Economics- Chapter 17 Practice Test
Japan's status as a rich nation is attributable to
international trade, but not to Japan's domestic quantities of natural resources.
Technological knowledge
is a determinant of productivity
Over the past century in the United states, real GDP per person has grown, on average, by about
2 percent
During the past century the average growth rate of U.S. real GDP per person implies that it doubled, on average, about every
35 years
Which of the statements is correct?
Difference in natural resources can explain some of the difference in standards of living around the world.
Which of the following is correct
The level of real GDP per person is a good gauge of economic prosperity, and the growth rate of real GDP per person is a good gauge of economic progress.
In determining living standards, productivity plays a key role
for both nations and individuals
Productivity is defined as the quantity of
goods and services produced from each unit of labor input
In market economy, scarcity of resource's is most clearly reflected in
market prices
A country experience a growth rate of 125 per year can go from being one of the poorest to one of the richest in how many generations
one
Which of the following items plays a role in determining productivity?
physical capital, natural resources, 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 nations standard of living i determined by
the productivity of its workers.
The key for determinant of the standard of living in a country is
the amount of goods and services produced from each hour of a worker's time
Human capital is the
the knowledge and skills that workers acquire through education, training, and experience