practice-questions-march-2007

practice-questions-march-2007 - TF Ayesha Khan Practice...

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TF: Ayesha Khan Practice Problems – March Exam 2007 1. A nation's standard of living is measured by its a. real GDP. b. real GDP per person. c. nominal GDP. d. nominal GDP per person. ANS: B 34. In 2004, Freedonia had a population of 2,700 and real GDP of about 11,610,000. In 2005 it had a population of 2,500 and real GDP of about 10,000,000. What was the approximate growth rate of real GDP per person in Freedonia between 2004 and 2005? 38. The average amount of goods and services produced from each hour of a worker's time is called 44. Consider two countries. Country A has a population of 1,000, of whom 800 work 8 hours a day to make 128,000 final goods. Country B has a population of 2,000 of whom 1,800 work 6 hours a day to make 270,000 final goods 51. Real Foods produced 300,000 boxes of organic spiral noodles in 2004 and produced 360,000 boxes in 2005. They used the same total hours of work in each year. In 2005 their productivity a. fell. b. was the same as in 2004. c. rose 20%. d. rose 30%. ANS: C Which of the following is a part of your Economics professor's human capital? 104. If there are constant returns to scale, the production function can be written as Suppose there are constant returns to scale. Now suppose that over time a country doubles its workers, its natural resources, and its human capital, but its technology is unchanged. Which of the following would double? - 1 -
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TF: Ayesha Khan d. neither productivity nor output ANS: B 122. If a country’s saving rate declined, then other things the same, in the long run it would have a. lower productivity, but not lower real GDP per person. b. lower productivity and lower real GDP per person. c. lower real GDP per person, but not lower productivity d. neither lower productivity nor lower real GDP per person. ANS: B
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