Question 6 : For a developed country, the most important driver of productivity

Question

Question 6 : For a developed country, the most important driver of productivity growth is:

Question 6 options:

a. Technology.

b. Labor unions.

c. Government programs for the quality of work.

d. The presence of natural resources.

Question 7 (3 points) An increase in capital per worker will:

Question 7 options:

a. Move the economy along the production function.

b. Makes the production function steeper.

c. Makes the production function flatter.

d. Shift up the production function.

Question 8 (3 points) Technological progress will:

a. Move the economy along the production function.

b. Makes the production function flatter.

c. Shift up the production function.

d. Makes the production function steeper.

Question 9 : If technology advances, then:

a. Less output can be obtained from the same inputs.

b. Less output can be obtained with even more inputs.

c. More output can be obtained from the same inputs.

d. More inputs are needed to produce the same output.

Question 10 : An example of human capital would be:

a. The money a person has.

b. The job skills that a person has.

c.The capital goods or machines a person owns.

d. The number of children in a family.

Question 11 : Due to the presence of dimishing returns to capital, doubling the amount of physical capital available for one worker to use will:

a. Increase output by less than a factor of two. Increase output by exactly a factor of two.

b. Decrease output by less than a factor of two.

c. Increase output by more than a factor of two.

Question 12 : Sources of funds for investment spending are:

a. Directed to their best use by the government.

b. Always equal to spending on imports.

c. Taxes and transfer payments. Savings by households, government and foreigners Save Question 13 (3 points) Question 13 Unsaved A relatively low savings rate affects productivity growth by: Question 13 options: Limiting investment of the funds needed to increase the physical capital. Reducing the tax base that limits the ability of the government to provide public goods. Promoting consumption. Increasing imports and the trade deficit. Save

Question 14 : The convergence hypothesis says that international differences in GDP per capita tend to:

a. Narrow over time.

b.Increase over time.

c. Remain constant over time.

Question 15: The convergence hypothesis helps explain why:

a. Worker productivty rates tend to converge in different counties.

b. Wealthy developed countries grow at a faster rate than developing countries.

c.Highly educated people tend to immigrate to high-income countries.

d.Many low-income developing countries grow at a faster rate than Wealthy developed countries.

Explanation / Answer

6 a. Technology.

7 b. Makes the production function steeper.

8 c. Shift up the production function.

9 c. More output can be obtained from the same inputs.

10 b. The job skills that a person has.

11 a. Increase output by less than a factor of two.

12 Savings by households, government and foreigners Save

13 Limiting investment of the funds needed to increase the physical capital

14 a. Narrow over time.

15 d.Many low-income developing countries grow at a faster rate than Wealthy developed countries.

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