Use the data on U.S.real GDP below to compute real GDP per person for each year.Then use these numbers to compute the percentage increase in real GDP per person from 1993 to 2012.

Real GDP per person in 1993 wa...

Consider the nations of Canada,the United Kingdom,and the United States.Since 1870,which of these nations has progressed,in an economic sense,more slowly than the other two nations?

The United Kingdom’s growth ra...

Figure 25-1 -Refer to Figure 25-1."When the amount of capital per worker increases by one unit,a poor country experiences a greater benefit than does a rich country." Does the figure illustrate this notion? Briefly explain.

Yes, the bowed-out (concave) n...

"Market prices give no reason to believe that natural resources are a limit to economic growth." Explain this statement.

If the world were running out of natural...

What is a production function? Write an equation for a typical production function,and explain what each of the terms represents.

A production function is a mathematical ...

An important prerequisite for the price system to work is an economy-wide respect for _______ rights.

The answer of An important prerequisite for the price system...

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?

Japan’s growth rate (2.65 perc...

Consider the production function \( Y=2 F(L, K, H, N) \). Suppose \( F(12,10,9,7)=100 \) and \( F(24,20,18,14)=180 \) . Does the production function have the property of constant returns to scale? Why or why not?

No, the production function does not hav...

The level of real GDP is a good measure of economic prosperity,and the growth of real GDP is a good measure of ----------.

The answer of The level of real GDP is a...

The people of Country X save 10 percent of their income,and the people of Country Y save 25 percent of their income.If these respective saving rates persist forever,will one country or the other enjoy a higher rate of income growth forever? Explain.

In the long run, a higher saving rate le...

Consider the production function \( Y=4 F(L, K, H, N) \). Suppose \( F(10,8,6,5)=100 \) and \( F(30,24,18,15)=300 \).Does the production function have the property of constant returns to scale? Why or why not?

Yes, the production function has the pro...

What is the difference between human capital and technology?

Technology is society's understanding of...

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

Physical capital originates as...

In what sense is it likely that geography has an effect on a country's rate of economic growth?

Countries with natural seaport...

Consider the nations of China,Japan,and the United States.Over the past century,which of these nations has progressed,in an economic sense,more rapidly than the other two nations?

Japan’s growth rate (2.65 perc...

Figure 25-1 -Refer to Figure 25-1.In order for the figure to make sense,do we have to assume that capital is the only determinant of output? Briefly explain.

No, we do not have to assume that capita...

Exam 12: Production and Growth: Part A

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Exam 12: Production and Growth: Part A

In what sense is it likely that geography has an effect on a country's rate of economic growth?

Correct AnswerverifiedCountries with natural seaport...View AnswerShow Answer

What is the difference between human capital and technology?

Correct AnswerverifiedTechnology is society's understanding of...View AnswerShow Answer

Use the data on U.S.real GDP below to compute real GDP per person for each year.Then use these numbers to compute the percentage increase in real GDP per person from 1993 to 2012.

Correct AnswerverifiedReal GDP per person in 1993 wa...View AnswerShow Answer

Which well-known economist from the past asserted that "the power of population is infinitely greater than the power in the earth to produce subsistence for man?"

Correct AnswerverifiedThe econom...View AnswerShow Answer

What particularly important role do courts play in a market economy?

Correct AnswerverifiedCourts enforce prope...View AnswerShow Answer

Figure 25-1 -Refer to Figure 25-1.In order for the figure to make sense,do we have to assume that capital is the only determinant of output? Briefly explain.

Correct AnswerverifiedNo, we do not have to assume that capita...View AnswerShow Answer

Consider the production function Y=4F(L,K,H,N) Y=4 F(L, K, H, N) Y=4F(L,K,H,N) . Suppose F(10,8,6,5)=100 F(10,8,6,5)=100 F(10,8,6,5)=100 and F(30,24,18,15)=300 F(30,24,18,15)=300 F(30,24,18,15)=300 .Does the production function have the property of constant returns to scale? Why or why not?

Correct AnswerverifiedYes, the production function has the pro...View AnswerShow Answer

What is the relationship between education and human capital?

Correct AnswerverifiedEducation ...View AnswerShow Answer

The people of Country X save 10 percent of their income,and the people of Country Y save 25 percent of their income.If these respective saving rates persist forever,will one country or the other enjoy a higher rate of income growth forever? Explain.

Correct AnswerverifiedIn the long run, a higher saving rate le...View AnswerShow Answer

What is a production function? Write an equation for a typical production function,and explain what each of the terms represents.

Correct AnswerverifiedA production function is a mathematical ...View AnswerShow Answer

"Market prices give no reason to believe that natural resources are a limit to economic growth." Explain this statement.

Correct AnswerverifiedIf the world were running out of natural...View AnswerShow Answer

How would an economist typically assess the extent of economic progress in a nation?

Correct AnswerverifiedAn economist typical...View AnswerShow Answer

Figure 25-1 -Refer to Figure 25-1."When the amount of capital per worker increases by one unit,a poor country experiences a greater benefit than does a rich country." Does the figure illustrate this notion? Briefly explain.

Correct AnswerverifiedYes, the bowed-out (concave) n...View AnswerShow Answer

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?

Correct AnswerverifiedJapan’s growth rate (2.65 perc...View AnswerShow Answer

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

Correct AnswerverifiedPhysical capital originates as...View AnswerShow Answer

Consider the nations of Canada,the United Kingdom,and the United States.Since 1870,which of these nations has progressed,in an economic sense,more slowly than the other two nations?

Correct AnswerverifiedThe United Kingdom’s growth ra...View AnswerShow Answer

Consider the production function Y=2F(L,K,H,N) Y=2 F(L, K, H, N) Y=2F(L,K,H,N) . Suppose F(12,10,9,7)=100 F(12,10,9,7)=100 F(12,10,9,7)=100 and F(24,20,18,14)=180 F(24,20,18,14)=180 F(24,20,18,14)=180 . Does the production function have the property of constant returns to scale? Why or why not?

Correct AnswerverifiedNo, the production function does not hav...View AnswerShow Answer

Consider the nations of China,Japan,and the United States.Over the past century,which of these nations has progressed,in an economic sense,more rapidly than the other two nations?

Correct AnswerverifiedJapan’s growth rate (2.65 perc...View AnswerShow Answer

An important prerequisite for the price system to work is an economy-wide respect for _______ rights.

Correct AnswerverifiedShow Answer

The level of real GDP is a good measure of economic prosperity,and the growth of real GDP is a good measure of ----------.

Correct AnswerverifiedShow Answer

Correct Answer
verified
Countries with natural seaport...
View Answer

Correct Answer
verified
Technology is society's understanding of...
View Answer

Correct Answer
verified
Real GDP per person in 1993 wa...
View Answer

Correct Answer
verified
The econom...
View Answer

Correct Answer
verified
Courts enforce prope...
View Answer

Correct Answer
verified
No, we do not have to assume that capita...
View Answer

Consider the production function $Y=4 F(L, K, H, N)$ . Suppose $F(10,8,6,5)=100$ and $F(30,24,18,15)=300$ .Does the production function have the property of constant returns to scale? Why or why not?

Correct Answer
verified
Yes, the production function has the pro...
View Answer

Correct Answer
verified
Education ...
View Answer

Correct Answer
verified
In the long run, a higher saving rate le...
View Answer

Correct Answer
verified
A production function is a mathematical ...
View Answer

Correct Answer
verified
If the world were running out of natural...
View Answer

Correct Answer
verified
An economist typical...
View Answer

Correct Answer
verified
Yes, the bowed-out (concave) n...
View Answer

Correct Answer
verified
Japan’s growth rate (2.65 perc...
View Answer

Correct Answer
verified
Physical capital originates as...
View Answer

Correct Answer
verified
The United Kingdom’s growth ra...
View Answer

Consider the production function $Y=2 F(L, K, H, N)$ . Suppose $F(12,10,9,7)=100$ and $F(24,20,18,14)=180$ . Does the production function have the property of constant returns to scale? Why or why not?

Correct Answer
verified
No, the production function does not hav...
View Answer

Correct Answer
verified
Japan’s growth rate (2.65 perc...
View Answer

Correct Answer
verified

Correct Answer
verified