Quiz - Chapter 23 (Practice)

Quiz - Chapter 23 (Practice) - Points Awarded 135.00 Points...

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Points Awarded 135.00 Points Missed 65.00 Percentage 67.5% 1. Economic growth requires preconditions, which include A) property rights. B) markets. C) a monetary exchange system. D) All of the above answers are correct. Points Earned: 5.0/5.0 Correct Answer(s): D 2. In Country A, the working age population is 100 million, the employment-to-population ratio is 60 percent, and, on average, people work 1,500 hours per year. Calculate aggregate hours in Country A. Points Earned: 5.0/5.0
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Correct Answer(s): A 3. Technological change can be embodied in Points Earned: 5.0/5.0 Correct Answer(s): D 4. Which of the following statements about world growth during the last half of the 20th century is correct? States. the United States. Points Earned: 5.0/5.0 Correct Answer(s): C
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5. Over the last 100 years, the average U.S. growth rate in real GDP per person was about A) 2 percent per year. B) 6 percent per year. C) 12.5 percent per year. D) 1 percent per year. Points Earned: 5.0/5.0 Correct Answer(s): A 6. An increase in education and training Points Earned: 5.0/5.0 Correct Answer(s): A
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7. ________ is the knowledge and skill that people have obtained from education and on-thejob training. Points Earned: 5.0/5.0 Correct Answer(s): B 8. Workers who pursue an education directly increase their Points Earned: 5.0/5.0 Correct Answer(s): C 9. Suppose a nation's population grows by 2 percent and, at the same time, its GDP grows by 5 percent. Approximately how fast will real GDP per person increase? A) 3 percent per year
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B) 2 percent per year C) 5 percent per year D) 10 percent per year Points Earned: 5.0/5.0 Correct Answer(s): A 10. If average hours per worker decrease, ceteris paribus, aggregate hours Points Earned: 5.0/5.0 Correct Answer(s): A
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