1. Which of the following is an important measure of economic growth over time?

Group of answer choices

inflation

increases in real per capita GDP

decline in real interest rates

increases in the available labor supply

2. Labor productivity growth can be attributed to:

Group of answer choices

improvement in technological process

a decline in university attendance

an increase in population growth

a decline in the physical capital per worker

3. Nation A's real GDP increased from $100 billion to $106 billion between 2010 and 2011. Nation A's population grew from 50 million to 51 million between 2010 and 2011. As a result:

Group of answer choices

real GDP per capita increased because the real GDP increased at a slower rate than the population.

real GDP per capita increased because the real GDP increased at a faster rate than the population

real GDP per capita decreased because the real GDP increased at a slower rate than the population

real GDP per capita decreased because the real GDP increased at a faster rate than the population

4. Economists say that long-run economic growth is almost entirely due to

Group of answer choices

rising productivity

population growth

a democratically elected government

a balanced budget

5. Technological progress allows workers to produce more:

Group of answer choices

because it increases the amount of physical capital available

because it increases the amount of human capital available

even when the amount of physical capital and human capital do not change

only if the amount of physical capital grows at the same rate

6. An example of physical capital would be:

Group of answer choices

a truck a company purchases for work

a worker who physically learns to work on a truck his company buys

a truck a worker buys for personal use like camping or going to the beach

a worker that uses the truck to go work

7. An example of human capital is:

Group of answer choices

the money a person has

the job skills a person has

the capital goods or machines a person owns

the stocks and bonds in an individual's portfolio

8. Productivity is not really driven by:

Group of answer choices

physical capital

human capital

technological progress

natural resources

9. Diminishing returns to physical capital means that as more and more physical capital is added leaving human capital and a technology fiex eventually:

Group of answer choices

Real GDP declines

additions to aggregate output or real GDP decline

Real GDP grows

additions to aggregate output or real GDP increase

10. In 1820, Mexico had a higher real GDP per capita than Japan. Yet, now Japan is one of the richer countries in the world and Mexico is a poorer nation. Japan's high rate of economic growth is mainly due to the:

Group of answer choices

high investment in human capital

high investment in stocks and bonds

high investment in technological progress

high level of government interference

11. Which of the following is not an example of a government policy aimed to help economic growth?

Group of answer choices

building infrastructure and providing public goods

implementing a monetary policy that increases inflation

subsidizing education

providing political stability and protecting property rights.

12. Which of the following is important for economic growth:

Group of answer choices

loans

political stability

public regulation of businesses

nhigh taxes

13. Among the factors that are important for economic growth are:

Group of answer choices

property rights

growth accounting

natural resources

convergence

14. The key factor explaining the poor growth performance of the African continent is probably:

Group of answer choices

the lack of political stability within countries

the lack of natural resources

overpopulation

the prevalence of military conflicts among neighboring countries

15. Which of the following describes the correct direction of causality?

Group of answer choices

economic growth growth-friendly incentives growth-friendly institutions

growth-friendly incentives economic growth growth-friendly institutions

growth-friendly institutions growth-friendly incentives economic growth

economic growth growth-friendly institutions growth-friendly incentives