Econ

Which of the following is an example of the "brain drain?"

A country's most highly educated workers emigrate to rich countries.

Which of the following nations experienced average rates of economic growth of less than 2 percent over the last 100 years or so?

Bangladesh Pakistan United Kingdom All of the above are correct.

Which of these countries' growth rates of real GDP per person have exceeded the United States' growth rate of real GDP per person over the last century?

Canada and China

Which list contains, in this order, a country whose real GDP per person grew faster and one whose real GDP per person grew slower than real GDP per person in the U.S. over about the last 100 years?

China, United Kingdom

Which of the following is correct?

Even though Japan had a higher growth rate of real GDP per person than the U.S. over the last 120 years, it's level of real GDP per person is less than that of the U.S.

Which of the following lists contains, in this order, natural resources, human capital, and physical capital?

For a furniture company: wood, the skills and knowledge of its workers, saws.

Which country has had a higher growth rate than the US over about the last 120 years?

Germany

Which of the following countries had the highest growth rate over about the last 100 years?

Japan

Among the following countries, which one has the highest growth rate of real GDP per person over about the last 100 years?

Mexico

Which of the following statements is correct?

None of the above are correct.

Which of the following countries benefited significantly from the catch-up effect in the last half of the twentieth century?

South Korea

Which of the following correctly ranks the three countries, from highest to lowest, for percentage of college-age children in school?

United Kingdom, Mexico, Mali.

Of the following countries, which grew most slowly, in terms of real GDP per person, over about the last 120 years?

United States

An organization that tries to encourage the flow of investment to poor countries is the

World Bank.

​There are large differences in the standard of living

across countries and within countries over time.

Other things the same, which of the following would increase productivity?

an increase in either human or physical capital

Technological knowledge refers to

available information on how to produce things.

Foreign saving is used for domestic investment when foreigners engage in

either foreign direct investment or foreign portfolio investment.

Which of the following is an example of a renewable natural resource?

fish soybeans wood All of the above are correct.

If a Japanese company opens a new factory in South Korea, it makes

foreign direct investment. The factory will make a bigger impact on South Korea's GDP than on its GNP.

Productivity is defined as the quantity of

goods and services produced from each unit of labor input.

Which of the following measures how the level of well-being in a country has changed over time?

growth rate of real GDP per person.

Megan is a landscaper. Which of the following are included in her physical capital?

her landscaping equipment, but not her knowledge of landscaping learned in college

Which of the following best illustrates the human capital of a survivor stranded on an island?

her previous training in a survival course

Which of the following are residents of rich countries likely to have in greater quantities, or better quality, than residents of poor countries?

housing healthcare life expectancy All of the above.

Government corruption

impedes the coordinating power of markets and discourages investment.

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.

Inward-oriented policies

include imposing tariffs and other trade restrictions.

If there are diminishing returns to capital, then

increases in the capital stock increase output by ever smaller amounts.

When a society decides to increase its quantity of physical capital, the society

is in effect deciding to consume fewer goods and services in the present.

The catch-up effect refers to the idea that

it is easier for a country to grow fast and so catch-up if it starts out relatively poor.

Human capital is the

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

Proprietary technology is knowledge that is

known only by the company that discovered it.

Rapid population growth

may depress economic prosperity by reducing the amount of capital which each worker has to work with.

The inputs into production of goods and services that are provided by nature, such as land, rivers, and mineral deposits are called

natural resources.

Which of the following is an example of a nonrenewable resource?

oil

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

physical capital natural resources technological knowledge All of the above are correct.

The saws, lathes, and drill presses that woodworkers at Cedar Valley Furniture use to produce furniture are called

physical capital.

Educated people may generate ideas that increase production. These ideas

produce a return to society from education that is greater than the return to the individual. could justify government subsides for education. are external benefits of education. All of the above are correct.

Which of the following terms is used to refer to the ability of people to exercise authority over the resources they own?

property rights

A nation's standard of living is best measured by its

real GDP per person.

Among the following countries, which one has the highest level of real GDP per person but the lowest growth rate of real GDP per person over a very long period of time?

the United Kingdom

In 1870, the richest country in the world was

the United Kingdom.

A country with a relatively low level of real GDP per person is considering adopting two policies to promote economic growth. The first is to decrease barriers to trade. The second is to restrict foreign portfolio investment. Which of these policies do most economists say promote growth?

the first but not the second

Which of the following is a good gauge of economic progress?

the growth rate of real GDP per person, but not the level of real GDP per person

Which of the following is not an example of physical capital?

the knowledge of workers

A nation's standard of living is determined by

the productivity of its workers.

Which of the following is an example of human capital?

the things you have learned this semester

​Which of the following is higher in Mali than in the United Kingdom?

​Child mortality