Econ Chapter 17 Final Multiple Choice and Answer questions

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

2 percent per year.

Which of the following countries achieved higher economic growth, in part by mandating a reduction in population growth?

China

Average Income has been stagnant for many years in:

Ethiopia

Despite its status as one of the richest countries in the world, Japan:

Has few natural sources.

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

Her previous training in a survival course.

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.

In the long run, a higher saving rate:

Increases the level of productivity.

Which of the following countries had the lowest level of real GDP per person in 2010?

Madagascar

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

Physical Capital.

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

Productivty

In which of the following countries has economic growth been sufficiently strong in recent history to propel that country from being among the poorest in the world to being among the richest in the world?

Singapore

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

South Korea.

The catch-up effect can help explain:

The spectacular economic growth experienced by South Korea over the years 1960-1990.