Econ2105Test3 - Name: _ Date: _ 1. Assume two countries on...

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Name: __________________________ Date: _____________ 1. Assume two countries on a peninsula. The first has real GDP per capita growth rate of 2% and its neighbor to the south is growing at 5%. How much more quickly in years will the country in the south double its GDP per capita compared to its neighbor in the north? A) 5 years B) 10 years C) 15 years D) 21 years 2. One reason Ireland has grown rapidly in the last several decades is: A) a good education system. B) good airports. C) investments made by companies from the United States. D) all of the above. 3. The aggregate production function exhibits: A) diminishing returns to physical capital. B) constant returns to physical capital. C) increasing returns to physical capital. D) negative returns to physical capital. 4. Rising high school graduation rates are an example of an increase in: A) technological progress. B) human capital. C) population stock. D) fertility rates. 5. Which of the following would NOT qualify as physical capital? A) shovel B) factory C) backhoe D) mineral deposits Page 1
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6. As a result of the fall-off in productivity growth that began in the early 1970s and continued into the early 1990s: A) diminishing returns from capital set in. B) human capital decreased. C) economic growth slowed down. D) natural resources became overexploited. 7. The government can increase savings by: A) taxing more than it spends. B) spending more than it taxes. C) increasing inflation. D) increasing the deficit. A) Galileo B) Thomas Edison C) Thomas Malthus D) Franklin Roosevelt 9. The convergence hypothesis fits the data only when factors that affect growth are held equal across countries. These factors include: A) education. B) infrastructure. C) favorable policies and institutions.
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Econ2105Test3 - Name: _ Date: _ 1. Assume two countries on...

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