The primary reason that living standards in some countries are higher today than they were a century ago is that O a. Human capital has increased O b. physical capital per worker has increased O c. more productive natural resources have been discovered Od technological knowledge has increased
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- An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?A country faces diminishing marginal returns when increasing it's capital stock. If this country added 1,000 units of capital last year and saw their GDP rise by $500 per person, what would you expect to happen if they had added 2,000 units of capital instead? O GDP would increase by another $500 per person O GDP would increase by less than another $500 per person O GDP would increase by more than another $500 per person O It is impossible to tell what would happen What is a potential downside of using patents to promote the creation of new technology? Without a market test, patents might be given to technology which ends up being useless. O Government money may be directed towards unproductive goals. It slows the spread and development of those ideas by restricting competition. They prohibit competition forever. What is the law of diminishing marginal returns?What were the sources of labor productivity growth in the U.S. economy during the sixty years since 1960? How did the 1960s differ from the more recent decades? During the sixty years since 1960, the sources of labor productivity growth include O A. plastics, the laser, and the computer during the 1960s, and the Internet during later years O B. the focus on saving energy during the 1970s O C. the wide-spread introduction of the Internet during the 1970s O D. the global financial turmoil of 2008-2009 that made labor more productive Comparing the 1960s to the more recent decades, labor productivity growth than in subsequent decades. O A. in the 1960s was approximately 25 percent higher O B. in the 1960s was smaller C. due to technological change was smaller in the 1960s O D. due to physical capital and human capital growth was greater in the 1960s Click to select your answer. MacBook A
- Which of the following movements on a Production Possibilities Graph would represent economic growth for a nation? O A. an inward shift of the entire production possibilities curve B. an outward shift of the entire production possibilities curve O C. a movement from a point inside the curve to a point on the curve O D. a movement from a point on the curve to a point inside the curve b mor a country like Oman how can the Gross capital formation be increased? elect one: O a. None of these O b. All of these O c. Savings increases O d. GDP increases O e. Consumption increasesA country faces diminishing marginal returns when increasing it's capital stock. If this country added 100 units of capital last year and saw their GDP rise by $1,000 per person, what would you expect to happen if they had added 200 units of capital instead? O It is impossible to tell what would happen GDP would increase by less than another $1,000 per person GDP would increase by another $1,000 per person GDP would increase by more than another $1,000 per person
- Why does higher worker productivity not necessarily mean GDP per capita will rise? GDP per Capita depends on income, and not on worker productivity. O Workers might choose more leisure time instead of work, keeping total production the same but reducing hours worked. O Higher productivity does not necessarily translate to higher output, since employers may not give salary increases. O Workers might be more productive, but that doesn't mean GDP per Capita will go up unless they work more hours.Which government policy promotes economic growth? O A. increasing the interest rate charged on student loans B. implementing a fiscal policy that increases inflation C. implementing a monetary policy that increases inflation O D. building infrastructure and providing public goods Reset SelectionSuppose that U.S. real GDP per capita is $50,000 and grows on average at 3% per year. How long will it take for U.S. real GDP per capita to double at this growth rate? If this growth rate continues, what will U.S. real GDP r capita be in 70 years? S Suppose that U.S. real GDP per capita is $50,000 and grows on average at 5% per year (rather than 3% a year) How long will it take for U.S. real GDP per capita to double at this growth rate? years (round to nearest year) If this growth rate continues, what will U.S. real GDP per capita be in 70 years? S years (round to nearest year)
- Assume that real GDP per capita in Country X is currently $50,000 per person. Also, assume that real GDP per capita in Country X grows at a rate of 2% per year. Rounding to the nearest 2 decimals, the real GDP per person in Country X in 10 years will be approximately 3.7 points Save Answ O a. $66,124 O b. $60,000 O. $58,272 Od. $61,000Productivity varies across countries because of differences in (Check all that apply) A. physical capital. OB. technology. O C. income D. human capital. O E. GDP. Human capital is Physical capital is any good, including machines and buildings used for production Technology is each person's stock of skills to produce output or economic value the ability to use labor and capital more efficientlyIf the capital stock equals 200 units in year 1 and the depreciation rate is 5 percent per year, then in year 2, assuming no new or replacement investment, the capital stock would equal_____ units. Select one: a. 195 b. 210 c. 190 d. 200