Pre-Test Chap 25 e18 - Pre-Test Chap 25 e18 Student: _ 1....

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Pre-Test Chap 25 e18 Student: ___________________________________________________________________________ 1. What is one major measure of economic growth? A. The rise in the price level B. The fall in the rate of unemployment C. Changes in interest rates D. Changes in real GDP 2. An antigrowth view would be that there may be a significant tradeoff between productivity and: A. Education B. Employment C. Economies of scale D. The quality of life 3. A decline in a nation's rate of productivity growth will: A. Reduce the inflation rate B. Increase education and training C. Slow the growth of the standard of living D. Make industry more competitive in world markets The table below shows the quantity of labor (measured in hours) and the productivity of labor (measured in real GDP per hour) in a hypothetical economy in three different years. Year Quantity of Labor Productivity of Labor 1 2000 200 2 2000 210 3 2200 210 4. Refer to the above table. What explai ns the increase in real GDP from Year 1 to Year 3? An increase in: A. Labor productivity between Year 2 and Year 3 B. The quantity of labor between Year 1 and Year 2 C. Labor productivity between Year 1 and Year 2 and an increase in the quantity of labor between Year 2 and Year 3 D. Labor productivity between Year 2 and Year 3 and an increase in the quantity of labor between Year 1 and Year 2 5. Refer to the above table. In Year 2, the economy's real GDP was: A. $400,000 B. $420,000 C. $462,000 D. $500,000
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6. The basic determinants of labor inputs (total hours of work) include: A. Economies of scale and technological advance B. Education and training, and allocative efficiency C. The size of the labor force and average hours of work D. The quantity and quality of capital and human resources 7. Does the New Economy mean the business cycle is dead? A. Yes, the faster rate of productivity growth will eliminate recession B. Yes, the changes in technology have a compound, positive effect on the economy C. No, the trend line for economic growth is just steeper, but there can still be economic downturns
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Pre-Test Chap 25 e18 - Pre-Test Chap 25 e18 Student: _ 1....

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