Question 1

Real GDP in any year is equal to:

Accepted Answer

A)  the quantity of labour divided by resource outputs.
B)  labour productivity multiplied by the quality of labour.
C)  worker-hours divided by labour productivity.
D)  worker-hours multiplied by labour productivity.E) B) and C)
F) None of the above

Question 2

Economic growth can best be portrayed as a:

Accepted Answer

A)  leftward shift of the production possibilities curve.
B)  movement from a point inside to a point outside of the production possibilities curve.
C)  movement from a point near the vertical axis to a point near the horizontal axis on the production possibilities curve.
D)  rightward shift of the production possibilities curve.E) B) and D)
F) B) and C)

Question 3

A nation's "infrastructure" refers to:

Accepted Answer

A)  its ability to realize economies of scale.
B)  its stock of technological knowledge.
C)  public capital goods such as highways and utilities.
D)  the productivity of its labour force.E) A) and B)
F) A) and C)

Question 4

Recently, the changes in the educational attainment of the Canadian labour force indicate that the percentage of those:

Accepted Answer

A)  completing high school has been rising, but the percentage of those attending university has declined.
B)  attending university have increased.
C)  completing college has been constant, and the percentage of those attending university has declined.
D)  attending university and community colleges have decreased.E) A) and B)
F) None of the above

Question 5

The countries which have begun modern economic growth later than the others can catch up because:

Accepted Answer

A)  for them, it is quicker to adopt technology rather than inventing one.
B)  for them, it is harder to adopt technology rather than inventing one.
C)  for them, it is as hard to adopt technology as it is to invent one.
D)  for them, it is very easy to invent a new technology with lower cost.E) B) and C)
F) A) and B)

Question 6

Economic growth can be portrayed as a(n) :

Accepted Answer

A)  outward shift of the production possibilities curve.
B)  inward shift of the production possibilities curve.
C)  movement from a point on to a point inside a production possibilities curve.
D)  movement from one point to another point on a production possibilities curve.E) B) and D)
F) None of the above

Question 7

Refer to the above table.Between years 1 and 2, real GDP per capita grew by _____ percent in Italy:

Accepted Answer

A)  3
B)  4
C)  5
D)  10E) A) and D)
F) A) and C)

Question 8

Which of the following would be a source of economies of scale?

Accepted Answer

A)  the social environment
B)  the quantity of labour
C)  decreasing returns
D)  more specialized inputsE) None of the above
F) A) and B)

Question 9

Which is an efficiency factor in economic growth?

Accepted Answer

A)  an efficient allocation of resources
B)  natural resources
C)  the quantity and quality of labour
D)  technological knowledgeE) A) and C)
F) None of the above

Question 10

A rightward shift of a nation's production possibilities curve is a necessary but not sufficient condition for economic growth.

Accepted Answer

A) True 
 B)False

Question 11

Using Image 8.1 Global Perspective, which of the following nations is the most competitive nation in the world according to the global competitiveness index calculated for 2016-2017?

Accepted Answer

A)  Switzerland
B)  Singapore
C)  United States
D)  GermanyE) B) and C)
F) None of the above

Question 12

Show me a pastoral society with an untouched environment, an abundance of leisure, and nonsecular values, and I will show you an underdeveloped, poverty-ridden country.This statement is most likely to be made by a(n) :

Accepted Answer

A)  advocate of learning by doing.
B)  advocate of network effects.
C)  proponent of economic growth.
D)  critic of economic growth.E) A) and B)
F) All of the above

Question 13

In Canada, the lowest increase in the average annual rates of productivity growth was observed during the period of:

Accepted Answer

A)  1981-1989.
B)  1946-2015.
C)  1973-1981.
D)  2000-2015.E) C) and D)
F) B) and D)

Question 14

Nominal GDP was $9,500 billion in Year 1 and $10,000 billion in Year 2.The GDP price index was 170 in Year 1 and 175 in Year 2.Between Years 1 and 2, the rate of growth in real GDP was approximately:

Accepted Answer

A)  1.6 percent.
B)  2.3 percent.
C)  4.4 percent.
D)  5.3 percent.E) C) and D)
F) B) and D)

Question 15

If a nation's real GDP is growing by 5 percent per year, its real GDP will double in approximately:

Accepted Answer

A)  22 years.
B)  20 years.
C)  14 years.
D)  8 years.E) A) and B)
F) All of the above

Question 16

The rise in productivity seen in the last decade is believed to be due to a significant new wave of technological advance coupled with global competition.

Accepted Answer

A) True 
 B)False

Question 17

The most important contributor to increases in the productivity of Canadian labour is:

Accepted Answer

A)  the reallocation of labour from agriculture to manufacturing.
B)  improvements in labour quality.
C)  increases in the quantity of capital.
D)  technological advance.E) B) and C)
F) None of the above

Question 18

The historical reallocation of labour from agriculture to manufacturing in Canada has:

Accepted Answer

A)  been inflationary.
B)  had no effect upon the average productivity of labour.
C)  increased the average productivity of labour.
D)  reduced the average productivity of labour.E) A) and B)
F) A) and D)

Question 19

Real GDP or total output in any year is equal to:

Accepted Answer

A)  labour inputs divided by resource outputs.
B)  labour productivity multiplied by real output.
C)  worker-hours multiplied by labour productivity.
D)  worker-hours divided by labour productivity.E) A) and B)
F) C) and D)

Question 20

Economic growth can be shown as a movement from a point on one production possibility curve to a point on a curve located farther from the origin.

Accepted Answer

A) True 
 B)False

Exam 8: B: Economic Growth

Economic growth can best be portrayed as a:

Correct AnswerverifiedShow Answer

Real GDP in any year is equal to:

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Recently, the changes in the educational attainment of the Canadian labour force indicate that the percentage of those:

Correct AnswerverifiedShow Answer

Nominal GDP was $9,500 billion in Year 1 and $10,000 billion in Year 2.The GDP price index was 170 in Year 1 and 175 in Year 2.Between Years 1 and 2, the rate of growth in real GDP was approximately:

Correct AnswerverifiedShow Answer

If a nation's real GDP is growing by 5 percent per year, its real GDP will double in approximately:

Correct AnswerverifiedShow Answer

Real GDP or total output in any year is equal to:

Correct AnswerverifiedShow Answer

The historical reallocation of labour from agriculture to manufacturing in Canada has:

Correct AnswerverifiedShow Answer

The rise in productivity seen in the last decade is believed to be due to a significant new wave of technological advance coupled with global competition.

Correct AnswerverifiedShow Answer

Economic growth can be portrayed as a(n) :

Correct AnswerverifiedShow Answer

Economic growth can be shown as a movement from a point on one production possibility curve to a point on a curve located farther from the origin.

Correct AnswerverifiedShow Answer

Which is an efficiency factor in economic growth?

Correct AnswerverifiedShow Answer

Which of the following would be a source of economies of scale?

Correct AnswerverifiedShow Answer

A rightward shift of a nation's production possibilities curve is a necessary but not sufficient condition for economic growth.

Correct AnswerverifiedShow Answer

The countries which have begun modern economic growth later than the others can catch up because:

Correct AnswerverifiedShow Answer

Refer to the above table.Between years 1 and 2, real GDP per capita grew by _____ percent in Italy:

Correct AnswerverifiedShow Answer

Using Image 8.1 Global Perspective, which of the following nations is the most competitive nation in the world according to the global competitiveness index calculated for 2016-2017?

Correct AnswerverifiedShow Answer

In Canada, the lowest increase in the average annual rates of productivity growth was observed during the period of:

Correct AnswerverifiedShow Answer

A nation's "infrastructure" refers to:

Correct AnswerverifiedShow Answer

The most important contributor to increases in the productivity of Canadian labour is:

Correct AnswerverifiedShow Answer

Show me a pastoral society with an untouched environment, an abundance of leisure, and nonsecular values, and I will show you an underdeveloped, poverty-ridden country.This statement is most likely to be made by a(n) :

Correct AnswerverifiedShow Answer

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