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Exam 18: Economic Growth

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Question 61

Multiple Choice

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Developing new products and services as well as introducing new production methods are among the ways that ______ increases average labor productivity.

A) human capital
B) physical capital
C) an entrepreneur
D) a manager

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Question 62

Multiple Choice

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When new technologies are applied to the production and distribution of goods and services:

A) scarcity is eliminated.
B) diminishing returns to capital no longer hold.
C) diminishing returns to capital still hold.
D) average labor productivity decreases.

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Question 63

Multiple Choice

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At the time it collapsed in 1991,the Soviet Union possessed all of the factors that promote increases in economic growth EXCEPT:

Three workers run a house painting business and always work the same number of hours together.The paint they use requires applying two coats.Each worker paints 200 square feet per hour using a roller or 80 square feet per hour using a brush.If a technological advance provides a paint that only requires one coat,their average labor productivity per hour as a team:

The absence of which of the following leads to constant shortages and shoddy goods under communism?

Real GDP per person in Richland is $20,000,while real GDP per person in Poorland is $10,000.However,Richland's real GDP per person is growing at 1 percent per year,and Poorland's real GDP per person is growing at 3 percent per year.After 50 years,real GDP per person in Richland minus real GDP in Poorland is:

Betty and Wilma are the only two cashiers employed at a retail store.Each of them works the same 40 hours per week and each can check out 20 customers per hour by manually entering the price of each product purchased into the cash register.The store owner replaces the old cash registers with new ones that automatically scan product prices into the register.With the new cash register,Betty and Wilma can each check out 60 customers per hour.Their average labor productivity as a team before the new cash registers were introduced was ______ customers per hour and ______ customers per hour after the new machines were installed.

The benefits of economic growth are _____,while the costs of economic growth are _____.

Long-run increases in living standards,as measured by real GDP per person,are primarily the result of increases in:

Additional economic growth should be pursued when:

The principle of diminishing returns to capital states that if the amount of labor and other inputs employed is held constant,then the greater the amount of capital in use the:

Fred and Barney fill egg cartons with eggs.Fred just started the job and can fill only 25 cartons an hour.Barney has significant on-the-job experience that allows him to fill 50 cartons an hour.Both Fred and Barney work 50 hours a week.Fred's average weekly productivity is ______ cartons;Barney's average weekly productivity is ______ cartons;and as a team their average weekly productivity is ______ cartons.

Alpha has $40,000 of capital per worker,while Beta has $5,000 of capital per worker.In all other respects,the two countries are the same.According to the principle of diminishing returns to capital,an additional unit of capital will increase output ______ in Alpha compared to Beta,holding other factors constant.

Providing a constant number of workers with additional capital with which to work will ______ average labor productivity at a ______ rate.

An example of a government policy to enhance technological progress is:

Diminishing returns to capital is a consequence of firms' incentives to use each piece of capital as productively as possible and illustrates the:

An example of a government policy to provide a framework within which the private sector can operate productively is:

______ start new economic enterprises,while ______ run the enterprises on a day-to-day basis.

The productivity slowdown of the 1970's occurred:

The rise in average living standards experienced by most industrialized countries: