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Exam 6: Economic Growth, Productivity, and Living Standards

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Question 1

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Suppose that average labor productivity in Country C is $6,000, and that Countries C and A have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country A?

A) $1,800
B) $2,400
C) $5,000
D) $7,200

E) None of the above
F) B) and C)

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Question 2

Multiple Choice

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More economic growth is not necessarily better unless the benefits of growth:

A) exceed the costs of growth.
B) increase average labor productivity.
C) increase real GDP per capita.
D) increase human capital.

E) A) and C)
F) A) and B)

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A

Question 3

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If two countries are economically identical except that there is significant air and water pollution in one, then the level of GDP:

Long-lived goods used to produce other goods and services are called:

Using real GDP to compare the level of economic well-being in two countries may be misleading because the value of ______ contributes to economic well-being, but is excluded from real GDP.

Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the highest real GDP per capita?

The discovery and utilization of vast, previously unknown oil and mineral deposits in a country will increase:

Based on the table below and the principle of diminishing returns to capital, then total packages wrapped when a fourth machine is installed must be less than ______ packages.

Empirical studies indicate that the maximum amount of air pollution occurs ______ levels of real GDP per person.

One factor that contributed to the growth in the share of population employed in the United States between 1960 and 2010 was increased:

Real GDP per person in Richland is $20,000, while real GDP per person in Poorland is $10,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's real GDP per person is growing at 3 percent per year. After 50 years, real GDP per person in Richland minus real GDP in Poorland is:

The application of new technologies to the production process will increase:

Entrepreneurs contribute to increased average labor productivity in each of the following ways except by:

Economists refer to the talents, training, and education of workers as:

Advances in information and communication technology are the principal factors cited for the:

Growth in real GDP per capita has:

Each of the following statements describes how the political and legal environment encourages productivity except:

Real GDP per person equals average labor productivity:

Betty and Wilma are the only two cashiers employed at a retail store. Each of them works the same 40 hours per week. By manually entering the price of each product purchased into the cash register, Betty can check out 20 customers and Wilma can check out 30 customers per hour. The store owner replaces the old cash registers with new ones that automatically scan product prices into the register. With the new cash registers, Betty and Wilma can each check out 60 customers per hour. Their average labor productivity as a team before the new cash registers were introduced was ______ customers per hour and ______ customers per hour after the new machines were installed.

Fred and Barney fill egg cartons with eggs. Fred just started the job and can fill only 25 cartons an hour. Barney has significant on-the-job experience and can fill 50 cartons an hour. Both Fred and Barney work 50 hours a week. Fred's average weekly productivity is ______ cartons; Barney's average weekly productivity is ______ cartons; and as a team their average weekly productivity is ______ cartons.