Econ 102 - Principles of Macroeconomics » Fall 2022 » Economic Growth Quiz

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Question #1
Compared to workers in poor countries, workers in richer countries have
A.   Higher productivity but lower wages
B.   Lower productivity but higher wages
C.   The same productivity but higher wages
D.   Higher productivity and higher wages
Question #2
The definition of human capital refers to
A.   worker education and workers' physical capital.
B.   worker education and workers' equipment.
C.   workers' equipment and workers physical capital.
D.   Worker education and worker training.
Question #3
Poor countries often have difficulty investing in capital because
A.   development assistance is designed in increase consumer goods.
B.   multinational corporations do not bring technological advances into poor countries.
C.   the population is living at subsistence level and cannot afford to save.
D.   they suffer from the cost disease of personal services.
Question #4
An explanation for the slowdown in U.S. productivity growth in the 1973-1995 period was higher oil prices caused by
A.   the IMF.
B.   OPEC.
C.   the WTO.
D.   the CIA.
Question #5
Getting more output from a given amount of inputs is usually the result of increases in
A.   the labor force.
B.   technology.
C.   investment.
D.   the capital stock.
Question #6
Which of the following would NOT be classified as capital formation?
A.   buying shares of stock
B.   purchasing a new machine.
C.   building new warehouse.
D.   purchasing new construction equipment.
Question #7
The profit earned from selling an asset for more than you paid for it is called
A.   appreciation
B.   capital gains
C.   depreciation
D.   the real interest rate
Question #8
In order to improve living standards for future generations, the economy must
A.   sacrifice consumer goods today.
B.   reduce growth in the population
C.   reduce its investment goods.
D.   increase government spending.
Question #9
For given inputs of labor and capital, if technology is better, labor productivity will be
A.   unchanged
B.   lower
C.   higher
D.   characterized by increasing returns to scale

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