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

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