Question 1

Refer to the diagram below.A shift in the production possibilities curve from AB to CD is most likely due to:

Accepted Answer

A)   the use of the economy's resources in an efficient way.
B)   an increase in the spending of business and consumers.
C)   an increase in government purchase of the economy's output.
D)   an increase in the quantity and quality of labour resources.E) A) and B)
F) All of the above

Question 2

A major argument for economic growth is that it:

Accepted Answer

A)   creates an equal distribution of income.
B)   protects common property resources.
C)   leads to a higher standard of living.
D)   reduces the amount of taxation.E) All of the above
F) B) and D)

Question 3

A skeptic of the recent rapid advances in new technology would argue that the phenomenon is:

Accepted Answer

A)   a short-run trend.
B)   a network effect.
C)   the result of learning by doing.
D)   designed to lower the natural rate of unemployment.E) All of the above
F) None of the above

Question 4

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 5

Economic well-being in Canada is understated by growth rates because they:

Accepted Answer

A)   account for pollution expenditures.
B)   don't account for improvement in products.
C)   account for illegal activity.
D)   don't account for the slowdown in productivity.E) A) and C)
F) B) and C)

Question 6

Economic growth is defined as the increase in nominal GDP which occurs over a period of time.

Accepted Answer

A) True 
 B)False

Question 7

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 D)
F) B) and C)

Question 8

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 C)
F) A) and D)

Question 9

If an economy's real GDP is growing by 5 percent per year,its real domestic output will double in approximately fourteen years.

Accepted Answer

A) True 
 B)False

Question 10

Growth is advantageous to a nation because it:

Accepted Answer

A)   promotes faster population growth.
B)   lessens the burden of scarcity.
C)   eliminates the economizing problem.
D)   slows the growth of wants.E) A) and D)
F) A) and C)

Question 11

-Refer to the above diagram.Realized economic growth is best represented by a:

Accepted Answer

A)   shift in the production possibilities curve from y on AB to x on CD.
B)   move from x on AB to y on CD.
C)   shift in the production possibilities curve from CD to AB.
D)   move from x to z along AB.E) B) and C)
F) None of the above

Question 12

Productivity growth is a minor source of improvements in real wage rates and the standard of living.

Accepted Answer

A) True 
 B)False

Exam 8: Economic Growth

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

Correct Answer
verified

Growth is advantageous to a nation because it:

Correct Answer
verified

Productivity growth is a minor source of improvements in real wage rates and the standard of living.

Correct Answer
verified

Economic growth can best be portrayed as a:

Correct Answer
verified

A skeptic of the recent rapid advances in new technology would argue that the phenomenon is:

Correct Answer
verified

Economic growth is defined as the increase in nominal GDP which occurs over a period of time.

Correct Answer
verified

Economic well-being in Canada is understated by growth rates because they:

Correct Answer
verified

A major argument for economic growth is that it:

Correct Answer
verified

Economic growth can be portrayed as a(n) :

Correct Answer
verified

If an economy's real GDP is growing by 5 percent per year,its real domestic output will double in approximately fourteen years.

Correct Answer
verified

Refer to the diagram below.A shift in the production possibilities curve from AB to CD is most likely due to:

Correct Answer
verified

-Refer to the above diagram.Realized economic growth is best represented by a:

Correct Answer
verified

Exam 8: Economic Growth

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

Correct AnswerverifiedShow Answer

Growth is advantageous to a nation because it:

Correct AnswerverifiedShow Answer

Productivity growth is a minor source of improvements in real wage rates and the standard of living.

Correct AnswerverifiedShow Answer

Economic growth can best be portrayed as a:

Correct AnswerverifiedShow Answer

A skeptic of the recent rapid advances in new technology would argue that the phenomenon is:

Correct AnswerverifiedShow Answer

Economic growth is defined as the increase in nominal GDP which occurs over a period of time.

Correct AnswerverifiedShow Answer

Economic well-being in Canada is understated by growth rates because they:

Correct AnswerverifiedShow Answer

A major argument for economic growth is that it:

Correct AnswerverifiedShow Answer

Economic growth can be portrayed as a(n) :

Correct AnswerverifiedShow Answer

If an economy's real GDP is growing by 5 percent per year,its real domestic output will double in approximately fourteen years.

Correct AnswerverifiedShow Answer

Refer to the diagram below.A shift in the production possibilities curve from AB to CD is most likely due to:

Correct AnswerverifiedShow Answer

-Refer to the above diagram.Realized economic growth is best represented by a:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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