Chapter 16--MacroTB - CHAPTER 16 Parting Thoughts...

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169 Parting Thoughts CHAPTER 16 MULTIPLE-CHOICE 1. Standards of living in the long run have been improved by a. investment in physical capital. b. investment in human capital. c. higher inflation. d. None of the above. e. a and b. Answer: e. Section: 16.1 2. Which of the following has not contributed to higher standards of living in the long run? a. productivity b. investment in physical capital c. investment in human capital d. the stock of technology e. lower interest rates Answer: e. Section: 16.1 3. Which of the following has not contributed to higher standards of living in the long run? a. the stock of technology b. investment in physical capital c. investment in human capital d. stable monetary policy e. productivity Answer: d. Section: 16.1 4. Which of the following has not contributed to higher standards of living in the long run? a. productivity b. investment in human capital c. the stock of technology d. investment in physical capital e. None of the above. Answer: e. Section: 16.1 5. As a country devotes more of its resources to education, we can expect a. output to stay constant for all time. b. output to fall in the short run but rise in the long run. c. output to rise in the short run but fall in the long run. d. output to rise in the short and long run. e. higher rates of inflation. Answer: b. Section: 16.1 6. Different rates of economic growth across countries reflect a. differences in savings rates. b. differences in initial endowments. c. the principle of transition dynamics. d. All of the above. e. None of the above. Answer: c. Section: 16.2
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170 | Chapter 16 7. According to the principle of transition dynamics, we should expect China’s economy a. to grow at a relatively high rate forever. b. to grow relatively slowly now but speed up over time. c. to grow relatively fast now but slow down over time. d. to catch up to the United States in the next 50 years
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Chapter 16--MacroTB - CHAPTER 16 Parting Thoughts...

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