Question 1

Economists believe that convergence theory explains the rapid economic growth in:

Accepted Answer

A)   Central America.
B)   South Asia.
C)   East Asia.
D)   East Africa.E) A) and C)
F) A) and B)

Question 2

According to the rule of 70, a country will double its real GDP per capita in 10 years if it experiences a 7 percent:

Accepted Answer

A)   real GDP per capita growth rate.
B)   inflation rate.
C)   population growth rate.
D)   None of these are true.E) All of the above
F) A) and C)

Question 3

Which of the following is an example of a nonrenewable resource?

Accepted Answer

A)   Natural gas
B)   Sunlight
C)   Rivers
D)   WindE) B) and D)
F) A) and B)

Question 4

Over the last 100 years or so, the U.S. economy has grown annually at an average rate of:

Accepted Answer

A)   1 percent.
B)   2 percent.
C)   3 percent.
D)   4 percent.E) All of the above
F) C) and D)

Question 5

When Sheldon forgets how to compile code his human capital:

Accepted Answer

A)   decreases.
B)   increases.
C)   is unaffected.
D)   None of these are true.E) B) and C)
F) A) and D)

Question 6

The amount of physical capital in an economy is calculated by adding up the value of all:

Accepted Answer

A)   tools, equipment, and structures.
B)   skills and expertise of employed people.
C)   money held by firms.
D)   technological capabilities used in production.E) A) and D)
F) None of the above

Question 7

Which of the following is an example of human capital?

Accepted Answer

A)   A computer
B)   Writing skills
C)   A desk
D)   Microsoft Office softwareE) A) and B)
F) None of the above

Question 8

Trees are:

Accepted Answer

A)   a renewable resource.
B)   a nonrenewable resource.
C)   physical capital.
D)   a nondurable good.E) B) and D)
F) C) and D)

Question 9

In general, the number of years it will take for income to double at the current real growth rate is approximately:

Accepted Answer

A)   70 divided by the growth rate.
B)   50 divided by the growth rate.
C)   7 times the growth rate.
D)   5 times the growth rate.E) A) and B)
F) All of the above

Question 10

Household savings rates:

Accepted Answer

A)   vary enormously across countries.
B)   are remarkably similar across countries.
C)   seem to be similar for countries within the same continent.
D)   are impossible to compare across countries.E) C) and D)
F) A) and B)

Question 11

The enforcement of contracts by the government:

Accepted Answer

A)   is optional.
B)   allows people to enter into long-term investments more easily.
C)   makes investors wary of too much government involvement in the economy.
D)   can unfairly advantage business interests.E) None of the above
F) C) and D)

Question 12

The productivity of workers can be improved through: human capital. technological capital. physical capital.

Accepted Answer

A)   I and II only
B)   I and III only
C)   II and III only
D)   I, II, and IIIE) B) and D)
F) All of the above

Question 13

Which of the following would not contribute to human capital?

Accepted Answer

A)   A college student taking an economics course
B)   An apprentice completing on-the-job training
C)   A high school student playing varsity soccer
D)   A firm purchasing a new piece of machineryE) All of the above
F) B) and C)

Question 14

Governments can _______ to increase productivity.

Accepted Answer

A)   use tax revenues to invest in physical capital
B)   defund underlying infrastructure
C)   create new taxes for investing in physical capital
D)   reduce spending on higher educationE) None of the above
F) A) and C)

Exam 10: Economicgrowth

In general, the number of years it will take for income to double at the current real growth rate is approximately:

Correct Answer
verified

Household savings rates:

Correct Answer
verified

Governments can _______ to increase productivity.

Correct Answer
verified

According to the rule of 70, a country will double its real GDP per capita in 10 years if it experiences a 7 percent:

Correct Answer
verified

The amount of physical capital in an economy is calculated by adding up the value of all:

Correct Answer
verified

Over the last 100 years or so, the U.S. economy has grown annually at an average rate of:

Correct Answer
verified

When Sheldon forgets how to compile code his human capital:

Correct Answer
verified

The productivity of workers can be improved through: human capital. technological capital. physical capital.

Correct Answer
verified

Economists believe that convergence theory explains the rapid economic growth in:

Correct Answer
verified

Which of the following is an example of a nonrenewable resource?

Correct Answer
verified

The enforcement of contracts by the government:

Correct Answer
verified

Trees are:

Correct Answer
verified

Which of the following would not contribute to human capital?

Correct Answer
verified

Which of the following is an example of human capital?

Correct Answer
verified

Exam 10: Economicgrowth

In general, the number of years it will take for income to double at the current real growth rate is approximately:

Correct AnswerverifiedShow Answer

Household savings rates:

Correct AnswerverifiedShow Answer

Governments can _______ to increase productivity.

Correct AnswerverifiedShow Answer

According to the rule of 70, a country will double its real GDP per capita in 10 years if it experiences a 7 percent:

Correct AnswerverifiedShow Answer

The amount of physical capital in an economy is calculated by adding up the value of all:

Correct AnswerverifiedShow Answer

Over the last 100 years or so, the U.S. economy has grown annually at an average rate of:

Correct AnswerverifiedShow Answer

When Sheldon forgets how to compile code his human capital:

Correct AnswerverifiedShow Answer

The productivity of workers can be improved through: human capital. technological capital. physical capital.

Correct AnswerverifiedShow Answer

Economists believe that convergence theory explains the rapid economic growth in:

Correct AnswerverifiedShow Answer

Which of the following is an example of a nonrenewable resource?

Correct AnswerverifiedShow Answer

The enforcement of contracts by the government:

Correct AnswerverifiedShow Answer

Trees are:

Correct AnswerverifiedShow Answer

Which of the following would not contribute to human capital?

Correct AnswerverifiedShow Answer

Which of the following is an example of human capital?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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