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Exam 7: Production and Growth

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Question 21

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In Canada,approximately how much higher is GDP per person today than it was a century ago?

A) 3 times higher
B) 6 times higher
C) 8 times higher
D) 12 times higher

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

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Question 22

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A leading environmental group recently published a report contending that humans are running a "resource deficit" because we are using natural resources faster than they can be regenerated.The group claims that this means that economic growth will eventually stop,and will even be reversed.How would an economist respond to this report?

A) An economist would agree with the report, and would point to rising natural resource prices as evidence.
B) An economist would agree with the report, but wouldn't think it was important because growth will not slow down for several centuries.
C) An economist would disagree with the report, in part because it ignores the mitigating effects of technological change.
D) An economist would disagree with the report because labour and capital are the primary determinants of growth, and since they are plentiful, growth will not slow down.

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

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Question 23

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Which of the following best defines technological knowledge?

Which of the following is an example of a nonrenewable resource?

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?

On average,by how much does each year of schooling raise a person's wage in Canada?

Some civil society groups and activists propose a zero-economic-growth policy in order to preserve the environment.Write an essay to discuss the pros and cons of this proposal.You may wish to refer,among other ideas,to the following: · Economic growth needs to compensate for the increase in population. · If population becomes older,the number of active persons decreases;therefore,productivity must increase to sustain a high standard of living. · An increase in standard of living is only possible if an economy becomes more productive.(Income per person is closely related to labour productivity.) · It is hoped that economic growth will eventually eradicate poverty. · Economic measures of well-being,such as GDP per capita,are imperfect mainly because they disregard external costs of economic activity,as well as other aspects of life that people value,such as leisure,fairness,and income equality.

According to economic historian Robert Fogel,what proportion of the British population in 1780 was so malnourished that they could not perform manual labour?

What do economists call the inputs used to produce goods and services?

Which of the following is generally an opportunity cost of investment in human capital?

The president of a developing country proposes that his country needs to help domestic firms by imposing trade restrictions.What kind of policies are these?

Why do birth rates tend to be lower in developed countries than in developing countries?

Which of the following lists contains,in this order,natural resources,human capital,and physical capital?

Senator Noitall says that in order to help poor countries develop,Canada should (1) prevent Canadian corporations from investing in poor countries because they take profits that the poor countries should have;(2) not import goods from poor countries that use child labour;(3) work to promote political stability in poor countries;and (4) reduce poor countries' reliance on market forces in their economies.Which of these ideas is likely to help poor countries grow?

In the 1800s,Europeans purchased stock in Canadian companies,which used the funds to build railroads and factories.What type of investments did the Europeans make?

A country without a lot of domestic natural resources can have a high standard of living.

How large was the growth rate of Japan over the period 1890-2008?

Suppose Mexico increases its saving rate.Which of the following will happen in the long run?

If there are constant returns to scale,how is the production function written?

Why are property rights important for the growth of a nation's standard of living?