# Homework - Problem Set 05 - Introduction to Economics...

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Homework - Problem Set 05

1 .   A nation ’s standard of living is measured by it s
a. real GDP .
b. real GDP per person .
c. nominal GDP .
d. nominal GDP per person .
Answer:  b.   real GDP per person .
2 .   Over the past 100 years , U.S. real GDP per person has doubled about every 35 years . If in the next 100 years it doubles every 25 years , then a century from now U.S. real GDP per person will be
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3 .   The level of real GDP person
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4 .   Over the past century in the United States , average income as measured by real GDP per person has grown about
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5 .   In the United States , as measured by real GDP per person , average income is about how many times as high as average income a century ago ?
a. 2
b. 4
c. 6
d. 8
Answer:  d.   8
6 .   In recent decades , average income in some East Asian countries , such as Hong Kong , Singapore , and Taiwan , has risen about
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2 )   Chapter 12 / Production and Growth
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7 .   In the length of one generation , which of the following countries has gone from being among the poorest countries in the world to being among the richest ?
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8 .   Average income has been stagnant for many years in
a. Ireland .
b. Singapore .
c. Ethiopia .
d. All of the above are correct .
Answer:  c.   Ethiopia .
9 .   The average amount of goods and services produced from each hour of a worker 's time is called
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10 .   A nation 's standard of living is determined by
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11 .   Which of the following countries , had the highest growth rate over the last 100 years ?
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12 .   Of the following countries which grew the slowest over the last 100 years ?
a. Brazil .
b. Mexico .
c. China .
d. United States .
Answer:  d.   United States .
13 .   In 1870 , the richest country in the world was
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14 .   In 2002 real GDP per person in Olympus was 4,500 . In 2001 it was 4,250 . What was the growth rate of real GDP per person ?
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15 .   In 2002 real GDP in Oceania was 561.0 billion and the population was 2.2 million . In 2001 real GDP was 500.0 billion and the population was 2.0 million . What was the approximate growth rate of real GDP per person ?
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16 .   Productivity
a. is nearly the same across countries and so provides no help explaining differences across countries in the standard of living .
b. explains very little of the differences across countries in the standard of living .
c. explains some , but not most of the differences across countries in the standard of living .
d. explains most of the differences across countries in the standard of living .
Answer:  d.   explains most of the differences across countries in the standard of living .
17 .   Which of the following is a correct way to measure productivity ?
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18 .   Cedar Valley Furniture uses 5 workers working 8 hours to produce 80 rocking chairs . What is the productivity of these workers ?
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19 .   Both Tom and Jerry work eight hours a day . Tom can produce six baskets of goods per hour while Jerry can produce four baskets of the same goods per hour . It follows that Tom ’s
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20 .   Which of the following is a determinant of productivity ?
a. human capital
b. physical capital
c. natural resources
d. All of the above are correct .
Answer:  d.   All of the above are correct .
21 .   The inputs used to produce goods and services are also called
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22 .   The equipment and structures available to produce goods and services are called
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23 .   Which of the following would be considered physical capital ?
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24 .   Human capital is the
a. knowledge and skills that workers acquire through education , training , and experience .
b. stock of equipment and structures that is used to produce goods and services .
c. total number of hours worked in an economy .
d. same thing as technological knowledge .
Answer:  a.   knowledge and skills that workers acquire through education , training , and experience .
25 .   Which of the following is considered human capital ?
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Chapter 17 / Exercise 1
Exploring Microeconomics
Sexton
Expert Verified
Introduction to Economics II (Macroeconomics) Homework Homework 5 Ana Fernandes Multiple Choice 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.
2. Over the past 100 years, U.S. real GDP per person has doubled about every 35 years. If in the next 100 years it doubles every 25 years, then a century from now U.S. real GDP per person will be
3. The level of real GDP person
4. Over the past century in the United States, average income as measured by real GDP per person has grown about
5. In the United States, as measured by real GDP per person, average income is about how many times as high as average income a century ago? a. 2 b. 4 c. d. 8 6
6. In recent decades, average income in some East Asian countries, such as Hong Kong, Singapore, and Taiwan, has risen about
1
##### We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
The document you are viewing contains questions related to this textbook.
Chapter 17 / Exercise 1
Exploring Microeconomics
Sexton
Expert Verified
2 ) Chapter 12/Production and Growth
7. In the length of one generation, which of the following countries has gone from being among the poorest countries in the world to being among the richest?
8. Average income has been stagnant for many years in a. Ireland. b. Singapore. c. Ethiopia. d. All of the above are correct.
9. The average amount of goods and services produced from each hour of a worker's time is called
10. A nation's standard of living is determined by