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Exam 7: Production and Growth

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Question 101

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

A) divide the number of hours worked by output
B) divide output by the number of hours worked
C) divide the number of workers by output
D) divide output by population

E) B) and D)
F) A) and B)

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Question 102

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According to the traditional view of the production process,how does output per worker change when capital per worker increases?

A) It increases. This increase is larger at larger values of capital per worker.
B) It increases. This increase is smaller at larger values of capital per worker.
C) It increases. This increase is the same at all values of capital per worker.
D) It decreases. This decrease is larger at larger values of capital per worker.

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

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Question 103

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The annual population growth rate in developed countries is about 1 percent,while the growth rate in developing countries is about 3 percent.

In 1870,what was the richest country in the world?

Suppose that over the past ten years productivity grew faster in Oceania than in Freedonia and the population of both countries was unchanged.Which of the following can we conclude?

Suppose an economy uses only two inputs in production: capital and labour.The following table describes a production function,where y stands for output per worker and k is capital per worker. a)Draw approximately this production function with y on the vertical axis. b)Show that this production function exhibits diminishing returns to scale. c)Suppose there are two countries,A and B.The economies of the two countries can be described by this production function.If Country A has initially a capital-labour ratio k = 0.167 and Country B has k = 0.412,show that an equal increase in capital produces more extra output in country A than in Country B. $\begin{array} { l l } y & \mathbf { x } \\0.000 & 0.000 \\0.173 & 0.030 \\0.302 & 0.091 \\0.408 & 0.167 \\00.480 & 0.231 \\0.535 & 0.286 \\0.577 & 0.333 \\0.612 & 0.375 \\0.642 & 0.412 \\0.667 & 0.444 \\0.688 & 0.474 \\0.707 & 0.500 \\0.724 & 0.524 \\0.739 & 0.545\end{array}$

Of the following countries,which grew the slowest between 1870 and 2008?

Suppose a country were to increase its saving rate.In the long run,which of the following would also increase?

Which of the following best defines proprietary technology?

Economist Robert Fogel focused on which of the following factors as one determinant of long-run economic growth?

Which of the following is an effect of inward-oriented policies?