Macroeconomics chapter 9 (10/21/18)

has more resources for capital goods. The increase in capital raises productivity

All else equal, by saving more, a country

the increase in output was greater last year than this year.

All else equal, if there are diminishing returns, then if a country raised its capital by 100 units last year and by 100 units this year,

output in country A increases by the same amount as in country B

Country A and country B are the same except country A currently has a lower level of capital. Assuming diminishing returns, if both countries increase their capital by 100 units and other factors that determine output are unchanged, then

Nutrition

Economist Robert Fogel focused on which of the following factors as one determinant of long-run economic growth?

for both individuals and nations

In determining living standards, productivity plays a key role

1/8 cabinet per hour

In one day Alpha Cabinet Company made 40 cabinets with 320 hours of labor. What was Alpha Cabinet Company's productivity per hour?

True

On the one hand more rapid population growth may lower productivity by stretching the supply of natural resources and reducing the amount of capital available per worker. On the other hand, a large population may enhance the rate of technological progress because there are more scientists and engineers.

diminishing returns to capital

The curve becomes flatter as the amount of capital per worker increases because of

technological advances such as those during the Industrial Revolution

Thomas Malthus's predictions turned out to be wrong due to

World growth rates increased as the population increased.

Which of the following is an observation made by economist Michael Kremer?