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