econ growth quiz >:(

In the long run an increase in saving will generally: A.reduce the rate of economic growth. B.leave the rate of economic growth unchanged. C.increase the rate of economic growth. D.increase consumption simultaneously. E.decrease the standard of living.

C

(Figure 40-1: Economic Growth in Production Possibilities) Which of the following movements is considered economic growth?

E to F

Which of the following choices is most likely to create a rightward shift of the production possibilities curve?

Expansionary fiscal policy

Which of the following choices is most likely to create a rightward shift of the LRAS curve?

R&D or expansionary fiscal policy

Economies with higher growth rates tend to be those that have:

a stable government that protects property rights

Greenhouse gas emission is an example of:

externality

All else equal, a nation that has a high rate of ____ will cause a high rate of _____ and therefore a higher growth rate of _____ capital.

savings; investment; physical

Long-run economic growth is:

the increase in real GDP per capita, how real GDP per capital has changed, and how it varies across countries.

Which of the following will not increase the productivity of labor?

An increase in the size of the labor force

Economists say that long-run economic growth is almost entirely due to: A. rising productivity. B. population growth. C. a democratically elected government. D. a balanced budget.

A

If aggregate real output is growing faster than the total population, then: A.real GDP per capita is rising. B.the standard of living is declining. C.the national income is falling. D.nominal GDP per capita is falling. E.the national income per capita is falling.

A

Productivity is equal to: A.real GDP divided by number of workers. B.real GDP divided by number of capital inputs. C.number of workers per machine. D.total output produced. E.real GDP divided by the unemployment rate.

A

Technological progress is advanced through: a. research and development. b. government regulation. c. consumption. d. infrastructure.

A

The term "Human capital" describes: A.improvement made possible by better machines and equipments available. B.improvement in the technology available to the work force. C.improvement in the worker made possible by education, training and knowledge. D.improvement in the robotics technology that can substitute for a human worker. E.improvement made possible by better information technology systems.

C

(Figure 40-1: Economic Growth in Production Possibilities) Of the following choices, which combination of investment and consumer goods would provide the greatest potential for future long term growth?

couldn't find this one :(

From 2007-2008 Nation A saw real GDP increase from $100 billion to $106 billion. The population of Nation A also grew from 50 million to 51 million from 2007-2008. Based upon this information we can say that:

real GDP per capita increased because the real GDP increased at a faster rate than the population

Use the "Productivity" Figure 38-1. Suppose there has been an increase in physical capital per worker with everything else remaining unchanged, then it is shown on the diagram as:

to higher point on bottom line (? prob wont be an answer choice but couldnt find anything else)

Workers today are more productive than workers in the past because:

workers now have more physical capital embodying better technology.

Roads, telephone lines, power facilities, and schools are examples of a nation's:

infrastructure

When measuring a nation's standard of living, of the following, the best measure is: A.nominal GDP. B.market GDP. C.real GDP. D.nominal GDP per capita. E.real GDP per capita.

E

According to the text, productivity is driven by all of the following below EXCEPT: A) physical capital. B) human capital. C) technological progress. D) natural resources.

D (or population; i saw both online)

Use the "Technological Progress and Productivity Growth" Figure 38-2. If there is significant technological progress (all other factors remaining unchanged., then this is best indicated by a move from:

B to C

Use the "Technological Progress and Productivity Growth" Figure 38-2. If there is a significant increase in human capital per worker (all other factors remaining unchanged., then this is best indicated by a move from:

B to C (i found this diagram and can send it too if u want but i don't have quizlet premium to paste it here)

Use the "Productivity" Figure 38-1. Suppose there has been a considerable improvement in technology with everything else remaining unchanged, then it is shown on the diagram as: A.a movement from B to A. B.a movement from A to B. C.a movement from B to C. D.a movement from A to C. E.a movement from C to B.

C

Which of the following contributes to economic development? A.growth in physical capital B.an increase in the availability of natural resources C.an increase in the productivity of labor D.all of the above

D

A nation's capital stock will continue to grow if the growth rate of new

capital investment exceeds the rate of depreciation on existing capital

From the standpoint of economic growth, banks are important to:

channel savings into investment

When the value of an asset falls due to age, wear, or obsolescence, it is called:

depreciation

The economy of Franklandia has invested in research and development of new technologies and production methods. In the long run, how would this be illustrated on the AS/AD model?

economic growth and a rightward shift of LRAS.

Technological progress allows workers to produce more:

even when the amount of physical capital and human capital do not change

Long-run economic growth depends almost entirely on:

labor productivity growth

Which of the following would NOT qualify as physical capital?

mineral deposits

An increase in the amount of physical capital per worker _________, while technological progress ________.

moves the economy along the aggregate production function; shifts up the aggregate production function