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Exam 25: Production and Growth

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Question 1

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The catch-up effect refers to the idea that poor countries, despite their best efforts, are not likely ever to experience the economic growth rates of wealthier countries.

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B) False

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Question 2

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In order to assess the level of prosperity in a nation in a given year, should we examine the level of that nation's real GDP per person, or should we examine the growth rate of that nation's real GDP per person?

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The level of that na...

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Question 3

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Why do we refer to physical capital as a produced factor of production?

Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience.

Petroleum is an example of a nonrenewable resource.

Which of the following countries benefited significantly from the catch-up effect in the last half of the twentieth century?

International data on the history of real GDP growth rates shows that over the last 120 years or so, rich countries got richer and poor countries got poorer.

Like physical capital, human capital is a produced factor of production.

Figure 25-2 ​ ​ -Refer to Figure 25-2. In what way is the figure relevant to the catch-up effect?

Malthus predicted that the power of population growth was

A country with a relatively low level of real GDP per person is considering adopting two policies to promote economic growth. The first is to decrease barriers to trade. The second is to restrict foreign portfolio investment. Which of these policies do most economists say promote growth?

A forest is an example of a nonrenewable resource.

Proprietary technology is knowledge that is known

Constant returns to scale is the point on a production function where increasing inputs will no longer increase output.

If a production function has the property called __________, then doubling all inputs causes the amount of output to double as well.

In 2014 income per person in the United States was about 10 times that in India.

In recent decades, economic growth has been much more rapid in South Korea than in the United States. What is the likely explanation for this fact?

The dictator of Turan has recently begun to arbitrarily seize farms belonging to his political opponents, and he has given the farms to his friends. His friends don't know much about farming. The courts in Turan have ruled that the seizures are illegal, but the dictator has ignored the rulings. Other things equal, we would expect that the growth rate in Turan will

Consider the nations of India, Indonesia, and Japan. Over the past century, which of these three nations has experienced, by far, more rapid economic growth than the other two nations?

In countries where women are discriminated against, policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.