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What is the difference between human capital and technology?

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Technology is society's understanding of...

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Which statement is consistent with the catch-up effect?


A) The United States had a lower growth rate before 1900 than after.
B) Japan has a higher growth rate than Germany.
C) Although Canada has a relatively high level of output per person,its growth rate is still high compared to some poorer countries,such as Pakistan.
D) After World War II,Canada had lower growth rates than war-ravaged European countries.

E) B) and C)
F) All of the above

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Which statement best defines the catch-up effect?


A) It is the idea that saving will always "catch up" with investment spending.
B) It is the idea that it is easier for a country to grow fast and "catch up" with richer countries if it starts out relatively poor.
C) It is the idea that rich countries aid relatively poor countries so as to help them "catch up."
D) It is the idea that if investment spending is low,increased saving will help investment to "catch up."

E) A) and C)
F) A) and B)

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Recently there have been violent protests against the World Bank and the World Trade Organization.The protesters argue that these institutions promote free trade and also encourage corporations in rich countries to invest in poor countries.The protesters contend that these practices make rich countries richer and poor countries poorer.How would economists feel about these protesters' views?


A) They would disagree with the protesters because these practices will help make both rich and poor countries richer.
B) They would disagree with the protesters about free trade,but would agree with the protesters about corporate investment.
C) They would disagree with the protesters about corporate investment,but would agree with the protesters about free trade.
D) They would disagree with the protesters about free trade and corporations,but would agree that these institutions are not necessary.

E) A) and C)
F) A) and B)

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Technological innovations,by increasing productivity in manufacturing,have brought about some expected,as well as some unexpected,changes.A notable change is the disappearance of some occupations; another is,paradoxically,that people now do more unskilled work for themselves than they used to do a decade ago. a)Name a few occupations that have disappeared,or may disappear in the near future,as they are being replaced by machines. b)Name a few occupations that have disappeared or may disappear as a side effect of the general increase in productivity. c)How would economic growth force many people to do more housework by themselves?

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a)A quick Internet search for "disappear...

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What is a production function? Write an equation for a typical production function,and explain what each of the terms represents.

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A production function is a mathematical ...

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One of the ten principles of economics is that people face tradeoffs.The growth that arises from capital accumulation is not a free lunch.What is the opportunity cost of that capital accumulation?


A) People need to work longer hours,thus having less time for leisure.
B) People need to consume less goods and services now in order to enjoy more consumption in the future.
C) People need to recycle resources so that future generations can produce goods and services with the accumulated capital.
D) People need to devote less time in school and more at work.

E) All of the above
F) None of the above

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Productivity can be found as number of hours worked divided by output.

A) True
B) False

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What would increase productivity,everything else being the same?


A) an increase in immigration
B) an increase in the number of hours of work per week
C) an increase in prices
D) an increase in physical capital per worker

E) A) and C)
F) A) and B)

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In addition to investment in physical and human capital,what other public policies might a country adopt to increase productivity?

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In addition to investment in physical an...

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In ten years,when you are the owner of a major Canadian corporation,if your corporation opens and operates a branch in a foreign country you will be engaging in foreign direct investment.

A) True
B) False

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How large was the growth rate of Japan over the period 1890-2010?


A) 1.5 percent
B) 1.75 percent
C) 2.40 percent
D) 2.65 percent

E) A) and B)
F) All of the above

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In a market economy,when do we know that a resource has become scarcer?


A) when its price rises relative to other prices
B) when it is nonrenewable and some of it is used
C) when substitutes exist
D) when there are no substitutes

E) A) and B)
F) A) and C)

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Which organization tries to encourage the flow of investment to poor countries?


A) World Bank
B) Organization of Less Developed Countries
C) World Health Alliance
D) International Development Alliance

E) B) and C)
F) All of the above

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Suppose that there are diminishing returns to capital.Suppose also that two countries are the same except one has less capital,and so less real GDP per person,than the other.Suppose that the saving rate in both countries increases from 5 percent to 6 percent.What would we expect over the next 10 years?


A) The growth rate will not change in either country.
B) The country with less capital will grow faster.
C) The country with more capital will grow faster.
D) Both countries will grow at the same rate.

E) B) and C)
F) A) and B)

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Read the article "What Makes a Nation Rich?" by Daron Acemoglu in your textbook,and write a one-page summary of the article (Times New Roman,size 12,double spaced).(You can find some guidelines on how to write a summary here: http: / / goo.gl / CncBb.)

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The summary should be concise and it sho...

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Suppose that over the past ten years productivity grew faster in Oceania than in Landia and the population of both countries was unchanged.What can we conclude?


A) Real GDP per person must be higher in Oceania than in Landia.
B) Real GDP per person grew faster in Oceania than in Landia.
C) The standard of living must be higher in Oceania than in Landia.
D) Oceania must have had a greater capital stock than Landia.

E) B) and D)
F) All of the above

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According to the traditional view,in what direction is the slope of the production function,with capital per worker on the horizontal axis and output per worker on the vertical axis?


A) The slope is positive and becomes steeper as capital per worker rises.
B) The slope is positive and becomes flatter as capital per worker rises.
C) The slope is constant.
D) The slope is negative and becomes steeper as capital per worker rises.

E) B) and C)
F) None of the above

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Which has been happening to the market prices of most natural resources (adjusted for inflation) ?


A) They have been rising.
B) They have been stable or rising.
C) They have been stable or falling.
D) They have been falling.

E) B) and C)
F) B) and D)

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Dawn looks over reports on five of her workers.Carol made 25 baskets in 5 hours.Peter made 30 baskets in 6 hours.Rob made 40 baskets in 10 hours.Jack made 55 baskets in 10 hours.Jacqueline made 21 baskets in 3 hours.Who has the greatest productivity?


A) Jacqueline
B) Peter
C) Rob
D) Jack

E) A) and D)
F) B) and D)

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