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MacroeconomicsylOe(Parkin)
Chapter6EconomicGrowth
1TheBasicsofEconomicGrowth
1)Thebestdefinitionforeconomicgrowthis
A)asustainedexpansionofproductionpossibilitiesmeasuredastheincreaseinrealGDPovera
givenperiod.
B)asustainedexpansionofproductionpossibilitiesmeasuredastheincreaseinnominalGDP
overagivenperiod.
C)asustainedexpansionofconsumptiongoodsoveragivenperiod.
D)asustainedexpansionofproductiongoodsoveragivenperiod.
Answer:A
Topic:Long-TermGrowthTrends
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
2)Economicgrowthismeasuredby
A)changesinrealGDP.
B)changesinnominalGDP.
C)changesintheemploymentrate.
D)Alloftheaboveareusedtomeasureeconomicgrowth.
Answer:A
Topic:Long-TermGrowthTrends
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
3)Weareinterestedinlong-termgrowthprimarilybecauseitbrings
A)higherpricelevels.
B)lowerpricelevels.
C)higherstandardsofliving.
D)tradewarswithourtradingpartners.
Answer:C
Topic:Long-TermGrowthTrends
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
4)Ifanation'spopulationgrows,then,
A)growthinrealGDPperpersonwillbelessthanthegrowthofrealGDP.
B)therecanbenoeconomicgrowth.
C)growthinrealGDPperpersonwillbegreaterthanthegrowthofrealGDP.
D)theremustbeanincreaseinrealGDPperperson.
Answer:A
Topic:Long-TermGrowthTrends
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
5)In2008,ArmeniahadarealGDPof$4.21billionandapopulationof2.98million.In2009,
realGDPwas$4.59billionandpopulationwas2.97million.WhatwasArmenia'seconomic
growthratefrom2008to2009?
A)0.38percent
B)9.0percent
C)3.8percent
D)8.3percent
Answer:B
Topic:EconomicGrowthRate
Skill:Analytical
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
6)In2008,ArmeniahadarealGDPofapproximately$4.21billionandapopulationof2.98
inillion.In2009,realGDPwas$4.59billionandpopulationwas2.97million.From2008to
2009,Armenia'sstandardofliving.
A)increased
B)decreased
C)didnotchange
D)mighthaveincreased,decreased,orremainedunchangedbutmoreinformationisneededto
determinewhich.
Answer:A
Topic:EconomicGrowthRate
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
7)In2008,ArmeniahadarealGDPofapproximately$4.21billionandapopulationof2.98
million.In2009,realGDPwas$4.59billionandpopulationwas2.97million.Armenia'sreal
GDPperpersonin2009was
A)$1,545
B)$38()
C)$1,413
D)$132
Answer:A
Topic:EconomicGrowthRate
Skill:Analytical
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
8)During2011,thecountryofEconomiahadarealGDPof$115billionandthepopulationwas
0.9billion.In2010,realGDPwas105billionandthepopulationwas().85billion.In2011,
realGDPperpersonwas
A)$128
B)$124
C)$135
D)$117
Answer:A
Topic:EconomicGrowthRate
Skill:Analytical
Questionhistory:Modified10thedition
AACSB:AnalyticalSkills
9)During2011,thecountryofEconomiahadarealGDPof$115billionandthepopulationwas
0.9billion.In2010,realGDPwas105billionandthepopulationwas0.85billion.In2010,
realGDPperpersonwas
A)$128
B)$124
C)$135
D)$117
Answer:B
Topic:EconomicGrowthRate
Skill:Analytical
Questionhistory:Modified10thedition
AACSB:AnalyticalSkills
10)SupposerealGDPforacountryis$13trillionin2007,$14trillionin2008,$15trillionin
2009,and$16trillionin2010.Overthistimeperiod,therealGDPgrowthrateis
A)increasing.
B)decreasing.
C)constant.
D)negative.
Answer:B
Topic:EconomicGrowthRate
Skill:Analytical
Questionhistory:New10thedition
AACSB:AnalyticalSkills
11)Supposethatin2009acountryhasapopulationof1millionandrealGDPof$1billion.In
2010,thepopulationis1.1millionandtherealGDPis$1.1billion.TherealGDPperperson
growthrateis
A)$10(X).
B)positive.
C)negative.
D)zero.
Answer:D
Topic:EconomicGrowthRate
Skill:Analytical
Questionhistory:New10thedition
AACSB:AnalyticalSkills
12)During2009,thecountryofEconomiahadarealGDPof$115billionandthepopulation
was0.9billion.In2008,realGDPwas105billionandthepopulationwas0.85billion.
Economia'sgrowthrateofrealGDPperpersonis
A)3.23percent
B)5percent
C)5.88percent
D)9.52percent
Answer:A
Topic:EconomicGrowthRate
Skill:Analytical
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
13)Supposeanation'spopulationgrowsby2percentand,atthesametime,itsGDPgrowsby5
percent.ApproximatelyhowfastwillrealGDPperpersonincrease?
A)3percentperyear
B)2percentperyear
C)5
D)1()percentperyear
Answer:A
Topic:EconomicGrowthRate
Skill:Analytical
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
14)Whichofthefollowingisusedtocalculatethestandardofliving?
A)realGDP/population
B)((realGDPinthecurrentyear-realGDPinpreviousyear)/realGDPinpreviousyear)x
100
C)theone-thirdrule
D)realGDP/aggregatehours
Answer:A
Topic:EconomicGrowthRate
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
15)TheRuleof70isusedto
A)estimatehowmuchofaneconomy'sgrowthrateisduetoincreasesincapitalperhourof
labor
B)calculatethestandardofliving
C)calculatetheeconomy'sgrowthrate
D)estimatehowlongitwilltakethelevelofanyvariabletodouble
Answer:D
Topic:Ruleof7()
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
16)UsingtheRuleof70,ifthecountryofFlowerdom^currentgrowthrateofrealGDPper
personwas7percentayear,howlongwouldittakethecountry'srealGDPperpersonto
double?
A)1year
B)2years
C)1()years
D)49years
Answer:C
Topic:Ruleof70
Skill:Analytical
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
17)UsingtheRuleof70,ifthecountryofFlowerdom'scurrentgrowthrateofrealGDPper
personwas10percentayear,howlongwouldittakethecountry'srealGDPperpersonto
double?
A)0.7years
B)1year
C)7years
D)1()years
Answer:C
Topic:Ruleof70
Skill:Analytical
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
18)Slowdonia'scurrentgrowthrateofrealGDPperpersonis2percentayear.Howlongwill
ittaketodoublerealGDPperperson?
A)halfayear
B)approximately10years
C)28.6years
D)35years
Answer:D
Topic:Ruleof70
Skill:Analytical
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
19)Slowdonia'scurrentgrowthrateofrealGDPperpersonis1percentayear.Approximately
howlongwillittaketodoublerealGDPperperson?
A)10year2
B)35years
C)70years
D)100years
Answer:C
Topic:Ruleof70
Skill:Analytical
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
20)IfrealGDPperpersonisgrowingat4percentperyear,approximatelyhowmanyyearswill
ittaketodouble?
A)17.5
B)25
C)4
D)8
Answer:A
Topic:Ruleof70
Skill:Analytical
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
21)Supposeacountryisproducing$20millionofrealGDP.Iftheeconomygrowsat10
percentperyear,approximatelyhowmanyyearswilltotakeforrealGDPtogrowto$80
million?
A)14
B)7
C)4
D)30
Answer:A
Topic:Ruleof70
Skill:Analytical
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
22)RealGDPperpersoninthecountryofFlipis$10,000,andthegrowthrateis10percenta
year.RealGDPperpersoninthecountryofFlapis$20,000andthegrowthrateis5percenta
year.WhenwillrealGDPperpersonbegreaterinFlipthaninFlap?
A)in2years
B)in15years
C)never
D)in1()years
Answer:B
Topic:Ruleof70
Skill:Analytical
Questionhistory:Previousedition,Chapter6
AACSB:AnalyticalSkills
2EconomicGrowthTrends
1)Overthelast100years,theaverageU.S.growthrateinrealGDPperpersonwasabout
A)2percentperyear.
B)6percentperyear.
C)12.5percentperyear.
D)1percentperyear.
Answer:A
Topic:Long-TermEconomicGrowthintheUnitedStates
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
2)Overthepast100years,realGDPperpersonintheUnitedStateshasgrownatanaverageof
percentayear.
A)1
B)2
C)3
D)4
Answer:B
Topic:Long-TermEconomicGrowthintheUnitedStates
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
3)ThegrowthrateofrealGDPperpersonintheUnitedStateshas
A)averagedapproximately2percentperyearoverthepastcentury.
B)hasconsistentlybeen2percentperdecadeoverthepastcentury.
C)hasbeenthehighestintheworldoverthepast5decades.
D)hasincreasedeveryyearoverthepastcentury.
Answer:A
Topic:Long-TermEconomicGrowthintheUnitedStates
Skill:Recognition
Questionhistory:New10thedition
AACSB:ReflectiveThinking
4)Overthepast10()yearsrealGDPperpersonintheUnitedStates,onaverage,has
A)decreasedbyabout5percentperyear.
B)increasedbyabout2percentperyear.
C)increasedbyabout5percentperyear.
D)increasedbyabout10percentperyear.
Answer:B
Topic:Long-TermEconomicGrowthintheUnitedStates
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
5)Overthepast100years,intheUnitedStatestheaveragegrowthrateofgrewata
fasterratethan.
A)realGDP;nominalGDP
B)thepopulation;realGDP
C)realGDP;thepopulation
D)inflation;realGDP
Answer:C
Topic:Long-TermEconomicGrowthintheUnitedStates
Skill:Conceptual
Questionhistory:Modified10thedition
AACSB:ReflectiveThinking
6)Overthepastfourdecades,
A)thegrowthrateofrealGDPperpersonintheUnitedStateshasbeenincreasing.
B)U.S.realGDPperpersonhasfallenbelowthatoftheotherrichindustrialcountries.
C)U.S.realGDPperpersonhasincreased.
D)BothanswersAandCarecorrect.
Answer:C
Topic:Long-TermEconomicGrowthintheUnitedStates
Skill:Conceptual
Questionhistory:Modified10thedition
AACSB:ReflectiveThinking
7)ThehistoricalrecordfortheUnitedStatesforthepast100yearsshows
A)growthinrealGDPperpersonduringmostyears.
B)economicgrowthforabouthalftheyearsandeconomicdeclinefortheotherhalf.
C)growthuntil1970andthenaperiodofconstantperpersonrealGDP.
D)continuouseconomicgrowth,althoughatdifferentrates,throughouttheentirecentury.
Answer:A
Topic:Long-TermEconomicGrowthintheUnitedStates
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
8)Whichoffollowingwasaperiodofbelow-averageeconomicgrowthintheUnitedStates?
A)the1920s
B)the1960s
C)the1930s
D)alloftheabove
Answer:C
Topic:Long-TermEconomicGrowthintheUnitedStates
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
9)Whichofthefollowingstatementsarecorrect?
I.TheaverageeconomicgrowthrateinrealGDPperpersonintheUnitedStatesoverthelast
centurywas5percentperyear.
II.TheUnitedStateshasthehighesteconomicgrowthrateofanynation.
A)Ionly
B)IIonly
C)bothIandII
D)neitherInorII
Answer:D
Topic:Long-TermEconomicGrowthintheUnitedStates
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
10)ThehistoricalrecordfortheUnitedStatessince1910shows
A)mostlypositiveeconomicgrowth,thoughtheGreatDepressioncausedactualGDPtodip
wellbelowpotentialGDP.
B)economicgrowthforabouthalftheyearsandeconomicdeclinefortheotherhalf.
C)growthuntil1970andthenaperiodofconstantperpersonrealGDP.
D)continuouseconomicgrowthforeachyear,althoughatdifferentrates,throughouttheentire
century.
Answer:A
Topic:Long-TermEconomicGrowthintheUnitedStates
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
11)WhichofthefollowingstatementsregardingU.S.economicgrowthisNOTcorrect?
A)Overthepast100years,ontheaveragerealGDPperpersongrew2percentayear.
B)TheaverageannualgrowthrateofrealGDPperpersonintheUnitedStateswasrapidduring
WorldWarIL
C)Inthe1930s,realGDPfellwellbelowitstrend.
D)ThegrowthrateofrealGDPperpersonacceleratedbetween1973to1984.
Answer:D
Topic:Long-TermEconomicGrowthintheUnitedStates
Skill:Recognition
Questionhistory:Modified10thedition
AACSB:ReflectiveThinking
12)In2010,ofthefollowingwhichnationshadthehighestlevelofrealGDPperperson?
A)Japan.
B)EuropeBig4.
C)Canada.
D)China.
Answer:C
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Modified10thedition
AACSB:ReflectiveThinking
13)In2010,ofthefollowinghadthehighestrealGDPperperson.
A)Japan
B)Canada
C)theEuropeBig4countries
D)theUnitedStates
Answer:D
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Modified10thedition
AACSB:ReflectiveThinking
14)Duringthelatterhalfofthe20thcentury,whichofthefollowinghadthelowestlevelofreal
GDPperperson?
A)Africa
B)CentralandSouthAmerica
C)UnitedStates
D)CentralEurope
Answer:A
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
15)Duringthe1990s,whichofthefollowingexperiencedtheslowestrateofgrowthinrealGDP
perperson?
A)Japan
B)Thebig4nationsofEurope
C)UnitedStates
D)Canada
Answer:A
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
16)CountriesorregionsinwhichrealGDPperpersonhasnotgrownasfastasintheUnited
Statessince1960include
A)Japan.
B)countriesinAfrica.
C)HongKong.
D)Canada.
Answer:B
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Modified10thedition
AACSB:ReflectiveThinking
17)Whichofthefollowingstatementsaboutworldgrowthduringthelasthalfofthe20th
centuryiscorrect?
A)Ineverydecade,JapanhasexperiencedfastergrowththantheUnitedStates.
B)GrowthratesinSouthAmericancountrieshaveexceededthoseinNorthAmerica.
C)RealGDPperpersoninHongKongandSingaporeareapproachingorsurpassingthatinthe
UnitedStates.
D)Duetorapidgrowth,realGDPperpersoninChinaisnowabout5()percentofthatinthe
UnitedStates.
Answer:C
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
18)Since1960,whichofthefollowingcountrieshadaveragegrowthratesinrealGDPper
personhigherthanthatoftheUnitedStates?
A)Singapore
B)HongKong
C)SouthKorea
D)Alloftheaboveanswersarecorrect.
Answer:D
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
19)OfthefollowingAsiancountries,whichhasthelowestlevelofrealGDPperperson?
A)China
B)Korea
C)Singapore
D)HongKong
Answer:A
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Modified10thedition
AACSB:ReflectiveThinking
20)ThegapbetweenrealGDPperpersoninAfricaandrealGDPperpersonintheUnitedStates
hasbeen
A)increasing.
B)decreasing.
C)remainingfairlyconstant.
D)thereisnogapinrealGDPperpersonbetweenAfricaandtheUnitedStates.
Answer:A
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
21)Overthepastfiftyyears,therehasbeensubstantialclosureofthegapinrealGDPperperson
betweenwhichofthefollowinggroupsofcountries?
A)theUnitedStatesandCentralandSouthAmerica
B)AfricaandWesternEurope
C)CentralandSouthAmericaandAfrica
D)theUnitedStatesandJapan
Answer:D
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Modified10thedition
AACSB:ReflectiveThinking
22)BetweenwhichpairofcountriesorcontinentslistedbelowhasrealGDPperperson
convergedthemostsince1960?
A)CanadaandJapan
B)UnitedStatesandAfrica
C)UnitedStatesandSouthAmerica
D)CanadaandSouthAmerica
Answer:A
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
23)Ifarichcountrygrowsatafasterratethanapoorone,then
A)thegapintheirstandardoflivingwillwidenovertime.
B)thegapintheirstandardoflivingwillcloseovertime.
C)thedifferenceintheirlivingstandardswillnotchangeovertime.
D)whetherornotthelivingstandardsgapwidensorclosesovertimedependsontheabsolute
sizeoftherelativegrowthrates.
Answer:A
Topic:RealGDPGrowthintheWorldEconomy
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
24)Convergenceoftheincomegaphasbeenmostdramaticbetween
A)HongKongandtheUnitedStates.
B)theCentralEuropeancountriesandtheUnitedStates.
C)AfricaandtheUnitedStates.
D)SouthAmericaandtheUnitedStates.
Answer:A
Topic:RealGDPGrowthintheWorldEconomy
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
25)ThegapsbetweentheUnitedStatesandtheAsiancountriesofHonkKong,Singapore,
KoreaandChinahavebeen
A)decreasing
B)increasing
C)remainingfairlyconstant
D)therearenogapsbetweentheseAsiancountriesandtheUnitedStates
Answer:A
Topic:RealGDPGrowthintheWorldEconomy
Skill:Conceptual
Questionhistory:Modified10thedition
AACSB:ReflectiveThinking
26)BymeasuringwecanseethattheeconomiesofHongKongandSingaporeare
catchinguptotheeconomiesofNorthAmericabutthattheeconomiesofCentralandSouth
Americaarenot.
A)inflationperperson
B)realGDPperperson
C)thepopulation
D)realGDP
Answer:B
Topic:RealGDPGrowthintheWorldEconomy
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
3HowPotentialGDPGrows
1)Movingalongtheaggregateproductionfunctionshowstherelationshipbetween
holdingallelseconstant.
A)capitalinputandrealGDP
B)laborinputandrealGDP
C)laborinput,capitalinputandrealGDP
D)technologyandrealGDP
Answer:B
Topic:AggregateProductionFunction
Skill:Recognition
Questionhistory:Modified10thedition
AACSB:ReflectiveThinking
2)Theaggregateproductionfunctionshowshowvarieswith.
A)leisuretime;labor
B)labor;leisuretime
C)realGDP;labor
D)labor;capital
Answer:C
Topic:AggregateProductionFunction
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
3)Anaggregateproductionfunctionshowstherelationshipbetween
A)realGDPandleisure.
B)realGDPandthequantityoflaboremployed.
C)leisureandunemployment.
D)realGDPandunemployment.
Answer:B
Topic:AggregateProductionFunction
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
4)Theaggregateproductionfunctiondescribestherelationshipbetween
A)realGDPandthequantityoflaboremployed.
B)realGDPandthepricelevel.
C)therateofgrowthofrealGDPandinflation.
D)realGDPandtheunemploymentrate.
Answer:A
Topic:AggregateProductionFunction
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
5)Amovementalongtheaggregateproductionfunctionistheresultofachangein
A)thequantityoflabor
B)technology
C)capital
D)interestrates
Answer:A
Topic:AggregateProductionFunction
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
6)Alongtheaggregateproductionfunction,asthequantityoflaborrises,realGDP
A)rises
B)falls
C)staysthesame
D)mayfall,rise,orstaythesame
Answer:A
Topic:AggregateProductionFunction
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
7)TheaggregateproductionfunctionshowsthataneconomyincreasesitsrealGDPintheshort
runby
A)developingnewtechnologies.
B)increasingitsphysicalcapitalstock.
C)usingmorelabor.
D)exploringfornewdepositsofnaturalresources.
Answer:C
Topic:AggregateProductionFunction
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
8)Movingalongtheaggregateproductionfunction,allofthefollowingareheldconstant
EXCEPT
A)labor
B)capital
C)humancapital
D)technology
Answer:A
Topic:AggregateProductionFunction
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
9)Anincreaseinlaborhourswillleadto
A)ashiftoftheaggregateproductionfunctionbutnomovementalongit.
B)amovementalongtheaggregateproductionfunctionbutnoshiftinit.
C)bothamovementalongandashiftintheaggregateproductionfunction.
D)neitheramovementalongnorashiftintheaggregateproductionfunction.
Answer:B
Topic:AggregateProductionFunction
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
10)Theaggregateproductionfunctionisgraphedas
A)adownwardslopingcurve.
B)anupwardslopingstraightline.
C)anupwardslopinglinethatbecomesflatterasthequantityoflaborincreases.
D)anupwardslopinglinethatbecomessteeperasthequantityoflaborincreases.
Answer:C
Topic:AggregateProductionFunction
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
11)Theaggregateproductionfunction
A)measurestheproductivityoflaborasleisuredecreases.
B)increasesonlywithincreasesinproductivity.
C)showsthatrealGDPcanincreasebecauseofincreasedproductivityaswellasincreasedlabor
hours.
D)cannotshowtheimpactsofproductivityimprovements.
Answer:C
Topic:AggregateProductionFunction
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
12)TheaggregateproductionfunctionrelatingrealGDPtolaborhours
A)hasaconstantslope.
B)hasanegativeslope.
C)hasapositiveslopeandbecomessteeperasemploymentincreases.
D)hasapositiveslopeandbecomeslesssteepasemploymentincreases.
Answer:D
Topic:AggregateProductionFunction,DiminishingReturns
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
13)Thecurvatureoftheproductionfunctionshowsthatasemploymentincreases,the
productivityoflabor
A)remainspositiveandincreases.
B)remainspositivebutdecreases.
C)decreasesandbecomesnegative.
D)remainsconstant.
Answer:B
Topic:AggregateProductionFunction,DiminishingReturns
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
14)Thedecreasingslopeofaproductionfunctionreflects
A)diminishingreturns.
B)risingunemployment.
C)decreasingcosts.
D)increasingaggregatedemand.
Answer:A
Topic:AggregateProductionFunction,DiminishingReturns
Skill:Conceptual
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
15)Aslaborincreases,thereisa
A)shiftoftheaggregateproductionfunction,butnomovementalongit.
B)movementalongtheaggregateproductionfunction,butnoshiftinit.
C)movementalongtheaggregateproductionfunctionandrealGDPwillincreaselesswitheach
additionalincreaseinlabor.
D)movementalongtheaggregateproductionfunctionandrealGDPwilldecreaselesswitheach
additionalincreaseinlabor.
Answer:C
Topic:AggregateProductionFunction
Skill:Conceptual
Questionhistory:Modified10thedition
AACSB:ReflectiveThinking
16)Accordingtothelawofdiminishingreturns,anadditionalunitof
A)capitalproducesmoreoutputthananadditionalunitoflabor.
B)labordecreasesoutput.
C)laborproducesmoreoutputthanthepreviousunit.
D)laborproduceslessoutputthanthepreviousunit.
Answer:D
Topic:LawofDiminishingReturns
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:ReflectiveThinking
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FigureCFigureD
17)Intheillustrationabove,whichfigureshowsanaggregateproductionfunction?
A)FigureA
B)FigureB
C)FigureC
D)FigureD
Answer:A
Topic:AggregateProductionFunction
Skill:Recognition
Questionhistory:Previousedition,Chapter6
AACSB:Communication
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f
0Labor(billionsofhoursperyear)
18)ThecountryofKemperisonitsaggregateproductionfunctionatpointWintheabovefigure.
ThegovernmentofKemperpassesalawthatmakes4yearsofcollegemandatoryforallcitizens.
Afterallcitizens
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