Macro economics

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If a production function exhibits constant returns to scale, doubling all of the inputs

Doubles output

Copper is an example of

A non renewable natural source

A reasonable measure of the standard of living in a country is

A real GDP per person

Thomas Malthus argued that

An ever-increasing population is constrained only by the food supply, resulting in chronic famine

Which of the following statements is true?

Countries have great variance in both the level and growth rate of GDP per person; thus, poor countries can become relatively rich over time

The opportunity cost for growth is a reduction in

Current consumption

Which of the following statements regarding the impact of population growth on productivity is true?

(All the above are true) There is no evidence yet that rapid population growth stretches natural resources to the point that it limits growth in productivity Rapid population growth may dilute the capital stock, lowering productivity Rapid population growth may promote technological progress, increasing productivity

if real GDP per person in 2009 is 18,073 and real GDP per person in 2010 is 18,635 what is the growth rate of real output over this period

3.1%

Which of the following describes an increase in technological knowledge

A farmer discovers that it is better to plant in the spring rather than in the fall

Madelyn goes to college and reads many books while at school. Her education increases which of the following factors of production

Human capital

If Mazda builds a new plant in Illinois

In the future, US GDP will rise more than US GNP

Which of the following government policies is least likely to increase growth in Africa?

Increase restrictions on the importing of Japanese automobiles and electronics

When a nation has very little GDP per person

It has the potential to grow relatively quickly due to the "catch-up effect"

For a given level of technology, we should expect an increase in labor productivity within a nation when there is an increase in each of the following except

Labor

Our standard of living is most closely related to

Our productivity because our income is equal to what we produce

Which of the following is an example of foreign portfolio investment

Toyota buys stock in ford, and ford uses the proceeds to build a new plant in Michigan

Once a country is wealthy,

it may be harder for it to grow quickly because of the diminishing returns to capital.

Many East Asian countries are growing very quickly because

they save and invest an unusually high percentage of their GDP.


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