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