Econ CH 7
A nation's standard of living is determined by
the productivity of its workers
Which of the following is considered human capital? Knowledge acquired from
All of the above are correct
The catch-up effect refers to the ideas that
it is easier for a country to grow fast and so catch-up if it starts out relatively poor
Countries that have lower levels of real GDP per person than the United States
In some cases have growth rates that are higher than that of the United States and in other cases lower than that of the United States
Which of the following equations represents GDP for a closed economy?
Y= C+I+G
In order to promote growth in living standards, policymakers must
all of the above
If there are diminishing returns to capital, then
increases in the capital stock increase output by even smaller amounts
The bond market
is a financial market, as is the stock market.
A nation's standard of living is measured by its
real GDP per person
The key determinant of the standard of living in a country is
the amount of goods and services produced from each hour of a workers time