Chapter 12 Production and Growth 1. A nation\'s standard of living is best measu

Question

Chapter 12 Production and Growth

1. A nation's standard of living is best measured by its

a. real GDP.

b. real GDP per person.

c. nominal GDP.

d. nominal GDP per person.

2. Productivity is the

a. key determinant of living standards, and growth in productivity is the key determinant of growth in living standards.

b.key determinant of living standards, but growth in productivity is not the key determinant of growth in living standards.

c.not the key determinant of living standards, but growth in productivity is the key determinant of growth in living standards.

d. not the key determinant of living standards, and growth in productivity is not the key determinant of growth in living standards.

3. Which of the following is a correct way to measure productivity?

A.Divide the number of hours worked by the quantity of output.

B.Divide the quantity of output by the number of hours worked.

C.Determine how much output is produced in a given time.

D.Determine how much time it takes to produce a unit of output.

4. Human capital is the

A.knowledge and skills that workers acquire through education, training, and experience.

B.stock of equipment and structures that is used to produce goods and services.

C.total number of hours worked in an economy.

D.same thing as technological knowledge.

5.Which of the following is human capital?

A.a student loan

B.understanding how to use a company's accounting software

C.training videos for new corporate employees

D.All of the above are correct.

6.One of the Ten Principles of Economics in Chapter 1 is that people face tradeoffs. The growth that arises from capital accumulation is not a free lunch. It requires that society

A.conserve resources for future generations.

B.sacrifice consumption goods and services now in order to enjoy more consumption in the future.

C.recycle resources so that future generations can produce goods and services with the accumulated capital.

D.None of the above is correct.

7.Other things the same, a country that increases its savings rate will have

A.higher future capital and higher future real GDP per person.

B.higher future capital but not higher future real GDP per person.

C.higher future real GDP per person but not higher future capital.

D.neither higher future capital nor higher future real GDP per person.

Explanation / Answer

Ans 1)A nation's standard of living is best measured by its a Real GDP
Ans 2)Productivity is the a. key determinant of living standards, and growth in productivity is the key determinant of growth in living standards.
Ans 3) Which of the following is a correct way to measure productivity?
B.Divide the quantity of output by the number of hours worked.

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