Unformatted text preview: Submit via WebCT!!! Assessment 4 (Ch. 10) (Due: 5:10pm, 10 Oct, 2008 (Fri)) 1) he per-worker production function shows the relationship between ________ per hour T worked and ________ per hour worked, holding ________ constant. A) abor; real GDP; technology l B) apital; real GDP; technology c C) abor; capital; real GDP l D) apital; labor; real GDP c 2) echnological change will T A) hift up the per-worker production function. s B) hift down the per-worker production function. s C) ove the economy to a point beneath the per-worker production function. m D) ove the economy along a given per-worker production function. m 3) Which of the following describes the Soviet Unionʹs economy in the second half of the 20th century? A) he Soviet economy grew rapidly in the later half of the 20th century. T B) he Soviet economy increased capital per worker very slowly from 1950 through 1980. T C) he Soviet economy eventually grew slowly because of the slow rate of technological T change. D) he Soviet economy grew because it added labor through immigration policy in the T 1950s. 4) n increase in ________ shifts ________ the production function, and makes it possible to A produce a higher level of GDP with ________ capital per hour worked. A) echnology; down; the same amount of t B) echnology; up; the same amount of t C) onsumption; up; a lesser amount c D) abor productivity; down; the same amount of l 5) ome economists argue that the productivity slowdown from mid 1970s to mid 1990s S actually didnʹt happen, but just ʺappearedʺ to happen because A) ervices were becoming a more important part of the economy and it was hard to s measure increases of output from services. B) ew environmental laws had passed and forced firms to spend to reduce pollution and n this spending did not raise output. C) ncreased spending on health and safety raised worker productivity. i D) and B. A 6) nowledge capital is ________ in production and ________. As a result, firms ________ free K ride. A) onrival; nonexcludable; can n B) onrival; excludable; can n C) ival; nonexcludable; cannot r D) onrival; nonexcludable; cannot n 1 Submit via WebCT!!!
7) he economic growth model predicts that T A) DP per capita of rich countries will grow more rapidly than in poor countries. G B) DP per capita of poor countries will grow more rapidly than in rich countries. G C) overnments must centrally direct the economy for growth to occur. G D) DP per capita of poor countries will never change. G 8) ack of investment in strong education and health care systems L A) auses a deterioration in human capital and a decline in labor productivity. c B) auses a decline in physical capital and a decline in labor productivity. c C) ncreases human capital and cause a decline in labor productivity. i D) auses a deterioration in human capital and an increase in physical capital. c 9) f property rights are not enforced in a country, I A) he market system will still work smoothly. t B) ntrepreneurs are unlikely to risk their own funds investing in such an economy. e C) hat countryʹs growth rate will not be affected. t D) hat country will grow more rapidly because of the reduction of law suits. t 10) Policies to promote growth by increasing savings and investment work through A) ecreasing the supply of loanable funds, lowering the interest rate, raising the level of d investment in physical capital. B) ncreasing the supply of loanable funds, increasing the interest rate, raising the level of i investment in physical capital. C) ncreasing the supply of loanable funds, lowering the interest rate, lowering the level of i investment in physical capital. D) ncreasing the supply of loanable funds, lowering the interest rate, raising the level of i investment in physical capital. 2 Submit via WebCT!!! 3 ...
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This note was uploaded on 04/22/2010 for the course ECONOMICS ECON1002 taught by Professor None during the Spring '10 term at Hong Kong Institute of Vocational Education.
- Spring '10