1/The skills, training, and education possessed by workers contribute to economi

Question

1/The skills, training, and education possessed by workers contribute to economic growth
A/by increasing saving.
B/by increasing the quality of labor.
C/by increasing the quantity of labor.
D/by increasing real wages.

2/The aggregate production function shows the ________ for given levels of labor and other factors of production.
A/real GDP
B/possible combinations of two goods
C/marginal product of labor
D/potential output

3/Which of the following would shift the production function upward?
A/an increase in the price of oil
B/an increase in the availability of a natural resource
C/a decrease in the supply of labor
D/an increase in the nominal wage rate

4/Economic growth can be illustrated by an outward shift of the production possibilities curve.
A/True
B/False

5/Economic growth can generally be achieved through a(n)
A/decrease in economic freedom.
B/decline in the rate of growth in the working-age population.
C/increase in the proportion of GDP used for saving.
D/increase in the depreciation of capital goods.

Explanation / Answer

B A C A C

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