Question 1

What factors contribute to the high level of productivity of the American worker?

Accepted Answer

Productivity is affected by th...

Question 2

What are externalities,and how do they affect who pays the true cost of a polluting factory?

Accepted Answer

Externalities are the market effects fel...

Question 3

In the United States today,nearly ________ of the population has attained a college degree.

Accepted Answer

A)  30 percent
B)  15 percent
C)  50 percent
D)  40 percentE) B) and C)
F) A) and D)

Question 4

The government regulates monopolies in order to

Accepted Answer

A)  Ensure that product quality meets minimum standards,such as testing of new drugs.
B)  Prohibit mergers or acquisitions that would lessen competition.
C)  Protect consumers from false advertising.
D)  All of the choices are correct.E) B) and C)
F) B) and D)

Question 5

Regarding increasing productivity,factor mobility is

Accepted Answer

A)  Important in that it helps to fix a stable labor-intensive production process.
B)  Important in that it helps to fix a stable capital-intensive production process.
C)  Important in that it helps to reallocate resources in a dynamic economy.
D)  Not important in either a stable or dynamic economy.E) A) and B)
F) A) and C)

Question 6

Per capita GDP will definitely rise if

Accepted Answer

A)  The population falls and GDP does not fall.
B)  The rate of economic growth falls.
C)  The rate of economic growth is less than the rate of population growth.
D)  There is a decrease in the size of the working population.E) C) and D)
F) A) and C)

Question 7

The high productivity of the U.S.economy results from using highly educated workers in a capital-intensive production process.

Accepted Answer

A) True 
 B)False

Question 8

Over many years the capital stock in the United States has grown to approximately

Accepted Answer

A)  $80 trillion.
B)  $40 trillion.
C)  $90 trillion.
D)  $20 trillion.E) None of the above
F) C) and D)

Question 9

The standard of living rises when population growth exceeds economic growth.

Accepted Answer

A) True 
 B)False

Question 10

The bottom 80 percent of the families in the United States receive approximately ________ percent of total income.

Accepted Answer

A)  10
B)  20
C)  50
D)  90E) B) and D)
F) B) and C)

Question 11

On average,since 1900 the population of the United States has grown by roughly ________ percent per year.

Accepted Answer

A)  9
B)  6
C)  3
D)  1E) A) and B)
F) None of the above

Question 12

Which of the following is considered a service in the calculation of GDP?

Accepted Answer

A)  Manufacturing reclining chairs.
B)  Constructing new homes.
C)  Tax preparation.
D)  Manufacturing automobiles.E) C) and D)
F) A) and C)

Question 13

The investment in human capital through education and training can result in

Accepted Answer

A)  Greater productivity.
B)  Low factor mobility.
C)  Less capital-intensive production.
D)  Reduced output per labor hour.E) B) and C)
F) A) and D)

Question 14

Which of the following countries had the highest average growth rate for per capita GDP from 2000 to 2009?

Accepted Answer

A)  Canada.
B)  Haiti.
C)  China.
D)  Burundi.E) B) and C)
F) A) and D)

Question 15

Which of the following is an example of an external cost?

Accepted Answer

A)  Unemployment.
B)  Unfair pricing behavior by a monopoly.
C)  Automobile exhaust fumes.
D)  Eating a sandwich at a local deliE) B) and C)
F) B) and D)

Question 16

The best definition of GDP is

Accepted Answer

A)  The sum of the physical amounts of goods and services in the economy.
B)  A dollar measure of final output produced during a given time period within a nation's borders.
C)  A measure of the per capita economic growth rate of the economy.
D)  A physical measure of the capital stock of the economy.E) B) and C)
F) All of the above

Question 17

What percentage of the world's population subsists on incomes of less than $3 a day?

Accepted Answer

A)  40 percent.
B)  50 percent.
C)  60 percent.
D)  70 percent.E) B) and D)
F) B) and C)

Question 18

As a country's human capital increases,we observe that

Accepted Answer

A)  Labor-intensive production processes increases.
B)  Worker productivity increases.
C)  Sector service jobs decreases.
D)  None of the choices are correct.E) B) and C)
F) C) and D)

Question 19

How is per capita GDP affected by GDP growth and population growth?

Accepted Answer

Per capita GDP is the dollar value of GD...

Question 20

According to the World Bank,nearly 40 percent of the people on earth subsist on incomes of less than $3 per day.

Accepted Answer

A) True 
 B)False

Exam 2: The Useconomy: a Global View

Regarding increasing productivity,factor mobility is

Correct AnswerverifiedShow Answer

The high productivity of the U.S.economy results from using highly educated workers in a capital-intensive production process.

Correct AnswerverifiedShow Answer

The bottom 80 percent of the families in the United States receive approximately ________ percent of total income.

Correct AnswerverifiedShow Answer

The government regulates monopolies in order to

Correct AnswerverifiedShow Answer

What percentage of the world's population subsists on incomes of less than $3 a day?

Correct AnswerverifiedShow Answer

Per capita GDP will definitely rise if

Correct AnswerverifiedShow Answer

As a country's human capital increases,we observe that

Correct AnswerverifiedShow Answer

How is per capita GDP affected by GDP growth and population growth?

Correct AnswerverifiedPer capita GDP is the dollar value of GD...View AnswerShow Answer

The investment in human capital through education and training can result in

Correct AnswerverifiedShow Answer

Which of the following is considered a service in the calculation of GDP?

Correct AnswerverifiedShow Answer

The standard of living rises when population growth exceeds economic growth.

Correct AnswerverifiedShow Answer

What factors contribute to the high level of productivity of the American worker?

Correct AnswerverifiedProductivity is affected by th...View AnswerShow Answer

Which of the following countries had the highest average growth rate for per capita GDP from 2000 to 2009?

Correct AnswerverifiedShow Answer

Over many years the capital stock in the United States has grown to approximately

Correct AnswerverifiedShow Answer

In the United States today,nearly ________ of the population has attained a college degree.

Correct AnswerverifiedShow Answer

What are externalities,and how do they affect who pays the true cost of a polluting factory?

Correct AnswerverifiedExternalities are the market effects fel...View AnswerShow Answer

The best definition of GDP is

Correct AnswerverifiedShow Answer

According to the World Bank,nearly 40 percent of the people on earth subsist on incomes of less than $3 per day.

Correct AnswerverifiedShow Answer

On average,since 1900 the population of the United States has grown by roughly ________ percent per year.

Correct AnswerverifiedShow Answer

Which of the following is an example of an external cost?

Correct AnswerverifiedShow Answer

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Per capita GDP is the dollar value of GD...
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Productivity is affected by th...
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Externalities are the market effects fel...
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