Chapter: Economic Growth: Theory and Policy
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1. Which of the following services have experienced declines in relative prices due to productivity increases?
a. legal services.
b. restaurant meals.
c. theatrical performances.
d. Internet access services.
2. College tuition expenses have risen from 1978 to 2000 by
a. an amount equal to prices in general.
b. an amount greater than average prices.
c. an amount less than average prices.
d. by the amount of the percentage increase in the overall CPI.
3. The graph that relates hours of labor input to output is called the
a. consumption function.
b. conjunction function.
c. capital function.
d. production function.
4. Which of the following would tend to shift the production function upward?
a. an increase in the number of hours worked.
b. an increase in population.
c. a decrease in the size of the labor force.
d. an increase in the level of technology.
5. Which retail operation would have the highest costs per book sold?
a. A small independent book store.
b. A large retail bookstore chain.
c. An Internet seller of books.
d. All would have the same costs.
6. 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.
7. The definition of human capital refers to
a. worker education and workers' equipment.
b. worker education and workers' physical capital
c. workers' equipment and workers' physical capital.
d. worker education and worker training.
8. One of the key factors in the economic success of South Korea was
a. an increase in years of schooling.
b. a reduction in the amount of imports.
c. the creation of new technology.
d. all of the above.
9. Which of the following was NOT a factor in Japan's post World War II economic success?
a. a high rate of investment.
b. a well educated workforce.
c. a high rate of natural resource discovery.
d. a high rate of technological adoption.
10. The wealthy nations of the world have
a. the largest populations.
b. more supplies of natural resources.
c. more supplies of capital.
d. larger geographical areas.
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