assign macro ch8
----and----give a strong financial incentive to inventors and authors to invent and create.
Blank 1: Patents Blank 2: Copyrights or Trademarks
Economic growth is calculated as ______.
Percentage rate of growth per quarter or per year.
Which of the following growth-promoting institutional structures creates a highly educated workforce?
Widespread education
Economists define and measure economic growth as ______.
an increase in real GDP per capita over some period of time
Labor productivity significantly rises as the firm sells more units of a product, consequently resulting in lower per-unit cost of production because workers ______.
can specialize and the firm can spread product costs over greater output
Select all that apply Identify the negative externalities that result from industrialization and growth.
climate change pollution
Unlike economists who argue in favor of rapid economic growth, economists who argue against it see rapid economic growth as ______.
damaging
Select all that apply Which of the following institutional structures promote and sustain modern economic growth?
-Financial institutions that channel the savings generated by households toward businesses, entrepreneurs and inventors -Patents and copyrights giving inventors and authors the exclusive right to market and sell their creations for a period of time -Strong property rights that give citizens the right to own investments and property -Widespread education for the workforce that will promote new technology innovations and implementation
Select all that apply Which of the following are growth-promoting institutional structures?
-Free trade -Patents and copyrights -Efficient financial institutions -Strong property rights -Competitive market system.
Select all that apply Which of the following are the types of firms to which Apple and Dell belong? (Check all that apply.)
-High-growth -Start-up
Select all that apply What are the two supply-side elements of real GDP?
-Increases in hours worked -Increases in labor productivity
Select all that apply Which of these explain why growth is an important economic goal?
-It increases real wages and incomes. -It increases a society's ability to resolve socioeconomic problems. -It increases standards of living.
Select all that apply Identify the sources of increasing returns for firms. (Check all that apply.)
-Learning by doing -More specialized inputs -Simultaneous consumption -Network effects -Spreading of development costs
Select all that apply Which of the following comprise technological advancement?
-New forms of business organization -Innovative production techniques -New managerial methods
Select all that apply Which of the following are arguments against rapid economic growth?
-Rapid economic growth results in pollution, global warming and other environmental problems. Rapid economic growth is unsustainable due to the earth's finite resources. Rapid economic growth has not solved sociological problems like poverty and homelessness
Select all that apply Which of the following are some possible reasons for the slowdown in productivity growth rates starting in 2010?
-Recent products like Internet apps that are free and do not generate a measurable effect on GDP -Overcapacity -Accumulation of high debt levels
Select all that apply Select from the following those that contributed to the spectacular advancement in information technology.
-The computer -Fiber-optic cable -Wireless technology -The Internet
Select all that apply Select examples of infrastructure.
-Water supply system -Roads and bridges
Select all that apply Economic growth provides society ______.
-higher living standards -greater material abundance -more goods and services
Which of the following would limit the growth in poor countries because of reduced foreign direct investment and development?
A no-growth policy among industrial nations
Which of the following statements best summarizes the growth in real GDP in the United States between 1950 and 2018?
Real GDP grew at an annual rate of about 3.1 percent.
Which of the following statements best summarizes the real economic growth per capita in the United States between 1950 and 2018?
Real GDP per capita rose nearly fourfold.
Select all that apply Which of the following are sources of increasing returns?
Simultaneous consumption which allows large numbers of customers to be served at the same time Spreading of development costs over greater output Learning by doing which reduces the time to perform tasks More specialized inputs such as specialized workers and inventory management systems Network effects which increase the value of the product to each user as the total number of users rises
Which of the following allow the economy to achieve a higher rate of economic growth?
Stronger productivity growth and heightened global competition
Which of the following factors of productivity growth helps to promote the development of new forms of business organization?
Technological advance
Select all that apply Which of the following summarize how the social-cultural-political environment of the United States has encouraged economic growth?
-A competitive market system -No social or moral taboos on production
Select all that apply Which of the following are used by economists to define and measure economic growth?
-An increase in real GDP per capita occurring over some time period -An increase in real GDP occurring over some time period
select all that apply Select the statements that summarize how firms can increase productivity using economies of scale.
-As firms expand their size and output, they can use more productive equipment. -As firms expand their size and output, they are better able to recoup investments in new production methods and products. -As firms expand their size and output, they can employ more productive methods of delivery.
Select all that apply Which of the following began as start-up firms in technology?
-Cisco Systems -PayPal -Intel
Select all that apply The determinants that directly affect economic growth can be grouped into which of the following categories?
-Demand -Supply -Efficiency
Select all that apply Economic growth is realized when the production possibilities curve shifts because of changes in which of the following factors?
-Efficiency -Demand
Select all that apply Other than a higher standard of living and more innovations, which of the following are true of the impacts of modern economic growth in industrialized nations?
-Elimination of archaic social norms -Increased leisure time and arts -Increase in democracies
Real GDP per capita means GDP ______.
per person
the growth of real GDP is a useful measure for the expansion of ______ preeminence, while the real GDP per capita is a useful measure for ______ standards.
political; living
Stronger ______ growth and heightened ______ competition allow the economy to achieve a greater rate of economic growth.
productivity; global
The growth-promoting institutional structure that involves the ability of citizens to own land, houses and businesses is called private rights---- (one word).
property
Real GDP divided by the size of the population is called ______.
real GDP per capita
The best economic growth measurement to compare living standards is ______.
real GDP per capita
Increasing productivity leads to improved standards of living by increasing ______.
real hourly earnings
Labor productivity is:
real output per hour of work
Ideally, a nation acquires funds for investment spending on plant and equipment by ______ income.
saving
Sources of funds for investment spending in plant and equipment are ______.
savings by households, governments, and foreigners
Streaming movies to customers is an example of ______.
simultaneous consumption
The ability of software programs, songs on CDs, and movies on DVDs to satisfy large numbers of customers at the same time is an example of _____
simultaneous consumption
When a firm purchases a customized inventory management system, it is ______.
specializing its inputs
Workers today are more productive than workers in the past because ______.
workers now have more physical capital embodying better technology with which to work
The fraction of the ______ population that is in the labor force is called the labor-force participation rate.
working-age Reason: Watch for redundancy! The labor force is already stated in the question. This probe seeks a descriptor or modifier of the population.
Economic growth is normally calculated as a percentage rate of growth per quarter or per----
year
Reductions in per-unit production costs that result from increases in output levels are called ______.
economies of scale
The four supply factors that constitute changes in physical and technical agents of production ______.
enable an economy to expand its potential GDP
The growth-promoting institutional structures that involve banks and the stock and bond markets are called ______.
financial institutions
Economic growth is made possible by the ______.
four supply factors that shift the production possibilities curve outward
The growth-promoting institutional structure that involves allowing countries to specialize in different types of output that can be produced most efficiently is called ______.
free trade
Strong property rights, ______ trade, patents and ______ market systems are all growth-promoting institutional structures.
free; competitive
Efficiency factor is when an economy must achieve economic efficiency as well as ______ to reach its full production potential.
full employment
An economy that is experiencing economic ______ is better able to meet people's wants and resolve socioeconomic problems.
growth
Those countries which experienced modern economic growth earlier than other countries now have significantly ______.
higher standard of living
A nation's real GDP depends on labor ______ multiplied by labor ______.
hours; productivity
Over time, when workers move from low-productivity to high-productivity employment, it is called ______.
improved resource allocation
A nation's economic growth from one year to the next depends on its ______.
increase in labor inputs and increase in labor productivity
Increased capital is important to productivity growth because the ______ in the quantity and quality of capital will make workers ______ productive.
increases; more
A situation in which a given percentage increase in the amount of inputs a firm uses leads to an even larger percentage increase in the amount of output the firm produces is called ______.
increasing returns
An increase in productivity growth is important because real output, real income and real wages are linked to ______.
labor productivity
In any year, a nation's real GDP depends on hours of work multiplied by ______.
labor productivity
Output per hour of work is the definition of:
labor productivity
The two main supply-side elements that contribute to changes in real GDP are increases in hours worked and increases in ______.
labor productivity
The fraction of the working-age population that is in the labor force is called the ______ rate.
labor-force participation
One of the consequences of a no-growth policy is that it ______.
limits growth in poor nations
Increases in capital are important to productivity growth because increases in the quantity and quality of capital ______.
make workers more productive
Pollution, global warming, and ozone depletion are---- externalities that result from economic growth. (Enter only one word.)
negative
Software and Internet services become more beneficial to a buyer the greater the number of households and businesses that also buy them. This is called ______.
network effects
The demand factor involves households, businesses, and government purchasing the economy's expanding output of goods and services so that there will be ______.
no unplanned increase in inventories and resources will remain fully employed
Economic growth made possible by the four supply factors is illustrated by the ______ the production possibilities curve.
outward shifting of
The growth-promoting institutional structure that involves giving inventors and authors the exclusive right to market and sell their creations is ______.
patents and copyrights
What is potentially the result of overcapacity and the stalling of technological progress?
A decline in productivity growth rates
When productivity is improved through products and services that can satisfy large numbers of consumers at the same time, it is called simultaneous
Blank 1: consumption or consuming
Modern economic growth has significantly increased the standard of living as well as---- , social, and political arrangements.
Blank 1: cultural or culture
The purchase of the economy's expanding goods and services by households, businesses, and the government is known as the---- factor
Blank 1: demand
Firms are able to use larger, more productive equipment and employ methods of manufacturing and delivery that increase productivity when they enjoy---- of scale.
Blank 1: economies or economy
Reductions in per-unit production costs that result from increases in output levels lead to---- of ----. (Enter one word per blank)
Blank 1: economies or economy Blank 2: scale
Literacy and widespread---- (one word) is the growth-promoting institutional structure that contributes to a productive labor force.
Blank 1: education or knowledge
The growth-promoting institutional structures that involve banks and the stock and bond markets are called efficient---- (one word) institutions.
Blank 1: financial
Efficiency factor is when an economy must achieve economic efficiency as well as----- to reach its full production. (Use one word per blank)
Blank 1: full Blank 2: employment
If the amount of capital per worker---- , labor productivity will increase.
Blank 1: increases, rises, expands, or grows
A situation in which a given percentage increase in the amount of inputs a firm uses leads to an even larger percentage increase in the amount of output the firm produces is called---- returns.
Blank 1: increasing, rising, greater, or larger
Computers, fiber-optic cable, wireless technology, and the Internet represent advances in a special type of technology known as---- technology.
Blank 1: information or IT
Countries that develop and use the most advanced technologies, which then became available to follower countries, are known as---- countries.
Blank 1: leader, leading, or lead
A product that increases in value as more people use it is a product that benefits from---- effects.
Blank 1: network
Economic growth can be illustrated when the demand factor and the efficiency factor shift the production---- curve outward. (Enter one word in the blank.)
Blank 1: possibilities or possibility
Public investment in U.S. infrastructure like roads and bridges promotes---- investment in new factories and retail stores.
Blank 1: private
The competitive market system tends to drive the economy toward---- efficiency and---- efficiency.
Blank 1: productive Blank 2: allocative
Economists pay attention to small changes in economic growth because small changes in economic growth can make a big difference in the living---- of a country.
Blank 1: standards, standard, or conditions
A new firm focused on creating and introducing a particular new product or employing a new production or distribution method is called a(n)---- firm
Blank 1: start-up, startup, or start up
The six "determinants" of economic growth are grouped into three categories: one demand factor, four---- factors, and one efficiency factor.
Blank 1: supply
The supply factors that are part of the "determinants" of economic growth include increasing the quality and quantity of natural and human resources, increasing the stock of capital, and improvements in----
Blank 1: technology or tech
What are leader countries?
Countries that develop and use the most advanced technologies
True or false: Countries that experienced economic growth earlier than other countries have lower average incomes today.
False Reason: The countries that experienced economic growth early have much higher standards of living.
Which growth-promoting institutional structure allows countries to specialize so that different types of output can be produced in the countries where they can be made most efficiently?.
Free trade
Which of the following cannot properly be called a part of infrastructure?
Human capital
Which of the following factors of productivity growth account for workers moving over time from low-productivity to high-productivity employment?
Improved resource allocation
Which of the following statements is true?
Investment in both private and public capital is conducive to economic growth and higher productivity.
Select all that apply What do antigrowth economists cite as evidence in favor of their argument that growth is undesirable?
Poverty Materialism Pollution
Which of the following helps explain why the growth rate in the United States has been positive during the 1900s?.
The increase in labor productivity
Why do economists pay so much attention to small changes in the rate of economic growth?
These changes have large effects on the volume of output.
What is the primary reason why a firm would use specialized inputs?
To improve capital and worker productivity
True or false: Growth enables society to improve nations' infrastructure.
True Reason: Growth leads to more investment and infrastructure.
True or false: The competitive market system tends to drive the economy toward productive and allocative efficiency.
True Reason: The competitive market system tends to drive the economy toward productive and allocative efficiency.
Products that can be simultaneously consumed can be made available to thousands or even millions of buyers at what cost?
Very low cost
When firms divide high product development costs over greater output, they are ______.
spreading development costs
A new firm focused on creating and introducing a particular new product or employing a new production or distribution method is called a ______.
start-up firm
Because people will not invest if they believe that thieves, bandits, or a rapacious and tyrannical government will steal their investments or their expected returns, ______ are important.
strong property rights
Economic growth is made possible due to ______ that shift the production possibilities curve outward.
the factors of production
Human capital refers to ______.
the improvement in labor created by education and knowledge that is embodied in the work force
The core element of the productivity speedup between 1995 and 2010 was an explosion of entrepreneurship and innovation based on ______.
the microchip
The core element of the productivity speedup between 1995 and 2010 was an explosion of entrepreneurship and innovations based on ______.
the microprocessor