to produce furniture are called

Correct Answer
verified

Which of the following is not an example of physical capital?

Correct Answer
verified

If a production function has constant returns to scale,output can be doubled if

Correct Answer
verified

Which of the following is an example of a produced factor of production?

Correct Answer
verified

The inputs into production of goods and services that are provided by nature,such as land,rivers,and mineral deposits are called

Correct Answer
verified

If there are constant returns to scale,the production function can be written as

Correct Answer
verified

In a market economy,scarcity of resources is most clearly reflected in

Correct Answer
verified

Exam 12: Production and Growth: Productivity Its Role and Determinants

Which of the following is an example of human capital?

Correct AnswerverifiedShow Answer

In one day Portal Computer Company made 400 laptops with 1200 hours of labor.What was its productivity?

Correct AnswerverifiedShow Answer

In which of the following cases can we be certain that a natural resource has become scarcer?

Correct AnswerverifiedShow Answer

Which of the following is considered human capital? Knowledge acquired from

Correct AnswerverifiedShow Answer

Which of the following statements is correct?

Correct AnswerverifiedShow Answer

Both Arnold and Will work 10 hours a day.Arnold can produce six baskets of goods per hour while Will can produce four baskets of the same goods per hour.It follows that Arnold's

Correct AnswerverifiedShow Answer

Scenario 25-1.An economy's production form takes the form Y = AF(L,K,H,N) . -Refer to Scenario 25-1.K represents the quantity of

Correct AnswerverifiedShow Answer

Which of the following is not correct?

Correct AnswerverifiedShow Answer

Greater scarcity of a natural resource is indicated

Correct AnswerverifiedShow Answer

Suppose that real GDP grew more in Country A than in Country B last year.

Correct AnswerverifiedShow Answer

Allied Business Consultants employs five researchers that each work 8 hour days.In one day the researchers prepared 10 reports for its 2 largest clients.What was Allied Business Consultants' productivity?

Correct AnswerverifiedShow Answer

Real Foods produced 400,000 cans of diced tomatoes last year and 460,000 cans of diced tomatoes this year.It employed the same number of labor hours each year.Real Foods' productivity

Correct AnswerverifiedShow Answer

The saws,lathes,and drill presses that woodworkers at Cedar Valley Furniture use to produce furniture are called

Correct AnswerverifiedShow Answer

Which of the following is not an example of physical capital?

Correct AnswerverifiedShow Answer

If a production function has constant returns to scale,output can be doubled if

Correct AnswerverifiedShow Answer

Which of the following is an example of a produced factor of production?

Correct AnswerverifiedShow Answer

The inputs into production of goods and services that are provided by nature,such as land,rivers,and mineral deposits are called

Correct AnswerverifiedShow Answer

If there are constant returns to scale,the production function can be written as

Correct AnswerverifiedShow Answer

In a market economy,scarcity of resources is most clearly reflected in

Correct AnswerverifiedShow Answer

Correct Answer
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