Economics- Chapter 17 Practice Test

Japan's status as a rich nation is attributable to

international trade, but not to Japan's domestic quantities of natural resources.

Technological knowledge

is a determinant of productivity

Over the past century in the United states, real GDP per person has grown, on average, by about

2 percent

During the past century the average growth rate of U.S. real GDP per person implies that it doubled, on average, about every

35 years

Which of the statements is correct?

Difference in natural resources can explain some of the difference in standards of living around the world.

Which of the following is correct

The level of real GDP per person is a good gauge of economic prosperity, and the growth rate of real GDP per person is a good gauge of economic progress.

In determining living standards, productivity plays a key role

for both nations and individuals

Productivity is defined as the quantity of

goods and services produced from each unit of labor input

In market economy, scarcity of resource's is most clearly reflected in

market prices

A country experience a growth rate of 125 per year can go from being one of the poorest to one of the richest in how many generations

one

Which of the following items plays a role in determining productivity?

physical capital, natural resources, technological knowledge

Productivity is the amount of goods and services

produced for each hour of a worker's time. It is linked to a nation's economic policies

The one variable that stands out as the most significant explanation of large variations in living standards around the world is

productivity

A nations standard of living i determined by

the productivity of its workers.

The key for determinant of the standard of living in a country is

the amount of goods and services produced from each hour of a worker's time

Human capital is the

the knowledge and skills that workers acquire through education, training, and experience