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Name: Class: Date:
2. Which statement best explains the importance of real GDP per person?
a. It is a useful measure of economic growth.
b. It is a useful measure of the health of citizens.
c. It is a useful measure of the cost of living.
d. It is a useful measure of well-being.
ANSWER: d
3. Which of the following best describes changes in the average well-being in a country?
a. the growth rate of the unemployed
b. the growth rate of nominal GDP
c. the growth rate of real GDP
d. the growth rate of real GDP per person
ANSWER: d
4. How does income in developing countries like Pakistan and Bangladesh compare with that in Japan and Canada?
a. It’s about 1/10 or less of that in developed countries like Japan and Canada.
b. It’s about 1/8 of that in developed countries like Japan and Canada.
c. It’s about 1/4 of that in developed countries like Japan and Canada.
d. It’s about 1/3 to 1/2 of that in developed countries like Japan and Canada.
ANSWER: a
5. Over the past century in Canada, by how much has real GDP per person grown?
a. by about 1 percent per year
b. by about 2 percent per year
c. by about 4 percent per year
d. by about 8 percent per year
ANSWER: b
6. In approximately how many years will real GDP per person in Canada double, given its average growth rate during the
past century?
a. 25 years
b. 35 years
c. 50 years
d. 80 years
ANSWER: b
7. Over the past 100 years, Canadian real GDP per person has doubled about every 35 years. If in the next 100 years it
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Name: Class: Date:
8. Which statement best characterizes the variations in real GDP per person and its rate of growth across countries?
a. Real GDP per person differs widely across countries, but the growth rate of real GDP per person is similar
across countries.
b. Real GDP per person is very similar across countries, but the growth rate of real GDP per person differs
widely across countries.
c. Real GDP per person and the growth rate of real GDP per person are similar across countries.
d. Real GDP per person and the growth rate of real GDP per person vary widely across countries.
ANSWER: d
9. Over the past century in Canada, by how much has average income grown as measured by real GDP per person?
a. about 1 percent per year, which implies a doubling about every 70 years
b. about 2 percent per year, which implies a doubling about every 35 years
c. about 3.5 percent per year, which implies a doubling about every 20 years
d. about 4 percent per year, which implies a doubling about every 17.5 years
ANSWER: b
10. As measured by real GDP per person, approximately how much higher is average income in Canada today than it was
a century ago?
a. 8 times higher
b. 10 times higher
c. 12 times higher
d. 14 times higher
ANSWER: a
11. How does income per person in Canada compare with income per person in China and Pakistan?
a. It is about 4 times that in China and 8 times that in Pakistan.
b. It is about 12 times that in China and 10 times that in Pakistan.
c. It is about 10 times that in China and 13 times that in Pakistan.
d. It is about 18 times that in China and 16 times that in Pakistan.
ANSWER: b
12. Which country had the slowest growth between 1870 and 2010?
a. Germany
b. the United Kingdom
c. Canada
d. the United States
ANSWER: b
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Name: Class: Date:
13. Compared to the income of the typical Canadian 138 years previously, how much was the income of the typical
Pakistani in 2010?
a. about 1/2 as much
b. about 2/3 as much
c. about the same
d. about 2 times as much
ANSWER: c
14. Which country had the lowest growth rate over the period 1870 and 2010?
a. United Kingdom
b. Germany
c. Canada
d. United States
ANSWER: a
15. How large was the growth rate of Japan over the period 1890–2010?
a. 1.5 percent
b. 1.75 percent
c. 2.40 percent
d. 2.65 percent
ANSWER: d
16. Which nation experienced average rates of economic growth of more than 2.0 percent between 1900 and 2010?
a. Brazil
b. India
c. Pakistan
d. Argentina
ANSWER: a
18. In Canada, approximately how much higher is GDP per person today than it was a century ago?
a. 4 times higher
b. 6 times higher
c. 8 times higher
d. 12 times higher
ANSWER: c
21. What is the average amount of goods and services produced from each hour of a worker’s time called?
a. per capita GDP
b. per capita national income
c. productivity
d. human capital
ANSWER: c
23. Last year, real GDP per person in Olympus was $6500. The year before, it was $5500. What was the growth rate of
real GDP per person?
a. 10 percent
b. 12.2 percent
c. 15.38 percent
d. 18.18 percent
ANSWER: d
24. Last year, real GDP in Oceania was $620 billion and the population was 2.3 million. The year before, real GDP was
$502 billion and the population was 2.0 million. What was the approximate growth rate of real GDP per person?
a. 3 percent
b. 7 percent
c. 10 percent
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Name: Class: Date:
25. In 2014, real GDP in Latania was $750 billion and the population was 3 million. In 2015, real GDP was $990 billion
and the population was 3.3 million. What was the approximate growth rate of real GDP per person?
a. 11 percent
b. 14 percent
c. 17 percent
d. 20 percent
ANSWER: d
26. In 2014, Freedonia had a population of 2700 and real GDP of about $1,080,000. In 2013, it had a population of 2500
and real GDP of about $1,000,000. What was the approximate growth rate of real GDP per person in Freedonia between
2013 and 2014?
a. 0 percent
b. 2.5 percent
c. 5 percent
d. 7.5 percent
ANSWER: a
27. How does productivity explain the differences in standard of living across countries?
a. Productivity tends to be lower in countries with high population, and therefore in those countries standards of
living are lower.
b. Productivity explains very little of the differences across countries in the standard of living.
c. Productivity explains some, but not most, of the differences across countries in the standard of living.
d. Productivity explains most of the differences across countries in the standard of living.
ANSWER: d
29. Cedar Valley Furniture uses 10 workers working 8 hours to produce 160 rocking chairs. What is the productivity of
these workers?
a. 1 chair per hour
b. 2 chairs per hour
c. 10 chairs per day
d. 80 chairs per day
ANSWER: b
30. Why are Canadian workers more productive than the Chinese?
a. because Canada is a federal state
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31. Which statement best describe the relationship between productivity and standard of living?
a. International trade makes a country’s productivity irrelevant.
b. A country’s standard of living and its productivity are closely related.
c. Productivity only increases revenue to investors, while general well-being is not affected.
d. A rich country can enjoy a high standard of living without the need for high productivity.
ANSWER: b
32. Tom works 6 hours a day and Jerry works 8 hours. Tom can produce 6 baskets of goods while Jerry can produce 7
baskets. What can we conclude?
a. Tom’s productivity is greater than Jerry’s.
b. Tom’s and Jerry’s productivities are equal because they both work one day.
c. Tom’s and Jerry’s productivities cannot be compared.
d. Tom’s productivity is lower than Jerry’s.
ANSWER: a
33. Laurie works 8 hours and produces 7 units of goods per hour. Iris works 6 hours and produces 10 units of goods per
hour. What can we conclude?
a. Laurie’s productivity and output are greater that Iris’s.
b. Laurie’s productivity is greater than Iris’s, but Laurie’s output is less.
c. Iris’s productivity and output are greater than Laurie’s.
d. Iris’s productivity is greater that Laurie’s, but Iris’s output is less.
ANSWER: c
34. Dawn looks over reports on five of her workers. Carol made 25 baskets in 5 hours. Peter made 30 baskets in 6 hours.
Rob made 40 baskets in 10 hours. Jack made 55 baskets in 10 hours. Jacqueline made 21 baskets in 3 hours. Who has the
greatest productivity?
a. Jacqueline
b. Peter
c. Rob
d. Jack
ANSWER: a
37. What do economists call the equipment and structures available to produce goods and services?
a. physical capital
b. human capital
c. production inputs
d. technology
ANSWER: a
38. What would an economist call the saws, lathes, and drill presses that woodworkers at Cedar Valley Furniture use to
produce chests and cabinets?
a. human capital
b. physical capital
c. production resources
d. technological knowledge
ANSWER: b
47. Which list contains, in this order, natural resources, human capital, and physical capital?
a. for a restaurant: the land where it stands; the things the kitchen; the freezers where the steaks are kept
b. for a furniture company: wood; the company cafeteria; saws
c. for a railroad: fuel; railroad engineers; railroad tracks
d. for an oil company: the oil it brings to surface; the rigs; the refineries using its oil
ANSWER: c
49. In a market economy, what is scarcity of resources most clearly reflected in?
a. supply
b. demand
c. market prices
d. the stock of the resource
ANSWER: c
50. In a market economy, when do we know that a resource has become scarcer?
a. when its price rises relative to other prices
b. when it is nonrenewable and some of it is used
c. when substitutes exist
d. when there are no substitutes
ANSWER: a
51. In a market economy, what does the real, or inflation-adjusted, price of a resource measure?
a. contribution to revenue
b. relative scarcity
c. relative importance
d. contribution to efficiency
ANSWER: b
53. Which has been happening to the market prices of most natural resources (adjusted for inflation)?
a. They have been rising.
b. They have been stable or rising.
c. They have been stable or falling.
d. They have been falling.
ANSWER: c
54. Based on historical data on the prices of natural resources, which statement best describes how natural resources limit
economic growth?
a. Prices have been increasing, which shows that natural resources become scarcer and this impedes growth.
b. Prices of natural resources have been fluctuating, which shows that there is no correlation between growth and
natural resources.
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55. Which statement best explains the falling inflation-adjusted prices of most of the natural resources?
a. Most are renewable; therefore, the supply of natural resources is increasing.
b. Our ability to conserve natural resources is increasing faster than their depletion.
c. The demand for natural resources is diminishing due to the discovery of new substitutes.
d. New deposits of natural resources have been discovered in emerging markets.
ANSWER: b
56. What would we expect to happen with prices or quantities of natural resources if they were becoming scarcer?
a. We would expect prices to be rising relative to other prices, as they have been.
b. We would expect prices to be rising relative to other prices, but this has not occurred.
c. We would expect known quantities to be increasing, as they have been.
d. We would expect known quantities to be falling, but this has not occurred.
ANSWER: b
57. A leading environmental group recently published a report contending that humans are running a “resource deficit”
because we are using natural resources faster than they can be regenerated. The group claims that this means that
economic growth will eventually stop, and will even be reversed. How would an economist respond to this report?
a. An economist would agree with the report, and would point to rising natural resource prices as evidence.
b. An economist would agree with the report, but wouldn’t think it was important because emerging markets are
likely to discover additional natural resources.
c. An economist would disagree with the report, in part because it ignores the mitigating effects of technological
change.
d. An economist would disagree with the report because labour and capital are the primary determinants of
growth, and since they are plentiful, growth will not slow down.
ANSWER: c
58. Which statement best explains economists’ understanding of the facts concerning the relationship between natural
resources and economic growth?
a. A country with few or no domestic natural resources is destined to remain undeveloped.
b. Differences in natural resources have virtually no role in explaining differences in standards of living.
c. Some countries can be rich mostly because of their natural resources, and countries without natural resources
need not be poor, but can never have very high standards of living.
d. Abundant domestic natural resources may help make a country rich, but even countries with few natural
resources can have high standards of living.
ANSWER: d
59. In the country of Krypton, the price of lead increased from $20 per kilogram to $22 per kilogram during a time when
the overall price level increased by 6 percent. During this period, what happened to the real price of lead?
a. It has increased by about 2 percent.
61. A management professor discovers a way for corporate management to operate more efficiently. He publishes his
findings in a journal. How are his findings best defined?
a. proprietary knowledge, because only who the person pays for the journal has access to the findings
b. common knowledge, because scientific publications are not subject to copyright
c. proprietary knowledge, because the discoverer has intellectual property rights over the findings
d. common knowledge, because all are free to use the findings
ANSWER: d
62. Your company discovers a better way to produce vacuum cleaners, but your better methods are not apparent from the
vacuums themselves. What kind of knowledge is this?
a. common technological knowledge
b. common, but not technological, knowledge
c. proprietary technological knowledge
d. proprietary, but not technological, knowledge
ANSWER: c
64. Which terms refers to the relationship between the quantity of output created and the quantity of inputs needed to
create it?
a. the capital accumulation function
b. technological knowledge
c. the production function
d. human capital
ANSWER: c
65. If your firm has constant returns to scale, what would happen to your firm’s output if you doubled all your inputs?
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66. Suppose you bake cupcakes. One day, you double the time you spend baking and double the sugar, flour, eggs, and all
the other inputs in order to bake twice as many cupcakes. What kind of production function is this?
a. decreasing returns to scale
b. zero returns to scale
c. constant returns to scale
d. increasing returns to scale
ANSWER: c
67. If there are constant returns to scale, how is the production function written?
a. xY = 2 x A F(L, K, H, N)
b. Y/L = A F(xL, xK, xH, xN)
c. Y/L = A F( 1, K/L, H/L, N/L)
d. xL = A F(1,Y, K, H, N)
ANSWER: c
68. If a production function has constant returns to scale, how can output be doubled?
a. by doubling labour
b. by doubling any one of the inputs
c. by doubling all of the inputs
d. by increasing all inputs by more than double
ANSWER: c
69. If the production function for an economy had constant returns to scale, the labour force doubled, and all other inputs
stayed the same, what would happen to real GDP?
a. It would stay the same.
b. It would increase by 50 percent.
c. It would increase, but by something less than double.
d. It would double.
ANSWER: c
70. If the number of workers in an economy doubled, all other inputs stayed the same, and there were constant returns to
scale, what would happen to productivity?
a. It would fall to half its former value.
b. It would fall, but by less than half.
c. It would stay the same.
d. It would rise, but by less than double.
ANSWER: b
72. Using the production function and notation in the text, what does K/L measure?
a. average wages per worker
b. human capital per worker
c. output per worker
d. physical capital per worker
ANSWER: d
74. Suppose that over the past ten years productivity grew faster in Oceania than in Landia and the population of both
countries was unchanged. What can we conclude?
a. Real GDP per person must be higher in Oceania than in Landia.
b. Real GDP per person grew faster in Oceania than in Landia.
c. The standard of living must be higher in Oceania than in Landia.
d. Oceania must have had a greater capital stock than Landia.
ANSWER: b
75. Suppose that real GDP grew more in Country A than in Country B last year. What does this imply concerning
productivity or standard of living?
a. Country A must have a higher standard of living than country B.
b. Country A’s productivity must have grown faster than country B’s.
c. Country A must have a higher real GDP than Country B.
d. Country A’s productivity must have been higher only if the population in the two countries grew at the same
rate.
ANSWER: d
76. What would increase productivity, everything else being the same?
a. an increase in immigration
b. an increase in the number of hours of work per week
c. an increase in prices
77. One of the ten principles of economics is that people face tradeoffs. The growth that arises from capital accumulation
is not a free lunch. What is the opportunity cost of that capital accumulation?
a. People need to work longer hours, thus having less time for leisure.
b. People need to consume less goods and services now in order to enjoy more consumption in the future.
c. People need to recycle resources so that future generations can produce goods and services with the
accumulated capital.
d. People need to devote less time in school and more at work.
ANSWER: b
79. How can a government encourage growth and, in the long run, raise the country’s economic standard of living?
a. by encouraging population growth
b. by encouraging consumption
c. by encouraging saving and investment
d. by increasing government spending
ANSWER: c
80. Which statement best explains how investment and growth rates relate across countries?
a. They are negatively related.
b. They are positively related.
c. They are negatively related for rich countries, but positively related for poor countries.
d. They are positively related for rich countries, but negatively related for poor countries.
ANSWER: b
81. In the traditional view, which production process is considered when studying economic growth?
a. constant returns
b. increasing returns
c. diminishing returns
d. diminishing returns for low levels of capital, and increasing returns for high levels of capital
ANSWER: c
83. What is the effect of a higher saving rate in the long run?
a. It decreases the capital stock.
b. People must consume less in the future.
c. It increases productivity.
d. It leads to higher growth in real GDP.
ANSWER: c
84. Suppose a country were to increase its saving rate. In the long run, what would also increase?
a. its income and productivity levels
b. its income growth rate and productivity level
c. its income level and productivity growth rate
d. its income and productivity growth rates
ANSWER: a
85. If a country’s saving rate increases, what happens in the long run?
a. Income decreases faster.
b. Productivity increases faster.
c. Productivity decreases.
d. Income increases.
ANSWER: d
86. If a country’s saving rate increases, what happens in the long run?
a. Productivity does not change.
b. Real GDP per person decreases.
c. Real GDP per person does not change.
d. Productivity increases.
ANSWER: d
87. Suppose Mexico increases its saving rate. What will happen in the long run?
a. The growth rates of productivity and real GDP per person will increase.
b. Productivity and real GDP per person will increase.
c. The growth rate of productivity will increase, and real GDP per person will increase.
d. Productivity will increase, and the growth rate of real GDP per person will increase.
ANSWER: b
88. Suppose that Poland undertakes policy to increase its saving rate. What will this policy most likely do?
a. It will have no impact on GDP growth.
b. It will lead to somewhat higher GDP growth for a few years.
c. It will lead to substantially higher GDP growth for a period of several decades.
d. It will lead to a permanently higher growth rate.
ANSWER: c
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