Question 1

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

Accepted Answer

A)   Divide the number of hours worked by the quantity of output.
B)   Divide the quantity of output by the number of hours worked.
C)   Determine how much output is produced in a given time.
D)   Determine how much time it takes to produce a unit of output.E) A) and D)
F) None of the above

Question 2

In the U.S.,each additional year of schooling has historically raised a person's wage on average by about

Accepted Answer

A)   5 percent.In less developed countries the gap between the wages of educated and uneducated workers is smaller.
B)   10 percent.In less developed countries the gap between the wages of educated and uneducated workers is smaller.
C)   5 percent.In less developed countries the gap between the wages of educated and uneducated workers is larger.
D)   10 percent.In less developed countries the gap between the wages of educated and uneducated workers is larger.E) A) and B)
F) None of the above

Question 3

A barber shop produces 96 haircuts a day.Each barber in the shop works 8 hours per day and produces the same number of haircuts per hour.If the shop's productivity is 2 haircuts per hour of labor,then how many barbers does the shop employ?

Accepted Answer

A)   2
B)   3
C)   4
D)   6E) B) and C)
F) A) and C)

Question 4

Since 1870 Canadian and U.S real GDP per person grew from below to above that in the United Kingdom.The explanation for this is likely that productivity grew faster in Canada and the U.S.than in the United Kingdom.

Accepted Answer

A) True 
 B)False

Question 5

Adam and Doug both build birdhouses.Adam works 20 hours a week and produces 12 bird houses.Doug works 30 hours a week and produces 15 bird houses.Which of the following is correct?

Accepted Answer

A)   Adam's production and productivity are higher than Doug's.
B)   Adam's production is higher than Doug's,but Doug's productivity is higher than Adam's.
C)   Doug's production is higher than Adam's,but Adam's productivity is higher than Doug's.
D)   Doug's production and productivity are higher than Adam's.E) A) and B)
F) A) and C)

Question 6

The slope of the production function with capital per worker on the horizontal axis and output per worker on the vertical axis

Accepted Answer

A)   is positive and gets steeper as capital per worker rises.
B)   is positive and gets flatter as capital per worker rises.
C)   is negative and gets steeper as capital per worker rises.
D)   is negative and gets flatter as capital per worker rises.E) A) and B)
F) C) and D)

Question 7

Mary looks over reports on four of her workers.Jack made 25 baskets in 5 hours.Walter made 36 baskets in 6 hours.Rudy made 40 baskets in 10 hours.Sam made 22 baskets in four hours.Who has the greatest productivity?

Accepted Answer

A)   Jack
B)   Walter
C)   Rudy
D)   SamE) A) and D)
F) A) and C)

Question 8

Which of the following terms is used to refer to the ability of people to exercise authority over the resources they own?

Accepted Answer

A)   natural rights
B)   property rights
C)   input control
D)   collective controlE) A) and D)
F) A) and C)

Question 9

In one day Portal Computer Company made 400 laptops with 1200 hours of labor.What was its productivity?

Accepted Answer

A)   1/3 laptop per hour
B)   3 hours per laptop
C)   1200 laptops
D)   400 laptopsE) A) and B)
F) A) and C)

Question 10

Over the period 1900-2008,which of the following countries experienced the highest average annual growth rate of real GDP per person?

Accepted Answer

A)   Indonesia
B)   India
C)   Pakistan
D)   BrazilE) A) and B)
F) A) and C)

Question 11

In countries where women are discriminated against,policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.

Accepted Answer

A) True 
 B)False

Question 12

In one day Alpha Cabinet Company made 40 cabinets with 320 hours of labor.What was Alpha Cabinet Company's productivity?

Accepted Answer

A)   1/8 cabinet per hour
B)   8 hours per cabinet
C)   40 cabinets
D)   None of the above is correct.E) All of the above
F) B) and D)

Question 13

All else equal,if there are diminishing returns,then if a country raised its capital by 100 units last year and by 100 units this year,

Accepted Answer

A)   the increase in output was greater for this year than last year.
B)   the increase in output was greater last year than this year.
C)   the increase in output is the same in both years.
D)   None of the above is necessarily correct.E) B) and D)
F) A) and B)

Question 14

The traditional view of the production process is that capital is subject to

Accepted Answer

A)   diminishing returns,so that other things the same,real GDP in poor countries should grow at a faster rate than in rich countries.
B)   diminishing returns,so that other things the same,real GDP in poor countries should grow at a slower rate than in rich countries.
C)   increasing returns,so that other things the same,real GDP in poor countries should grow at a faster rate than in rich countries.
D)   increasing returns,so that other things the same,real GDP in poor countries should grow at a slower rate than in rich countries.E) B) and D)
F) A) and C)

Question 15

Strike Out Bowling Balls produces 800 bowling balls per day using 2 workers who each work 8 hours per day.What is Strike Out's productivity?

Accepted Answer

A)   800 bowling balls
B)   100 bowling balls per hour
C)   50 bowling balls per hour
D)   None of the above is correct.E) B) and D)
F) None of the above

Question 16

If your firm's production function has constant returns to scale,then if you double all your inputs,your firm's output will

Accepted Answer

A)   double and productivity will rise.
B)   double but productivity will not change.
C)   more than double and productivity will rise.
D)   more then double but productivity will not change.E) A) and C)
F) A) and D)

Question 17

Historically,the market prices of most natural resources (adjusted for inflation) have

Accepted Answer

A)   increased.
B)   remained stable.
C)   remained stable or decreased.
D)   decreased.E) B) and C)
F) None of the above

Question 18

Which of the following is physical capital?

Accepted Answer

A)   the strength of workers
B)   the knowledge of workers
C)   financial assets like cash and bonds
D)   the equipment in a factoryE) A) and B)
F) A) and C)

Question 19

Last year the imaginary country of Bahkan had a population of 10,000,6,000 people worked 8 hours a day and produced a real GDP of $30,000,000.The imaginary country of San Andreo had a population of 15,000,8,000 people worked 7 hours a day and produced a real GDP of $33,000,000.Which of the following is correct?

Accepted Answer

A)   Bahkan had the higher productivity and the higher real GDP per person.
B)   San Andreo had the higher productivity and the higher real GDP per person.
C)   Bahkan had the higher productivity while San Andreo had the higher real GDP per person.
D)   San Andreo had the higher productivity while Bahkan had the higher real GDP per person.E) A) and C)
F) B) and D)

Question 20

Over the period 1890-2008,Japan experienced a 2.71 percent average annual growth rate of real GDP per person.

Accepted Answer

A) True 
 B)False

Exam 17: Production and Growth

A barber shop produces 96 haircuts a day.Each barber in the shop works 8 hours per day and produces the same number of haircuts per hour.If the shop's productivity is 2 haircuts per hour of labor,then how many barbers does the shop employ?

Correct Answer
verified

If your firm's production function has constant returns to scale,then if you double all your inputs,your firm's output will

Correct Answer
verified

Over the period 1890-2008,Japan experienced a 2.71 percent average annual growth rate of real GDP per person.

Correct Answer
verified

The slope of the production function with capital per worker on the horizontal axis and output per worker on the vertical axis

Correct Answer
verified

Since 1870 Canadian and U.S real GDP per person grew from below to above that in the United Kingdom.The explanation for this is likely that productivity grew faster in Canada and the U.S.than in the United Kingdom.

Correct Answer
verified

In one day Alpha Cabinet Company made 40 cabinets with 320 hours of labor.What was Alpha Cabinet Company's productivity?

Correct Answer
verified

Correct Answer
verified

In countries where women are discriminated against,policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.

Correct Answer
verified

In the U.S.,each additional year of schooling has historically raised a person's wage on average by about

Correct Answer
verified

Over the period 1900-2008,which of the following countries experienced the highest average annual growth rate of real GDP per person?

Correct Answer
verified

Which of the following terms is used to refer to the ability of people to exercise authority over the resources they own?

Correct Answer
verified

Historically,the market prices of most natural resources (adjusted for inflation) have

Correct Answer
verified

Adam and Doug both build birdhouses.Adam works 20 hours a week and produces 12 bird houses.Doug works 30 hours a week and produces 15 bird houses.Which of the following is correct?

Correct Answer
verified

In one day Portal Computer Company made 400 laptops with 1200 hours of labor.What was its productivity?

Correct Answer
verified

Mary looks over reports on four of her workers.Jack made 25 baskets in 5 hours.Walter made 36 baskets in 6 hours.Rudy made 40 baskets in 10 hours.Sam made 22 baskets in four hours.Who has the greatest productivity?

Correct Answer
verified

Strike Out Bowling Balls produces 800 bowling balls per day using 2 workers who each work 8 hours per day.What is Strike Out's productivity?

Correct Answer
verified

Which of the following is physical capital?

Correct Answer
verified

The traditional view of the production process is that capital is subject to

Correct Answer
verified

All else equal,if there are diminishing returns,then if a country raised its capital by 100 units last year and by 100 units this year,

Correct Answer
verified

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

Correct Answer
verified

Exam 17: Production and Growth

A barber shop produces 96 haircuts a day.Each barber in the shop works 8 hours per day and produces the same number of haircuts per hour.If the shop's productivity is 2 haircuts per hour of labor,then how many barbers does the shop employ?

Correct AnswerverifiedShow Answer

If your firm's production function has constant returns to scale,then if you double all your inputs,your firm's output will

Correct AnswerverifiedShow Answer

Over the period 1890-2008,Japan experienced a 2.71 percent average annual growth rate of real GDP per person.

Correct AnswerverifiedShow Answer

The slope of the production function with capital per worker on the horizontal axis and output per worker on the vertical axis

Correct AnswerverifiedShow Answer

Since 1870 Canadian and U.S real GDP per person grew from below to above that in the United Kingdom.The explanation for this is likely that productivity grew faster in Canada and the U.S.than in the United Kingdom.

Correct AnswerverifiedShow Answer

In one day Alpha Cabinet Company made 40 cabinets with 320 hours of labor.What was Alpha Cabinet Company's productivity?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

In countries where women are discriminated against,policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.

Correct AnswerverifiedShow Answer

In the U.S.,each additional year of schooling has historically raised a person's wage on average by about

Correct AnswerverifiedShow Answer

Over the period 1900-2008,which of the following countries experienced the highest average annual growth rate of real GDP per person?

Correct AnswerverifiedShow Answer

Which of the following terms is used to refer to the ability of people to exercise authority over the resources they own?

Correct AnswerverifiedShow Answer

Historically,the market prices of most natural resources (adjusted for inflation) have

Correct AnswerverifiedShow Answer

Adam and Doug both build birdhouses.Adam works 20 hours a week and produces 12 bird houses.Doug works 30 hours a week and produces 15 bird houses.Which of the following is correct?

Correct AnswerverifiedShow Answer

In one day Portal Computer Company made 400 laptops with 1200 hours of labor.What was its productivity?

Correct AnswerverifiedShow Answer

Mary looks over reports on four of her workers.Jack made 25 baskets in 5 hours.Walter made 36 baskets in 6 hours.Rudy made 40 baskets in 10 hours.Sam made 22 baskets in four hours.Who has the greatest productivity?

Correct AnswerverifiedShow Answer

Strike Out Bowling Balls produces 800 bowling balls per day using 2 workers who each work 8 hours per day.What is Strike Out's productivity?

Correct AnswerverifiedShow Answer

Which of the following is physical capital?

Correct AnswerverifiedShow Answer

The traditional view of the production process is that capital is subject to

Correct AnswerverifiedShow Answer

All else equal,if there are diminishing returns,then if a country raised its capital by 100 units last year and by 100 units this year,

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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