Econ 102 - Principles of Macroeconomics » Spring 2023 » Economic Growth Quiz

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Question #1
Compared to workers in poor countries, workers in richer countries have
A.   Higher productivity and higher wages
B.   The same productivity but higher wages
C.   Lower productivity but higher wages
D.   Higher productivity but lower wages
Question #2
The invention of the Internet should make poorer countries
A.   richer because technology adoption is easier.
B.   richer because they can distribute information without costs.
C.   poorer due to expense of new technology.
D.   poorer because the Internet is primarily in richer countries.
Question #3
In general, as the amount of labor input increases, the amount of output
A.   increases
B.   increases only if the capital stock also increases
C.   decreases
D.   remains constant
Question #4
The definition of human capital refers to
A.   worker education and workers' equipment.
B.   worker education and workers' physical capital.
C.   Worker education and worker training.
D.   workers' equipment and workers physical capital.
Question #5
Getting more output from a given amount of inputs is usually the result of increases in
A.   technology.
B.   the capital stock.
C.   the labor force.
D.   investment.
Question #6
For given inputs of labor and capital, if technology is better, labor productivity will be
A.   characterized by increasing returns to scale
B.   lower
C.   higher
D.   unchanged
Question #7
In order to improve living standards for future generations, the economy must
A.   reduce its investment goods.
B.   increase government spending.
C.   sacrifice consumer goods today.
D.   reduce growth in the population
Question #8
Which of the following would NOT be classified as capital formation?
A.   buying shares of stock
B.   purchasing new construction equipment.
C.   purchasing a new machine.
D.   building new warehouse.
Question #9
An explanation for the slowdown in U.S. productivity growth in the 1973-1995 period was higher oil prices caused by
A.   OPEC.
B.   the WTO.
C.   the CIA.
D.   the IMF.
Question #10
The profit earned from selling an asset for more than you paid for it is called
A.   depreciation
B.   the real interest rate
C.   appreciation
D.   capital gains

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