Econ
Which of the following is an example of the "brain drain?"
A country's most highly educated workers emigrate to rich countries.
Which of the following nations experienced average rates of economic growth of less than 2 percent over the last 100 years or so?
Bangladesh Pakistan United Kingdom All of the above are correct.
Which of these countries' growth rates of real GDP per person have exceeded the United States' growth rate of real GDP per person over the last century?
Canada and China
Which list contains, in this order, a country whose real GDP per person grew faster and one whose real GDP per person grew slower than real GDP per person in the U.S. over about the last 100 years?
China, United Kingdom
Which of the following is correct?
Even though Japan had a higher growth rate of real GDP per person than the U.S. over the last 120 years, it's level of real GDP per person is less than that of the U.S.
Which of the following lists contains, in this order, natural resources, human capital, and physical capital?
For a furniture company: wood, the skills and knowledge of its workers, saws.
Which country has had a higher growth rate than the US over about the last 120 years?
Germany
Which of the following countries had the highest growth rate over about the last 100 years?
Japan
Among the following countries, which one has the highest growth rate of real GDP per person over about the last 100 years?
Mexico
Which of the following statements is correct?
None of the above are correct.
Which of the following countries benefited significantly from the catch-up effect in the last half of the twentieth century?
South Korea
Which of the following correctly ranks the three countries, from highest to lowest, for percentage of college-age children in school?
United Kingdom, Mexico, Mali.
Of the following countries, which grew most slowly, in terms of real GDP per person, over about the last 120 years?
United States
An organization that tries to encourage the flow of investment to poor countries is the
World Bank.
There are large differences in the standard of living
across countries and within countries over time.
Other things the same, which of the following would increase productivity?
an increase in either human or physical capital
Technological knowledge refers to
available information on how to produce things.
Foreign saving is used for domestic investment when foreigners engage in
either foreign direct investment or foreign portfolio investment.
Which of the following is an example of a renewable natural resource?
fish soybeans wood All of the above are correct.
If a Japanese company opens a new factory in South Korea, it makes
foreign direct investment. The factory will make a bigger impact on South Korea's GDP than on its GNP.
Productivity is defined as the quantity of
goods and services produced from each unit of labor input.
Which of the following measures how the level of well-being in a country has changed over time?
growth rate of real GDP per person.
Megan is a landscaper. Which of the following are included in her physical capital?
her landscaping equipment, but not her knowledge of landscaping learned in college
Which of the following best illustrates the human capital of a survivor stranded on an island?
her previous training in a survival course
Which of the following are residents of rich countries likely to have in greater quantities, or better quality, than residents of poor countries?
housing healthcare life expectancy All of the above.
Government corruption
impedes the coordinating power of markets and discourages investment.
Countries that have lower levels of real GDP per person than the United States
in some cases have growth rates that are higher than that of the United States and in other cases lower than that of the United States.
Inward-oriented policies
include imposing tariffs and other trade restrictions.
If there are diminishing returns to capital, then
increases in the capital stock increase output by ever smaller amounts.
When a society decides to increase its quantity of physical capital, the society
is in effect deciding to consume fewer goods and services in the present.
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.
Human capital is the
knowledge and skills that workers acquire through education, training, and experience.
Proprietary technology is knowledge that is
known only by the company that discovered it.
Rapid population growth
may depress economic prosperity by reducing the amount of capital which each worker has to work with.
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 are correct.
The saws, lathes, and drill presses that woodworkers at Cedar Valley Furniture use to produce furniture are called
physical capital.
Educated people may generate ideas that increase production. These ideas
produce a return to society from education that is greater than the return to the individual. could justify government subsides for education. are external benefits of education. All of the above are correct.
Which of the following terms is used to refer to the ability of people to exercise authority over the resources they own?
property rights
A nation's standard of living is best measured by its
real GDP per person.
Among the following countries, which one has the highest level of real GDP per person but the lowest growth rate of real GDP per person over a very long period of time?
the United Kingdom
In 1870, the richest country in the world was
the United Kingdom.
A country with a relatively low level of real GDP per person is considering adopting two policies to promote economic growth. The first is to decrease barriers to trade. The second is to restrict foreign portfolio investment. Which of these policies do most economists say promote growth?
the first but not the second
Which of the following is a good gauge of economic progress?
the growth rate of real GDP per person, but not the level of real GDP per person
Which of the following is not an example of physical capital?
the knowledge of workers
A nation's standard of living is determined by
the productivity of its workers.
Which of the following is an example of human capital?
the things you have learned this semester
Which of the following is higher in Mali than in the United Kingdom?
Child mortality