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. A) 90,000 million B) 60 million C) 150,000 million D) 1,800 million Points Earned: 5.0/5.0
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Correct Answer(s): A 3. Technological change can be embodied in A) human capital. B) physical capital. C) financial capital. D) both answers A and B are correct 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? A) In every decade, Japan has experienced faster growth than the United States. B) Growth rates in South American countries have exceeded those in North America. C) Real GDP per person in Hong Kong and Singapore are approaching that in the United States. D) Due to rapid growth, real GDP per person in China is now about 50 percent of that in 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 A) increases labor productivity. B) increases aggregate hours. C) decreases real GDP growth. D) increases the employment-to-population ratio. 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. A) Labor productivity B) Human capital C) Capital D) Technology Points Earned: 5.0/5.0 Correct Answer(s): B 8. Workers who pursue an education directly increase their A) financial capital. B) physical capital. C) human capital. D) saving. 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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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 A) decrease. B) increase. C) remain constant. D) could increase, decrease, or remain constant. Points Earned: 5.0/5.0 Correct Answer(s): A 11. In the long run, the economy is like A) an explorer straying off course, in search of a new route through unknown terrain. B) a policeman, constantly walking the same beat
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Quiz - Chapter 23 (Practice) - Points Awarded 135.00 Points...

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