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Exam 17: Production and Growth

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Question 151

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International data on real GDP per person gives us a sense of how standards of living vary across countries.

A) True
B) False

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Question 152

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As capital per worker rises,output per worker rises.However,this increase in output per worker is smaller at larger levels of existing capital per worker.

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B) False

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Question 153

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Miller's Dairy produces 960 gallons of milk per day.Each milker at the dairy works 8 hours per day and produces the same number of gallons of milk per hour.If the Dairy's productivity is 12 gallons of milk per hour of labor,then how many milkers does the shop employ?

Some data that at first might seem puzzling: The share of GDP devoted to investment was similar for the United States and South Korea from 1960-1991.However,during these same years South Korea had a 6 percent growth rate of average annual income per person,while the United States had only a 2 percent growth rate.If the saving rates were the same,why were the growth rates so different?

Last year the imaginary nation of Freedonia had a population of 2,700 and real GDP of 16,200,000.This year it had a population of 2,500 and real GDP of 14,640,000.What was the growth rate of real GDP per person between last year and this year?

All else equal,which of the following would tend to cause real GDP per person to rise?

Scenario 17-1.An economy's production form takes the form Y = AF(L,K,H,N) . -Refer to Scenario 17-1.K represents the quantity of

Which of the following pairs of countries experienced approximately the same rate of growth of real income per person over the last 100 or so years?

Other things equal,relatively poor countries tend to grow

Scenario 17-1.An economy's production form takes the form Y = AF(L,K,H,N) . -Refer to Scenario 17-1.If the production function has the constant-returns-to-scale property,then if we know the values of A,K/L,H/L,and N/L,we also know the value of

If a country were to increase its saving rate,then in the long run it would also increase its

Other things the same,another unit of capital will increase output by more in a poor country than in a rich country.

Like physical capital,human capital is a produced factor of production.

Senator Noitall says that in order to help poor countries develop,the United States should: 1.Prevent U.S.corporations from investing in poor countries because they take profits that the poor countries should have; 2.Not import goods from poor countries that use child labor; 3.Work to promote political stability in poor countries; and 4.Reduce poor countries' reliance on market forces in their economies.How many of these ideas are likely to help poor countries grow?

The average income in a rich country,such as the United States or Japan,is more than

If the number of workers in an economy doubled,all other inputs stayed the same,and there were constant returns to scale,productivity would

If natural resources had become scarcer,then we would expect their

All else equal,if there are diminishing returns,then what happens to productivity if both capital and labor increase?

In some countries such as Chad,Gabon,and Senegal real GDP per person has been stagnant for many years.

Suppose U.S.-based Intel Corporation builds and operates a new computer chip factory in Ghana.Future production from such an investment would