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1. The best currently available single measure of the standard of living in a country isA. the nominal GDP per capita.B. the real GDP per capita.C. the unemployment rate.D. the growth rate of productivity.2.If a country has a population of 1,000, an area of 100 square miles and a GDP of $5,000,000, then its GDP per capita is:A. $500B. $5,000C. $50,000D. $5,000,0003.Productivity declines whenA. the number or hours worked exceeds the number of workers.B. population growth exceeds real GDP growth.C. the ratio of adult civilians employed outside the home rises.D. real GDP growth exceeds population growth4.Output per person in the U.S. in 2000 was about how many times greater than it had been in 1900?A. Twice as high.B. Three times as high.C. Seven times as high.D. Ten times as high.5.The rule of 70 states that:A. the average score on standardized tests is normally distributed with a mean of 70 and a standard deviation of 10.B. everyone should retire by the time they are 70 years old.C. the number of years for a variable to double equals 70 divided by its annual growth rate.D. Social Security benefits should increase when people reach 70.6.If real GDP per capita grows at a rate of 5 percent per year consistently over time, how many years would it take for it to double in size?A. 5B. 10C. 14D. 707.Assume two countries on a peninsula. The first has real GDP per capita growth rate of 2% and its neighbor to the south is growing at 5%. How much more quickly in years will the country in the south double its GDP per capita compared to its neighbor in the north?A. 5 yearsB. 10 yearsC. 15 yearsD. 21 years8.Long-run economic growth depends almost entirely onA. labor productivity growth.B. population growth.C. agricultural production growth.D. number of hours worked.9.The aggregate production function is expressed as Y/L = F(K/L, H/L, T). Which of the following is represented by K/L?A. Output per workerB. Physical Capital per workerC. TechnologyD. Real GDP per worker10.Physical capital would include:A. the education or knowledge a worker has in his physical beingB. the tools a worker has to work withC. the money available for the worker to useD. all of the above11.The improvement in labor created by education and knowledge that is embodied in the work force is known asA. physical capital.B. human capital.C. financial capital.D. real capital.12.An example of infrastructure is:A. the water supply systemB. government bondsC. corporate stockD. all of the above13.Diminishing returns to physical capital means that as more and more physical capital is combined with a fixed amount of human capital with a fixed technology eventually:A. aggregate output or real GDP declinesB. aggregate output or real GDP growsC. additions to aggregate output or real GDP declinesD. additions to aggregate output or real GDP increases14.If technology advances:A. GDP per capita declinesB. physical capital is less productiveC. workers can produce more even with fixed amounts of physical and human capitalD. human capital is less useful15.The most important source of economic growth appears to beA. more physical capital.B. more human capital.C. progress in technology.D. more natural resources.
1. The best currently available single measure of the standard of living in acountry isA. the nominal GDP per capita.B. the real GDP per capita.C. the unemployment rate.D. the growth rate of…
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