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Chapter 25 - Quiz 101281101213 PM Social Studies Home...

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Unformatted text preview: Quiz 101281101213 PM Social Studies Home Product Info Site Map Contact Us tome > SIuderItCenter > Chagter25 > M I “W! M: 3555917 Ian-rains Cent-r BTLIDENT CENTEFI Textbook Resources I We!) Chapters and Supplements - Updates and Errata Chapter Activities Glamor 25 Origin of the flea htersctlve Graphs Worked Problerre See the Math Pow erPoint Presentations Key Questions Quiz narrated Sides Foul Soln'an Videos IPocl Content Web-based Questions Economics (McConnell). 18th Edition Chapter 25: Economic Growth Quiz Results Reporter Out of 10 questions. you answered 4 correctlywith afinal grade ot40% 4correcii40%l _ 6 inmrrectisoss) — 0 unanswered (0%) Your Results: The oonect enswerforeach question is indicated bye J. :NCORRECT lfa nation's real GDP is growing at 2% peryear. its real outputwill double in approximately :1) 50 years B] 40 years V C) 35 years D] 33 years Feedback: Using the "rule of To," divide 70 bythe annual growth rate may.» find that it will take about 35 years for real .P to double. 2 If real GDP was $5.000 billion in year1 and $5.200 billion in yearz. the approximate rate ofeoonomic INCORRECT growth from year] to year2 is: A) 0.2% Bi 0.1% V cl 4% Di $200 billion Feedback: The growth rate is measured bythe percentage increase in real GDP. In this example. the growth rate is (5.200 5.000) i 5.000 = .04. or 4% 3 lfan emnomye production possibilities cum has shitted out, we can unambiguouslyoonolude that: INCORRECT A) the supplym’natural resourcss increased Bl the supplyof labor increased C) http{fhighatedmcgraw-hill.wm,lsitzsfflt)256942 lZ/sbudermfiewfl/chaptz rzslquilhtml Page i. of 3 Quiz [0128/10 12:13 PM v’ Cl potential GDP increased Di technologyim proved Feedback: While it is possible that any of the factors listed could have caused the shift in the production possibilities. it cannot be concluded that any one factor caused it. However, it must be the case that potential GDP increased. 4 CORRECT Which otthe following sources ofeconomic growth is a demand-side factor? V N Higherspending on rising output B] Improved technology 6] Utilizing resources in the leastcostlyway Di Increases in the quantityot human resources Feedback: Increased amounts of resources and increased qualityof resources allow the aconomyto supply increased potential output. To reach that potential, however, households, businesses. and governments must purchase the output. 5 Suppose an economymoves from a point inside of its production possibilities curve to a point on the INCORRECT curve, The mostlikelyscurce ofthis economic growth is: N su pply factors V Bl demand and eficiencyfactors cl increases in the quality ofinputs 0] technological change Feedback: Changes in supply factors— the quantity and quality of inputs— shift the production possibilities curve outward. Either production inelficiencies or insufficient demand for the goods and services produced can lead an economy to operate below its potential. 5 CORRECT The vestditterences in worldwide living standards owes primen'ly to: N ditTerences in patent law and enforcement Bl leader countries growing ate much faster rate than followercountries overthe past 100 years V cl difierentstarting dates formodern economic growth D] cultural difierences in laborforce participation and hours otwom Feedback: Modern economic growth began in Europe over two hundred years ago yet is a very recent phenomenon in many parts of Africa. Because they can adopt the newest technologies developed in leader countries. follower countries often grow at faster rates once rnodsrn growth begins. 7 CORRECT fimong the institutional structures that promote economic growthI most economists would include: N strong property rights. religious freedom. and restricted trade VI 51 wide-spread education. free trade. and strong propertyrights 6] religious freedom, patents and copyrights. and government economic planning D] strong industrial regulation, government economic planning, and restricted trade Feedback: Growth is promoted bystrong property rights. patents and copyrights. efficient financial institutions, wide-spread education, free trade. and competitive markets. 5 CORRECT Total real output can be determined by t] N multiplying total hours ofwork times labor productivity Bl multiplying total wages paid times output per hourotwork Cl dividing total wages paid by labor productivity Di dividing total hours ofwork bylabor productivity Feedback: Labor productivity is measured by real output per hour of work. so output is found as the product of work hours and productivity. 9 In the U.S,since 1960: INCORRECT N both the average educational level and the relative qualityoteducation have increased Bl both the average educational level and the relative qualityofeduoation have declined V Cl the average educational level has increased butthe relative qualityoteducation has declined 0] the average educational level has declined but the relative quality ofeducation has improved Feedback: There has been a substantial increase in the percentage ofthe populath completing both high school and college. However, average scores on standardized tests have declined and there is evidence of inadequate math and science training. particularly relative to other countries. 10 Nl otthe following are reasons forthe productivityacceleration of 1995-2007. except. INCORRECT N invention and innovation associated with the microchip Bl economies ofscale fornewlyemerging enterprises cl increasing global competition V D] a higher rate of personal saving Feedback: The rate of personal saving actualtyfell during this period. All other listed characteristics were primary reasons for the recent increase in productivity growth. E-mail Your Results Date: Thu Oct28 201010:13:24 GMT+0200 (Jerusalem Standard Trme) httpflhigtieredmcgrsw-hlll.com,lsitesjl30255942lZ/studenLviewOfdrapterZS/qulz htrnl Page 2 of 3 Quiz 101281101213 PM Mynama: E-mnil those results In: E-mail address: Format: Ma: HTML MyTeachen HTML Chan HTML E-rnail The Results T MCGTHW 'Hi” [nmpunr Please lead ourTbrml 04er and Privacy Nallu belore you exp‘ore ourWeb s'Ie To labor! a lechnina‘ problem with misWeb s‘te. p‘eae contact the WV htlpflhighatedmcgraw-hill.wm,lsitzsfl30256942 lZ/sbudermfiewfl/chaplz r25/quizhtml Pal]! 3 of 3 ...
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Chapter 25 - Quiz 101281101213 PM Social Studies Home...

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