Order Economic Growth and Productivity

Order Economic Growth and Productivity
Order 5893482
1. All of the following influence a nation’s rate of growth EXCEPT
(A) capital stocks
(B) skill level of the labor force
(C) growth of the labor force
(D) growth of technology
(E) an increasing inflation rate
2. Allocative efficiency refers to
(A) utilizing resources to produce goods and services that maximize
a society’s benefit
(B) utilizing resources to produce goods and services in the cheapest
way possible
(C) measuring the gross domestic product to assess the time it will
take to double
(D) increasing the productivity of goods and services
(E) maximizing output of goods and services to beyond the
production possibilities frontier
3. The Rule of 70 refers to
(A) calculating the inflation rate
(B) estimating how long scarce natural resources will last
(C) measuring economic growth through the gross domestic product
(D) measuring domestic output
(E) measuring domestic output against foreign imports
4. GDP per capita refers to
(A) nominal GDP
(B) real GDP
(C) GNP
(D) GDP adjusted in inflationary terms
(E) GDP calculated per person
5. If an economy increased its output without utilizing an increase in
the factors of production, it is said that
(A) technological progress occurred
(B) there was an increase in the labor force
(C) foreign imports decreased for that year
(D) more businesses used more capital but less labor
(E) more businesses used less capital but more labor
Order Economic Growth and Productivity
6. Economists calculate how wealthy nations are by measuring their
(A) GNP
(B) debt to GDP ratio
(C) GDP
(D) inflation rate
(E) GDP per capita
7. Derek works as a construction worker. Recently, he became certified
to operate a large construction crane used to build skyscrapers.
Economists would refer to this knowledge and skill as
(A) capital
(B) a scarce resource
(C) human capital
(D) capital stock
(E) technological progress
8. If there is an increase in capital stock, it will most likely lead to
(A) an increase in GDP and wages
(B) a decrease in GDP but not wages
(C) a decrease in GDP and wages
(D) an increase in wages but not GDP
(E) no change in GDP and wages
9. Suppose there is a major increase in population after five years. This
will most likely result in
(A) a decrease in GDP per capita and an increase in real GDP
(B) a decrease in GDP per capita and a decrease in real GDP
(C) an increase in GDP per capita and a decrease in real GDP
(D) an increase in GDP per capita and an increase in real GDP
(E) no change in GDP per capita and real GDP
10. The president of the United States encourages Americans to help the
economy grow. One suggestion would most likely be to
(A) buy imported goods
(B) increase consumption
(C) support relaxed immigration laws to increase the population
(D) save and invest
(E) accumulate wealth
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