Quiz 8

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Economic growth is best defined as an increase in?

either real GDP or real GDP per capita.

Growth is advantageous to a nation because it?

lessens the burden of scarcity.

Refer to the above table. Between years 1 and 2, real GDP grew by __________ percent in Alta.


Refer to the above table. Between years 1 and 2, real GDP per capita grew by approximately __________ percent in Alta.


Refer to the above table. Between years 2 and 3.

Alta's real GDP grew more rapidly than Zorn's real GDP.

If the economy's real GDP doubles in 18 years, we can?

conclude that its average annual rate of growth is about 4 percent.

As of 1998, living standards in the United States were nearly ______ times higher than those in Africa.


Which of the following institutional structures is most likely to promote growth?

A well-enforced system of patents and copyrights.

Which of the following institutional arrangements is most likely to promote growth?

Unrestricted trade between nations.

A competitive market system?

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

The achievement of full employment through time will?

increase the realized rate of economic growth.

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?

production possibilities curve shifted outward.

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2. We could conclude that this economy's?

real GDP declined.

Suppose total output (real GDP) is $4000 and labor productivity is $8. We can conclude that?

the number of worker-hours must be 500.

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

technological advance.

A nation's infrastructure refers to?

public capital goods such as highways and sanitation systems.

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

labor productivity to rise.

Human capital refers to?

the skills and knowledge that enable a worker to be productive.

What percentage of the U.S. adult population has a college or post-college education (as of 2009)?


Globally, on average test scores of eighth-grade math and science students, the U.S. ranks (as of 2007)?

9th and 11th, respectively.

The annual growth of U.S. labor productivity?

was greater between 1995 and 2009 than between 1973 and 1995.

Network effects are?

increases in the value of a product to each user, including existing users, as the total number of users rises.

The fundamental invention underpinning the recent rise in the average rate of productivity growth is the?


Critics of economic growth?

argue that economic growth does not resolve socioeconomic problems such as an unequal distribution of income and wealth.

Over the past several decades, the percentage of women in the paid U.S. workforce has?

increased due to higher wages, expanded job accessibility, changing preferences and attitudes, and other factors.

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