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Quiz 4Question 1Recall the equation describing labor productivity. Which one of the following is NOT included inthe equation?capital per workertechnologythe fraction of the population workingQuestion 2How long would it take an economy growing at 7 percent a year to double in size?20 years5 years10 yearsQuestion 3The rapid pace of innovation U.S. consumers have seen in the last generation is unique and has not been seen before.truerfalseQuestion 4As economies grow, the health of their members stays the same.falsetrueQuestion 5One 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 axisthe curve becomes flatter as you move to the rightcapital is on the horizontal axisQuestion 6Which 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 workinghighly productive workersQuestion 7
What has happened to the number of people in extreme poverty in China as the Chinese economy has grown in recent decades?risenstayed about the samefallenQuestion 8Ever since the Industrial Revolution, new firms and industries have arisen. Where did workers for them come from?Correct!population growth and layoffspopulation growthQuestion 9Which of the following would cause you to move to the right on the curve of the per-worker production function?better organized businessesfirms adding capital of types they already haveimproved educationQuestion 10According to one of the assigned articles, when do markets seem most unfair?when buyers have different incomeswhen prices are free to move up and downwhen the government limits how much prices can move up and downQuestion 11Over many years, one reason for rising real wages is rising labor productivity.truefalseQuestion 12Which of the following would be the best example of a "command" economy?the United StatesHong Kongthe former Soviet UnionSingaporeQuestion 13What concept would be illustrated if one country's growth helped another country grow?
strong institutions help a country grow better technology helps countries groweconomic growth is not zero-summore capital helps countries growQuestion 14If the fraction of the population that works grew and labor productivity stayed the same, then what would most likely occur?