Economic Growth and Productivity Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Labor productivity and economic growth will increase when nations

Question 2 2. Why is real GDP a poor indicator of economic growth?

Question 3 3. How can the government encourage investment in human capital?

Question 4 4. One way to create new technologies is by investing into _____.

Question 5 5. Why is physical capital important to an economy?

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Question 6 6. Which of the following is MOST likely to produce higher economic growth in the long run?

Question 7 7. Human capital refers to which of the following?

Question 8 8. Which is a characteristic of economic growth?

Question 9 9. Country A invests 25% of GDP into human capital, while Country B invests only 9%. Which country will grow faster and why?

Question 10 10. Which of the following metrics is used when calculating GDP using the income approach?

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Question 11 11. Rachel manages a box factory and just hired Franco. Does Franco count as physical capital?

Question 12 12. What is the definition of GDP?

Question 13 13. Economists define Real GDP per capita as which of the following?

Question 14 14. Country A has a real GDP of $5,000 and a population of 20, while Country B has a real GDP of $20,000 and a population of 100. Which of the following statements is true?

Question 15 15. Which of the following is NOT a determinant of the productivity of a nation?

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Question 16 16. What is the accounting methodology used to calculate the GDP, regardless of the approach used?

Question 17 17. What is human capital?

Question 18 18. _____ refers to the total amount of goods and services are produced within the economy.

Question 19 19. Which of the following statements is FALSE about long run economic growth?

Question 20 20. What is the main benefit of investing in human capital?

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Question 21 21. How is savings directly connected to economic growth?

Question 22 22. Which of the following BEST defines technology?

Question 23 23. In the short run, economic growth is measured in terms of which of the following?

Question 24 24. Which of the following is not true regarding productivity?

Question 25 25. How can governments encourage savings and investment?

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Question 26 26. Why is research and development significant?

Question 27 27. Economists call the equipment and structures used to produce goods and services:

Question 28 28. How is labor productivity, measured as output per worker, affected by economic drivers?

Question 29 29. In the long run, what is a country's standard of living dependent on?

Question 30 30. Which of the following will most likely occur as a result of an increase in labor productivity?

Economic Growth and Productivity Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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