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Understanding 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. Which of the following will likely increase productivity in a corporation?

Question 2 2. Country A invests 25% of GDP into human capital, while Country B invests only 9%. Which country will grow faster and why?

Question 3 3. Labor productivity and economic growth will increase when what happens?

Question 4 4. Human capital refers to which of the following?

Question 5 5. How is labor productivity, measured as output per worker, affected by economic drivers?

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Question 6 6. Which of the following is NOT a determinant of the productivity of a nation?

Question 7 7. Which of the following statements is FALSE about long run economic growth?

Question 8 8. Why is real GDP a poor indicator of economic growth?

Question 9 9. How is savings directly connected to economic growth?

Question 10 10. Why is research and development significant?

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Question 11 11. Why is productivity significant to economic growth?

Question 12 12. One way to create new technologies is by investing into _____.

Question 13 13. Which of the following metrics is used when calculating GDP using the income approach?

Question 14 14. Which of the following metrics is used when calculating GDP using the expenditure approach?

Question 15 15. What is the accounting methodology used to calculate the GDP, regardless of the approach used?

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Question 16 16. Which of the following will most likely encourage long-run economic growth?

Question 17 17. Why is fiscal policy important for the economy?

Question 18 18. How can governments encourage savings and investment?

Question 19 19. _____ refers to the total amount of goods and services are produced within the economy.

Question 20 20. Which of the following would be considered physical capital in agriculture?

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Question 21 21. Why is physical capital important to an economy?

Question 22 22. 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 23 23. What is the standard of living?

Question 24 24. Economists define Real GDP per capita as which of the following?

Question 25 25. What is human capital?

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Question 26 26. Which of the following will most likely occur as a result of an increase in labor productivity?

Question 27 27. In the short run, economic growth is measured in terms of which of the following?

Question 28 28. Which of the following is FALSE regarding the productivity of a nation?

Question 29 29. What is the definition of GDP?

Question 30 30. How can the government encourage investment in human capital?

Understanding 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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