13 what is the value of productivity a b c 0121 d 31

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13. What is the value of productivity? a. !"#$"# $!$"%&#’!( b. ’()*+#,*(# $!$"%&#’!( c. !"#$"# # !/ 0!12*1+ d. !"#$"# 3!"1+ !/ %&4!1
14. Which of the following attempt to estimate an aspect of the quality of life in an economy, potentially when paired with a similar index:
15. If economies A and B were identical other than the fact that economy A had twice the amount of capital as economy B, Economy A would have _____________ marginal product of capital (MPK) than Economy
16. With all economies included (both OECD and non-OECD), it has been observed that economies with lower GDP per capita tend to grow
17. Large amounts of home production cause us to underestimate a. GDP b. Economic activity c. All of the above d. None of the above
18. In his pessimistic assessment of the prospects for productivity growth in the U.S., Robert Gordon uses the years 1970-1994 and 2004-2014 his baseline growth rate projection going forward and excludes the years 1994-2004 because
19. If goods produced last year are sold this year, that causes this year’s GDP to:
20. Tariffs on imports are taxes that are paid by _______________ consumers and firms to the government of the __________________ economy of the importing consumer or firm.
21. Social Security and Medicare are examples of what are categorized as ___________________ by the U.S. government. a. Mandatory spending b. Discretionary spending c. Public spending d. Private spending
The following are computational problems. On the actual exam there will be multiple choice options, but for the practice exam you must determine the number without any options. Given the following information for the U.S in 2015, answer questions 22 - 25 : In 2015, $500,000 worth of cars are produced, but only $410,000 are sold (all to consumers). There were also $120,000 in car sales of cars to consumers that were produced in 2014. In 2016, $400,000 worth of cars are produced, with $340,000 sold to consumers. $90,000 of vehicles that had been produced in 2015 are also sold in 2016.

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