Chapter 12: Production and Growth

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Technological knowledge...

is a determinant of productivity

catch-up effect

the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich

diminishing returns

the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

productivity

the quantity of goods and services produced from each unit of labor input

physical capital

the stock of equipment and structures that are used to produce goods and services

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

Brazil

In the United States, as measured by real GDP per person, average income is about how many times as high as average income a century ago?

8

Industrial machinery is an example of...

a factor of production that in the past was an output from the production process, physical capital, and something that influences productivity

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

coal

In determining living standards, productivity plays a key role...

for both nations and individuals

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

has a few natural resources

Productivity is the...

key determinant of living standards, and growth in productivity is the key determinant of growth in living standards

Human capital is...

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

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 items plays a role in determinant productivity?

physical capital, natural resources, and technological knowledge

Productivity is the amount of goods and services...

produced for each hour of a worker's time; it is linked to a nation's economic policies

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

technological knowledge

society's understanding of the best ways to produce goods and services

Understanding of the best ways to produce goods and services is called...

technology

natural resources

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

human capital

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


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