Chapter 12 Quiz

In some countries it is time consuming and costly to establish ownership of property. Reforms to reduce these costs would likely

raise real GDP and productivity

Over the last century, U.S. real GDP per person grew at a rate of about

2 percent per year, so that it is now 8 times as high as it was a century ago.

Greg's Ice Cream produces 1120 gallons of ice cream per day. Each employed works seven hours and has productivity of 20 gallons an hour. How many employees does Greg's employ?

8

In which of the following countries has economic growth been sufficiently high that income would double every ten years?

Singapore

Country A experienced a growth rate of real GDP per person of 0.5 percent per year throughout the 1900's. In view of other countries' experiences, country A's growth was

exceptionally low

The return to schooling for society is higher than the return to schooling for an individual if

human capital conveys positive externalities

Greg learns how to bake from his grandmother. This is an example of

human capital, but not technological knowledge

Suppose that over the last year the price of copper increased from $1.70 a pound to $1.79 per pound. Over the same time a measure of the overall price level increased from 300 to 309. The price of copper increased by

more than inflation, and this means it became scarcer

In which of the following cases can we be certain that a natural resource has become scarcer?

the demand for the resource has increased and the supply has decreased

Ralph is a plumber. Which of the following are included in his human capital?

the knowledge he learned on the job, but not the tools he uses