Module 6

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ECO/SMCC Mississippi William Ashley

The largest contributor to increases in the productivity of American labor is: Answer

 technological advance.

Refer to the above graph. An increase in an economy's labor productivity would: Answer

 shift curve AB to CD.

(Consider This) Rising wages for women in the United States have increased: Answer

 the percentage of married women in the workforce.

Countries that have experienced modern economic growth have also tended to: Answer

 move toward more democratic forms of government.

Between 1950 and 2009, U.S. real GDP per capita grew at an average annual rate of about: Answer

 2.0 percent.

(Last Word) Growth of real per capita income and China has largely resulted from: Answer

 increased use of technology and improved technology.

Use the list below to answer the following questions:
1. Improvements in technology
2. Increases in the supply (stock) of capital goods
3. Purchases of expanding output
4. Obtaining the optimal combination of goods, each at least-cost production
5. Increases in the quantity and quality of natural resources
6. Increases in the quantity and quality of human resources

Refer to the above list. As distinct from the demand and efficiency factors of economic growth, the supply factors of economic growth are:

 1, 2, 5, and 6 only.

Other things equal, which of the following would increase labor productivity the most? Answer

 the increase in the stock of real capital exceeds the increase in inputs of labor

(Last Word) Over the past twenty-five years, China has averaged annual growth rates of nearly: Answer

 9 percent.

Growth is advantageous to a nation because it: Answer

 lessens the burden of scarcity.

Suppose that an economy's labor productivity and total worker-hours each grew by 3 percent between year 1 and year 2. We could conclude that this economy's: Answer

 production possibilities curve shifted outward.

The number of years required for real GDP to double can be found by: Answer

 dividing 70 by the annual growth rate.

If a nation's real GDP is growing by 5 percent per year, its real GDP will double in approximately: Answer

 14 years.

Which of the following statements is correct? Answer

 Between 1953 and 2009, increases in labor productivity account for more of the growth in U.S. real GDP than do increases in the quantity of labor.

(Consider This) The Consider This box on patents and innovation demonstrates that: Answer

 Patent protection for U.S. companies may not be as effective when other countries do not respect or enforce U.S. patent laws.

Real Per Capita GDP in the United States in 2009 was approximately: Answer

 $42,300

(Consider This) According to the Consider This box about hypothetical countries Slogo, Sumgo, and Speedo, small differences in __________ make for large differences in _________ over several decades, assuming the same growth of population for each country. Answer

 economic growth rates; real GDP per capita

Other things equal, which of the following would increase the rate of economic growth, as measured by changes in real GDP? Answer

 An increase in the size of the working age population.

Real per capita GDP: Answer

 was much more equal across nations in 1820 than it is today.

A competitive market system: Answer

 encourages growth by allowing producers to make profitable investment decisions based on market signals.

The achievement of full employment through time will: Answer

 increase the realized rate of economic growth.

Between 1995 and 2009, the U.S. productivity rate: Answer

 grew substantially compared to prior years, leading some economists to predict a long-lasting resurgence of productivity growth.

Skeptics of the recent rise in the average rate of productivity growth say that: Answer

 it is too soon to judge whether the high productivity advances between 1995 and 2009 are long-lasting or transitory.

Other things equal, if a full-employment economy reallocated a substantial quantity of its resources to capital goods, we would expect: Answer

 labor productivity to rise.

Which of the following is a true statement? Answer

 Economists who support economic growth say that it is the most practical route to the higher standards of living that the vast majority of people desire.

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