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Exam 7: Economic Growth, Productivity, and Living Standards

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Question 71

Multiple Choice

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One factor that contributed to the growth in the share of population employed in the United States between 1960 and 2008 was increased:

A) labor union participation.
B) female labor force participation.
C) male labor force participation.
D) minimum wages.

E) A) and B)
F) None of the above

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Question 72

Multiple Choice

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Empirical studies suggest that as real GDP per person increases the level of pollution:

A) increases.
B) decreases.
C) remains constant.
D) first increases then decreases.

E) B) and C)
F) A) and C)

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Question 73

Multiple Choice

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Over the period from 1950 to 2008, which country experienced the fastest average annual growth rate of real GDP per person?

Fred and Barney fill egg cartons with eggs. Fred just started the job and can fill only 25 cartons an hour. Barney has significant on-the-job experience that allows him to fill 50 cartons an hour. Both Fred and Barney work 50 hours a week. Fred's average weekly productivity is ______ cartons; Barney's average weekly productivity is ______ cartons; and as a team their average weekly productivity is ______ cartons.

Workers should invest in additional human capital as long as the:

Physical capital is:

If average labor productivity in two countries is the same, average living standards will be lower in the country with:

Average labor productivity is determined by:

Arguing that economic growth will eventually stop because we will run out of natural resources:

Most political scientists and economists agree that ______ is detrimental to economic growth.

An example of a government policy to enhance technological progress is:

Real GDP per person in Northland is $30,000, while real GDP in Southland is $10,000, However, Northland's real GDP per person is growing at 1 percent per year, and Southland's real GDP per person is growing at 3 percent per year. If these growth rates persist indefinitely, then:

The absence of which of the following leads to constant shortages and shoddy goods under communism?

If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:

High rates of saving and investing in the private sector promote economic growth by:

The construction of the interstate highway system in the United States is an example of a government policy to promote economic growth by:

The productivity slowdown of the 1970's occurred:

The long-run average annual growth of real GDP per person is the United States is approximately ______ percent.

Real GDP per person in the United States was $9,864 in 1950. Over the next 48 years, it grew at a compound annual rate of 2.0%. If, instead, real GDP per person had grown at an average compound annual rate 2.5%, then real GDP per capita in the United States in 1998 would have been approximately ______ larger.

If an economy maintains a small rate of growth for a long period of time, then the size of the economy: