CH17 - CHAPTER 17 Economic Growth and the New Economy Topic...

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CHAPTER 17 Economic Growth and the New Economy Topic Question numbers ___________________________________________________________________________________________________ 1. Ingredients and graphical analysis 1-32 2. Growth record; growth accounting 33-45 3. The New Economy 46-62 4. Growth debate 63-66 Last Word 67-69 True-False 70-83 ___________________________________________________________________________________________________ Multiple Choice Questions Ingredients and graphical analysis Use the following to answer questions 1-5: Use the following list to answer the following questions: 1. Improvements in technology 2. Increases in the supply (stock) of capital goods 3. Purchases of rising 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 1. Refer to the above list. As distinct from the demand and efficiency factors of economic growth, the supply factors of economic growth are: A) 2, 5, and 6 only. B) 2, 4, 5, and 6 only. C) 1, 2, 5, and 6 only. D) 1, 3, 4 only. 2. Refer to the above list. As distinct from the supply factors and efficiency factor of economic growth, the demand factor of economic growth is: A) 1 only. B) 4 only. C) 1 and 3 only. D) 3 only. Page 1
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3. Refer to the above list. As distinct from the supply factors and demand factor of economic growth, the efficiency factor of economic growth is: A) 1 only. B) 4 only. C) 1 and 3 only. D) 3 only. 4. Which set of items in the above list would shift an economy's production possibilities curve outward? A) 2, 5, and 6 only. B) 2, 4, 5, and 6 only. C) 1, 2, 5, and 6 only. D) 1, 3, 4 only. 5. Which set of items in the above list would shift an economy's long-run aggregate supply curve to the right? A) 1, 2, 5, and 6 only. B) 2, 5, and 6 only. C) 2, 4, 5, and 6 only. D) 1, 3, 4 only. 6. Which of the following is not a supply factor in economic growth? A) the stock of capital B) technological advance C) the size and quality of the labor force D) aggregate expenditures 7. The achievement of full employment through time will: A) diminish labor productivity. B) reduce the level of investment as a percentage of GDP. C) increase the realized rate of economic growth. D) have no impact on the rate of economic growth. 8. Economic growth can be portrayed as a: A) outward shift of the production possibilities curve. B) inward shift of the production possibilities curve. C) movement from a point on to a point inside a production possibilities curve. D) movement from one point to another point on a fixed production possibilities curve. 9. 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: A) real GDP remained constant. B)
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This note was uploaded on 06/24/2008 for the course ECO 201/202 taught by Professor N/a during the Spring '08 term at VCCS.

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CH17 - CHAPTER 17 Economic Growth and the New Economy Topic...

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