Which of the following is correct? An increase in the quantity of labor always l

Question

Which of the following is correct? An increase in the quantity of labor always leads to economic growth. A decrease in the productivity of labor leads to economic growth. Japan and Hong Kong are rich in natural resources. Increased education adds to the stock of human capital, not unlike building factories adds to the stock of physical capital. The slower the rate of capital formation: The greater the rate of economic growth. The greater the rate of population growth The slower the rate of growth of the money supply The slower the rate of economic growth. Which of the government policies below is not likely to encourage per capita economic growth? Promotion of education and training programs for unemployed workers Special subsidies for capital-intensive forms of production The use of tax revenues for investment and capital formation High taxes on companies that spend a lot on capital formation Which of the following explains the economic justification for a system of patents (i.e. a system that allows a company the right to be the only seller of its invention for several years after filing a patent for that invention)? By rewarding innovation and the sharing of knowledge, it increases a country's growth prospects It makes companies more profitable It's only fair, since they faced the cost of creating this new product The companies that benefit from patents are large and politically powerful If GDP is growing at 2% per year, approximately how long will it take for GDP to double? 42 years 50 years 20 years 35 years Which of the following scenarios is most likely to cause a supply side recession? Falling consumer confidence has led to a substantial fall in consumer spending Government military spending increases in response to the start of a war Petroleum engineers have perfected the method of "fracking" leading to a lower pric for natural gas Recent studies are revealing that the cost of exploiting existing oil reserves is three times as high as previously thought Which of the following policy responses is most likely to successfully ameliorate a reces caused by a fall in consumer spending A temporary reduction in taxes without an offsetting decrease in government spei Reduced government waste An increase in government spending paid for by an increase in taxes

Explanation / Answer

11. which of the following is correct?

D) Increased education adds to the stock of human capital, not unlike building factories adds to the stock of physical capital.

12. The slower the rate of capital formation:

D) The slower the rate of economic growth.

13. which of the government polices below is not likely to encourage per capita economic growth

D) High taxes on companies that spend a lot on capital formation

14. which of the following explains the economic justification for a system of patents (i.e a system that allows a company the right to be the only seller of its invention for several years after filing a patent for that invention)?

A) By rewarding innovation and the sharing of knowledge, it increases a country’s growth prospects

15. if GDP is growing at 2% per year, approximately how long will it take for GDP to double

D) 35 years

16. which of the following scenarios is most likely to cause a supply side recession?

A) falling consumer confidence has led to a substantial fall in consumer spending

17. which of the following policy responses is most likely to successfully ameliorate a recession caused by fall in consumer spending

A) a temporary reduction in taxes without an offsetting decrease in government spendings

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