econ104 final quiz review.docx - Quiz 4 Question 1 Recall...

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Quiz 4 Question 1 Recall the equation describing labor productivity. Which one of the following is NOT included in the equation? capital per worker technology the fraction of the population working Question 2 How long would it take an economy growing at 7 percent a year to double in size? 20 years 5 years 10 years Question 3 The rapid pace of innovation U.S. consumers have seen in the last generation is unique and has not been seen before. true r false Question 4 As economies grow, the health of their members stays the same. false true Question 5 One of the following is NOT correct about our graph of the per-worker production function. Which one? real GDP per worker is on the vertical axis the curve becomes flatter as you move to the right capital is on the horizontal axis Question 6 Which would be most likely in a country with strong institutions? high inflation markets that do not work very well a large fraction of the population working highly productive workers Question 7
What has happened to the number of people in extreme poverty in China as the Chinese economy has grown in recent decades? risen stayed about the same fallen Question 8 Ever since the Industrial Revolution, new firms and industries have arisen. Where did workers for them come from? Correct! population growth and layoffs population growth Question 9 Which of the following would cause you to move to the right on the curve of the per-worker production function? better organized businesses firms adding capital of types they already have improved education Question 10 According to one of the assigned articles, when do markets seem most unfair? when buyers have different incomes when prices are free to move up and down when the government limits how much prices can move up and down Question 11 Over many years, one reason for rising real wages is rising labor productivity. true false Question 12 Which of the following would be the best example of a "command" economy? the United States Hong Kong the former Soviet Union Singapore Question 13 What concept would be illustrated if one country's growth helped another country grow?
strong institutions help a country grow better technology helps countries grow economic growth is not zero-sum more capital helps countries grow Question 14 If the fraction of the population that works grew and labor productivity stayed the same, then what would most likely occur?

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