Question 1

Growth-promoting institutional structures include the following, except

Accepted Answer

A)   patents and copyrights.
B)   eﬃcient ﬁnancial institutions.
C)   protection of domestic ﬁrms from foreign rivals.
D)   a stable political system.E) None of the above
F) All of the above

Question 2

The dramatic slowdown in productivity growth experienced after the Great Recession

Accepted Answer

A)   is believed by most economists to be a permanent shift in the economy.
B)   is still debated among many economists as to whether it represents a permanent shift in the economy.
C)   suggests that prospects for lasting increases in productivity growth are rather poor.
D)   suggests that productivity growth can occur without raising the nation's standard of living.E) B) and D)
F) A) and D)

Question 3

Labor productivity in the U.S. in the periods 1973-1995 and 1995-2010 grew at average rates of

Accepted Answer

A)   7.5 percent and 5.2 percent, respectively.
B)   1.5 percent and 2.8 percent, respectively.
C)   3.1 percent and 1.5 percent, respectively.
D)   4.1 percent and 4.3 percent, respectively.E) A) and D)
F) B) and C)

Question 4

The so-called Rule of 70 is a formula for ﬁnding the approximate number of times that a value will
double in a period of 70 years.

Accepted Answer

A) True 
 B)False

Question 5

Technological advance is tightly intertwined with

Accepted Answer

A)   capital formation.
B)   household consumption.
C)   government spending.
D)   population growth.E) A) and B)
F) C) and D)

Question 6

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

Accepted Answer

A)   labor productivity divided by number of worker-hours.
B)   labor productivity multiplied by real output.
C)   number of worker-hours multiplied by labor productivity.
D)   number of worker-hours divided by labor productivity.E) A) and D)
F) B) and C)

Question 7

Which is more important, labor quantity or labor productivity, as a source of economic growth in the
United States?

Accepted Answer

Labor productivity is more imp...

Question 8

The real GDP of the United States has grown since the 1950s largely because of increases in labor
productivity.

Accepted Answer

A) True 
 B)False

Question 9

In the United States, real GDP per capita has increased more rapidly than real GDP.

Accepted Answer

A) True 
 B)False

Question 10

Economic growth can be portrayed as

Accepted Answer

A)   an outward shift of the production possibilities curve.
B)   an inward shift of the production possibilities curve.
C)   a movement from a point on to a point inside a production possibilities curve.
D)   a movement from one point to another point on a ﬁxed production possibilities curve.E) All of the above
F) A) and B)

Question 11

Which of the following is the largest contributor to the growth of labor productivity in the United States?

Accepted Answer

A)   technological advance
B)   education and training of labor
C)   economies of scale
D)   improved resource allocationE) A) and D)
F) A) and C)

Question 12

(Last Word)  Over the past several decades, the percentage of women in the paid U.S. workforce has

Accepted Answer

A)   increased in spite of declining wages for women.
B)   decreased because relatively more women are staying home to raise their children.
C)   increased due to higher wages, expanded job accessibility, changing preferences and attitudes, and other factors.
D)   increased for unmarried women but decreased for married women.E) All of the above
F) A) and D)

Question 13

The percentage of U.S. adults with a high school education has

Accepted Answer

A)   remained constant since the 1960s.
B)   risen from 8 percent in 1960 to 35 percent in 2018.
C)   risen to 100 percent in the 21st century.
D)   risen from 44 percent in 1960 to 90 percent in 2018.E) All of the above
F) A) and B)

Question 14

1. Improvements in technology. 2. Increases in the supply (stock)  of capital goods.
3)  Purchases of expanding output.
4)  Obtaining the optimal combination of goods, each at least-cost production.
5)  Increases in the quantity and quality of natural resources.
6)  Increases in the quantity and quality of human resources.
Use the accompanying list to answer the following question. As distinct from the demand and
Eﬃciency factors of economic growth, the supply factors of economic growth are

Accepted Answer

A)   2, 5, and 6 only.
B)   2, 4, 5, and 6 only.
C)   1, 2, 5, and 6 only.
D)   1, 3, and 4 only.E) A) and B)
F) None of the above

Question 15

The rate of growth of labor productivity in the U.S. declined from the period 1973-1995 to the period
1995-2010.

Accepted Answer

A) True 
 B)False

Question 16

Between 2018 and 2029, productivity growth is expected to account for about ________ percent of the growth of real GDP in the United States.

Accepted Answer

A)   62
B)   40
C)   92
D)   87E) All of the above
F) A) and B)

Question 17

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2. We could conclude that this economy's

Accepted Answer

A)   real GDP declined.
B)   capital stock increased.
C)   production possibilities curve shifted outward.
D)   actual production moved from one point to another on a ﬁxed production possibilities curve.E) B) and D)
F) All of the above

Question 18

Increases in the value of a product to each user, including existing users, as the total number of users rises are called

Accepted Answer

A)   information cascades.
B)   learning effects.
C)   network effects.
D)   scale economies.E) A) and B)
F) A) and C)

Question 19

1. Improvements in technology. 2. Increases in the supply (stock)  of capital goods.
3)  Purchases of expanding output.
4)  Obtaining the optimal combination of goods, each at least-cost production.
5)  Increases in the quantity and quality of natural resources.
6)  Increases in the quantity and quality of human resources.
Use the accompanying list to answer the following question. As distinct from the supply factors and
Eﬃciency factor of economic growth, the demand factor(s)  of economic growth is (are)

Accepted Answer

A)   1 only.
B)   4 only.
C)   1 and 3 only.
D)   3 only.E) None of the above
F) A) and B)

Question 20

(Last Word)  Rising wages for women in the United States have increased

Accepted Answer

A)   the proportion of women working part time compared to working full time.
B)   labor costs and thus shifted the nation's production possibilities curve inward.
C)   average family size in the United States.
D)   the percentage of married women in the workforce.E) B) and D)
F) All of the above

Exam 8: Economic Growth

Which of the following is the largest contributor to the growth of labor productivity in the United States?

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Between 2018 and 2029, productivity growth is expected to account for about ________ percent of the growth of real GDP in the United States.

Correct Answer
verified

Labor productivity in the U.S. in the periods 1973-1995 and 1995-2010 grew at average rates of

Correct Answer
verified

Increases in the value of a product to each user, including existing users, as the total number of users rises are called

Correct Answer
verified

The so-called Rule of 70 is a formula for ﬁnding the approximate number of times that a value will double in a period of 70 years.

Correct Answer
verified

(Last Word) Over the past several decades, the percentage of women in the paid U.S. workforce has

Correct Answer
verified

(Last Word) Rising wages for women in the United States have increased

Correct Answer
verified

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2. We could conclude that this economy's

Correct Answer
verified

Economic growth can be portrayed as

Correct Answer
verified

In the United States, real GDP per capita has increased more rapidly than real GDP.

Correct Answer
verified

The percentage of U.S. adults with a high school education has

Correct Answer
verified

Which is more important, labor quantity or labor productivity, as a source of economic growth in the United States?

Correct Answer
verified
Labor productivity is more imp...
View Answer

The rate of growth of labor productivity in the U.S. declined from the period 1973-1995 to the period 1995-2010.

Correct Answer
verified

Technological advance is tightly intertwined with

Correct Answer
verified

Growth-promoting institutional structures include the following, except

Correct Answer
verified

The dramatic slowdown in productivity growth experienced after the Great Recession

Correct Answer
verified

The real GDP of the United States has grown since the 1950s largely because of increases in labor productivity.

Correct Answer
verified

Exam 8: Economic Growth

Which of the following is the largest contributor to the growth of labor productivity in the United States?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Between 2018 and 2029, productivity growth is expected to account for about ________ percent of the growth of real GDP in the United States.

Correct AnswerverifiedShow Answer

Labor productivity in the U.S. in the periods 1973-1995 and 1995-2010 grew at average rates of

Correct AnswerverifiedShow Answer

Increases in the value of a product to each user, including existing users, as the total number of users rises are called

Correct AnswerverifiedShow Answer

The so-called Rule of 70 is a formula for ﬁnding the approximate number of times that a value will double in a period of 70 years.

Correct AnswerverifiedShow Answer

(Last Word) Over the past several decades, the percentage of women in the paid U.S. workforce has

Correct AnswerverifiedShow Answer

(Last Word) Rising wages for women in the United States have increased

Correct AnswerverifiedShow Answer

Suppose that an economy's labor productivity fell by 3 percent and its total worker-hours remained constant between year 1 and year 2. We could conclude that this economy's

Correct AnswerverifiedShow Answer

Economic growth can be portrayed as

Correct AnswerverifiedShow Answer

In the United States, real GDP per capita has increased more rapidly than real GDP.

Correct AnswerverifiedShow Answer

The percentage of U.S. adults with a high school education has

Correct AnswerverifiedShow Answer

Which is more important, labor quantity or labor productivity, as a source of economic growth in the United States?

Correct AnswerverifiedLabor productivity is more imp...View AnswerShow Answer

The rate of growth of labor productivity in the U.S. declined from the period 1973-1995 to the period 1995-2010.

Correct AnswerverifiedShow Answer

Technological advance is tightly intertwined with

Correct AnswerverifiedShow Answer

Growth-promoting institutional structures include the following, except

Correct AnswerverifiedShow Answer

The dramatic slowdown in productivity growth experienced after the Great Recession

Correct AnswerverifiedShow Answer

The real GDP of the United States has grown since the 1950s largely because of increases in labor productivity.

Correct AnswerverifiedShow Answer

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Labor productivity is more imp...
View Answer

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