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Other things the same,an economy's factors of production are likely to be used more effectively if there is an economywide respect for property rights.

A) True
B) False

Correct Answer

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If a country has a higher level of productivity than another,then it also has a higher level of real GDP.

A) True
B) False

Correct Answer

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Without controlling for differences in natural resources and technological knowledge,diminishing returns can explain the entire difference in economic growth rates for China and the United States.

A) True
B) False

Correct Answer

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If a production function has constant returns to scale,then if all inputs double so does production.

A) True
B) False

Correct Answer

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Over the period 1890-2014,Japan experienced a 2.59 percent average annual growth rate of real GDP per person.

A) True
B) False

Correct Answer

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As capital per worker rises,output per worker rises.However,this increase in output per worker is smaller at smaller levels of existing capital per worker.

A) True
B) False

Correct Answer

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Productivity can be computed as the number of hours worked divided by output.

A) True
B) False

Correct Answer

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The majority of economists believe that future innovations will not be transformational enough to sustain high economic growth rates in the U.S.and western Europe.

A) True
B) False

Correct Answer

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Countries with high population growth rates tend to have lower levels of educational attainment.

A) True
B) False

Correct Answer

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In 2014 income per person in the United States was about 10 times that in India.

A) True
B) False

Correct Answer

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If per capita real income grows by 2 percent per year,then it will double in approximately 20 years.

A) True
B) False

Correct Answer

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Economists generally believe that inward-oriented policies are more likely to foster growth than outward-oriented policies.

A) True
B) False

Correct Answer

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The same size decrease in the amount of capital stock per worker will cause output per worker to fall by more in a country with a relatively high level of capital per worker than in a country with a relatively low level of capital per worker.

A) True
B) False

Correct Answer

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Studies confirm that controlling for other variables such as the percentage of GDP devoted to investment,poor countries tend to grow at a faster rate than rich countries.

A) True
B) False

Correct Answer

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Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education,training,and experience.

A) True
B) False

Correct Answer

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An increase in a country's saving rate permanently raises its productivity.

A) True
B) False

Correct Answer

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According to some estimates,over the last two decades China has had an annual average growth rate of about 12 percent.

A) True
B) False

Correct Answer

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Although growth rates across countries vary some,rankings of countries by income remain pretty much the same over time.

A) True
B) False

Correct Answer

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Historical trends in the prices of most natural resources compared to prices of other goods indicate that most natural resources have become scarcer over time.

A) True
B) False

Correct Answer

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When Americans invest in Russia,the income of Russians (that is,Russian GNP)rises by more than production in Russia (that is,Russian GDP).

A) True
B) False

Correct Answer

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Showing 41 - 60 of 62

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