Practice Quiz Chap 8 - a. entrepreneurship. b....

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POP QUIZ WORKSHEET 2 : CHAPTER 8 NAME: __________________________________ COURSE: ________________________________ 1. In the short run, economists consider potential output: a. changeable. b. fixed. c. impossible to change if the nation is a poor one. d. impossible to change if the nation is a rich one. 2. If a nation’s GDP is growing at an average rate of 6 percent, about how long will it take for it to double? a. 12 years. b. 8 years. c. 16 years. d. Cannot be calculated with the information given. 3. Regarding the growth of markets: a. everyone benefits equally. b. judged by an absolute standard, the poor benefit enormously. c. judged by a relative standard, the poor benefit enormously. d. markets require the large differentials in pay that ensue. 5. According to the Classical growth model, in years past the most important source of growth was thought to be:
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Unformatted text preview: a. entrepreneurship. b. technological development. c. available resources such as oil and arable land. d. capital accumulation. 6. The three types of capital are: a. physical capital, cultural capital, and human capital. b. physical capital, social capital, and human capital. c. cultural capital, social capital, and human capital. d. physical capital, social capital, and cultural capital. 8. The classical growth model featured the following linkage: a. saving investment increase in capital growth. b. technology investment increase in capital growth. c. entrepreneurship investment increase in capital growth. d. resources investment increase in capital growth. 9. According to Edward Denison, which contributes the most to growth in the U.S.? a. Human capital. b. Physical capital. c. Quantity of labor. d. Technology....
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Practice Quiz Chap 8 - a. entrepreneurship. b....

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