Chapter 12 HW Macroeconomics
Which of the following pairs of terms refer to the same thing?
"capital" and "physical capital"
Refer to Figure 25-1. The shape of the curve is consistent with which of the following statements about the economy to which the curve applies?
All of the above are correct.
Which of the following is an example of a renewable natural resource?
All of the above are correct.
In order to promote growth in living standards, policymakers must
All of the above.
Which of the following is not correct?
Countries that have had higher output growth per person have typically done so without higher productivity growth.
will decrease but physical capital per worker will increase.
brings with it more scientists, inventors, and engineers.
If the best educated and most skilled persons leave a country, then in the short term this country's human capital per worker
will decrease but physical capital per worker will increase.
the curve becomes flatter as the amount of capital per worker increases because of
diminishing returns to capital.
Foreign saving is used for domestic investment when foreigners engage in
either foreign direct investment or foreign portfolio investment.
Productivity is defined as the quantity of
goods and services produced from each unit of labor input.
Perry accumulated a lot of mathematical skills while in high school, college, and graduate school. Economists include these skills as part of Perry's
human capital.
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.
Proprietary technology is knowledge that is
known only by the company that discovered it
For a given year, productivity in a particular country is most closely matched with that country's
level of real GDP divided by hours worked over that year.
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)
The one variable that stands out as the most significant explanation of large variations in living standards around the world is
productivity.
A nation's standard of living is best measured by its
real GDP per person.
An understanding of the best ways to produce goods and services is called
technology.
Human capital is the
the knowledge and skills that workers acquire through education, training, and experience
The Karmic Deed Restaurant uses all of the following to produce vegetarian meals. Which of them is an example of physical capital?
the tables and chairs in the restaurant
Which of the following is an example of human capital?
the things you have learned this semester
According to Michael Kremer, at which population should technological progress be most rapid?
7.4 billion
The rate of real economic growth
is underestimated using measures of income growth.
