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Which of the following is a measure of economic growth that is most useful for measuring geopolitical preeminence or military potential?
A. Growth in nominal GDP
B. Decreases in the rate of unemployment
C. Increases in real GDP per capita
D. Increases in real GDP
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D
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Which of the following is a measure of economic growth that is most useful for comparing living standards?
A. Growth in nominal GDP
B. Decreases in the rate of unemployment
C. Increases in real GDP per capita
D. Increases in real GDP
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C
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The "rule of 70" is a formula for determining the approximate number of:
A. Years that it would take for a value (like real GDP) to expand 70 times
B. Years that it would take for a value (like real GDP) to double
C. Times a value (like real GDP) is a multiple of 70
D. Times one could double a certain value (like real GDP) over 70 years
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B
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At what average annual rate has real GDP and real GDP per capita, respectively, grown from 1950 to 2012?
A. 7.5 percent and about 5 percent
B. 3.1 percent and about 2 percent
C. 5.1 percent and about 3 percent
D. 1.1 percent and about 0.5 percent
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B
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The following factors tend to make the real GDP growth rate understate the growth of economic well-being, except:
A. Improved product quality
B. Added leisure
C. Debasement of the environment
D. More stress-free lifestyle
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D
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In the modern economic growth process, it is typical to find that:
A. Leader countries continue to grow faster than follower countries
B. Follower countries can grow faster than leader countries
C. Large countries cannot grow faster than leader countries
D. The gap between the leader countries and the follower countries stays constant
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B
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Modern economic growth often results in the following, except:
A. Less time for ordinary people to enjoy leisure activities because the primary focus is on production and work
B. Vast increases in wealth and living standards for many groups in the economy
C. Spread of universal education and elimination of ancient social norms
D. Movement towards democracy and the abolishment of feudalism
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A
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The main cause for the vast differences in per capita GDP levels seen across the globe today is the:
A. Huge differences in the natural-resource endowments of different countries
B. Major differences in the population sizes of various societies
C. Different starting dates of modern economic growth in different parts of the world
D. Differences in religions that different societies around the world believe in
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B
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Growth-promoting institutional structures include the following, except:
A. Patents and copyrights
B. Efficient financial institutions
C. Protection of domestic firms from foreign rivals
D. Stable political system
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D
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Patents and copyrights foster the flow of:
A. Saving and investment
B. Spending and income
C. Resources and products
D. Inventions and ideas
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D
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Efficient financial institutions foster the flow of:
A. Saving and investment
B. Spending and income
C. Resources and products
D. Inventions and ideas
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A
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Supply factors in economic growth include the following, except:
A. Improvements in technology
B. Expansion of capital stock
C. Increases in purchases of output
D. Better education and training
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C
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Which of the following is best considered a demand factor in economic growth?
A. The quantity of human resources
B. The quality of natural resources
C. The stock of capital goods
D. The full employment of resources
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D
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Which of the following is a demand factor in economic growth?
A. More human and natural resources
B. Technological progress and innovation
C. An increase in the economy’s stock of capital goods
D. An increase in total spending in the economy
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D
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Which of the following is the so-called efficiency factor of economic growth?
A. Having an efficient financial system
B. Reaching full production potential
C. Having free trade
D. Enhanced quantity and quality of human resources
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B
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Economic growth can best be portrayed as a:
A. Leftward shift of the production possibilities curve
B. Movement from a point inside to a point outside of the production possibilities curve
C. Movement from a point near the vertical axis to a point near the horizontal axis on the production possibilities curve
D. Rightward shift of the production possibilities curve
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D
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Society can increase its output and income by increasing basically one or both of two factors:
A. Its spending and investment
B. Its private and public sectors of the economy
C. Its resources and the productivity of the resources
D. Its markets and prices
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C
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A nation’s real GDP will increase by increasing the following, except:
A. Number of workers
B. Labor productivity
C. Technological progress
D. Average price level
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D
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The size of the labor force depends on the size of the working-age population and the:
A. Participation rate
B. Employment rate
C. Unemployment rate
D. Inflation rate
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A
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In the U.S. in the past six decades or so, we saw the following trends, except:
A. The average length of the workweek remained relatively constant
B. The size of the labor force expanded
C. Rising birthrates kept the native-born population growing at a steady rate
D. Women’s labor-force participation rate surged
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A
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Which of the following factors is projected to be the dominant source of economic growth in the U.S. from now until 2020?
A. Increase in hours per worker
B. Increase in labor force
C. Increase in population
D. Increase in labor productivity
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D
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The factor accounting for the largest increase in the productivity of labor in the United States has been:
A. The education and training of workers
B. Improved resource allocation
C. The quantity of capital
D. Technological advance
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D
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Technological advances that contribute to economic growth include the following, except:
A. Innovative production techniques
B. New managerial methods
C. Innovative digital gadgets for consumers
D. New forms of business organization
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C
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Technological advance is very tightly intertwined with:
A. Capital formation
B. Household consumption
C. Government spending
D. Population growth
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A
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Labor productivity can only increase if:
A. Labor increases faster than capital
B. Capital increases faster than labor
C. Labor increases while capital decreases
D. Labor and capital increase at the same rate
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B
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Which of the following is the single most important source of U.S. economic growth?
A. Stability of the socio-cultural-political environment
B. Improvement in the legal and human environment
C. Increases in the quantity of labor
D. Increases in labor productivity
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…
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Historically, the total amount of real capital per worker in the United States has:
A. Provided financing for the industrial expansion of business
B. Increased significantly and made labor more productive
C. Been the single most important determinant of economic growth
D. Remained relatively constant, although the quality of capital has improved dramatically
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B
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Human capital refers to the:
A. Tools and equipment available to workers
B. Amount of financing available to start-up firms
C. Number of workers available in the economy
D. Education, training, and skills of workers
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D
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Trends in educational attainment in the U.S. since 1960 indicate that the percentage of adults:
A. Completing high school has been rising, and so has the percentage who do not go to high school nor complete elementary school
B. Completing college has been rising, and so has the percentage completing high school
C. Completing college has been constant, but the percentage completing high school has been rising
D. Who do not go to high school has been falling, but the percentage who do not complete elementary school has been rising
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B
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In 2011, what percent of adults in the U.S. were college graduates or higher?
A. 10%
B. 30%
C. 50%
D. 70%
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A
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One concern regarding educational attainment in the U.S. is that:
A. The percentage of adults finishing college is falling
B. There are fewer college graduates in science and engineering
C. Students are graduating later and later
D. Fewer high school graduates are going on to college
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B
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What economic concept would be most closely associated with a situation where an aluminum plant expands its operations and uses extensive computerization in the production line to reduce per-unit costs of production?
A. Infrastructure
B. Human capital
C. Network effects
D. Economies of scale
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D
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The movement of workers from lower productivity jobs to higher productivity jobs would be an example of a(n):
A. Technological advance
B. Network effects
C. Simultaneous consumption
D. Improved resource allocation
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D
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The shift of labor out of agriculture to industry in the United States has tended to:
A. Reduce the rate of productivity growth
B. Increase unemployment in the agriculture sector
C. Reduce unemployment in the industrial sector
D. Increase labor productivity
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D
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One major aspect of the socio-cultural-political environment of the United States which has generally been conducive to economic growth is the:
A. Enforcement of contracts by the market
B. Denial of the rights of property ownership
C. Favorable attitude toward work and risk-taking
D. Strict social regulation of production and progress
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C
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From 1960 to today, women’s labor-force participation rate in the U.S.:
A. Stayed relatively stable at 50%
B. Increased from about 40% to 60%
C. Fell from 50% to 40%
D. Increased slightly from 60% to 65%
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B
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Rising real wages for women in the U.S. workforce since the 1960s have:
A. Reduced access to job opportunities for women
B. Increased the opportunity cost of staying at home
C. Led to a rise in the number of lifetime births per woman
D. Reallocated labor resources from urban to rural areas of the nation
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B
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The entry of women into the workforce since the 1960s resulted in:
A. A shift outward in the production possibilities curve of the United States
B. A shift inward in the production possibilities curve in the United States
C. A movement along the existing production possibilities curve in the United States
D. A falling real wage for women workers of the United States
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A
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Factors that have contributed to the increase in women’s labor-force participation rate in the U.S. include the following, except:
A. Rising wage earnings brought about by rising productivity
B. Better education and more professional training
C. Access to a wider range of job opportunities
D. Increase in the number of children, requiring mothers to find work along with fathers
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D
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A major effect of the rise in the rate of productivity growth in the United States is a(n):
A. Rise in the rate of inflation
B. Rise in the growth of living standards
C. Increase in the relative prices of U.S. goods in foreign markets
D. Increase in the competitiveness of U.S. goods in foreign markets
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…
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Sources of increasing returns that help raise productivity growth include the following, except:
A. More specialized inputs
B. Spreading of development costs
C. Network effects
D. Low unemployment
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D
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Increases in the value of the product to each user, including existing users, as the total number of users rises is called:
A. Network effects
B. Simultaneous consumption
C. Learning by doing
D. The spreading of development costs
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A
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A piece of software that benefits many users at the same time would be an example of:
A. Network effects
B. Learning by doing
C. Multiple production
D. Simultaneous consumption
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D
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One major economic benefit of global competition is:
A. Lower unemployment
B. Increased protection of domestic firms
C. Pressure to innovate
D. More leisure opportunities
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C
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Critics of growth policies focus on the following arguments, except:
A. Growth has resulted in resource degradation and pollution
B. Sociological problems like poverty have not been solved by growth
C. Growth may have given us the good life, but we cannot better it anymore
D. Rapid growth is not sustainable in the long term due to resource limitations
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C
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One of the main arguments against further growth for industrialized nations focuses on the problem of:
A. Technological knowledge
B. Environmental quality
C. Feedback mechanisms
D. Infrastructure
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C
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An antigrowth view would be that there may be a significant tradeoff between productivity and:
A. Education
B. Employment
C. Economies of scale
D. The quality of life
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D
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One of the basic economic defenses of economic growth rests on the conclusion that:
A. Growth makes workers less obsolete and more secure in employment
B. Growth reduces the cost to society of "common property" resources
C. Growth makes the gap between unlimited wants and scarce resources less acute
D. A growth-oriented society confers a "work and look to the future" attitude on the
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D
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The "inverse dependency ratio" is defined as the ratio of:
A. The average number of dependents per head of household
B. The working-age population to the number of dependents
C. The number of dependents to the number of the total population
D. The number of parents and grandparents to the number of children
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C
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