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I already selected my answers, hoping can someone review to make sure I have the correct selected, and if they are wrong if you could
I already selected my answers, hoping can someone review to make sure I have the correct selected, and if they are wrong if you could please let me know which one is correct and why?
Thank you.
1. In macroeconomics, the process of tramsforming inputs to outputs for the entire economy is called A} a production function. D} an aggregate production function. (3} human capital. D} physical capital. 2. Suppose GDP per capita in Econlandia is currently equal to 29mm Econlandian dollars {ED$}. If per capita GDP grows at a rate of 4% a year1 what will he GDP per capita after 20 years? A} 2,113!) ED$ B} 5,36 ED$ C} 4,3 32 ED$ D} none of the above 3. What is human capital? A} The value of what is produoed per worker or per hour worked B} The skills and education of workers C} The plant and equipment used by rms in production D} The process of a rm turning economic inputs like lahor, machinery, and raw materials into outputs like goods and services used by consumers 4. Productivity is A} the value of the goods a country produces in a year. E} the ratio of capital to labor. (3} the amount of goods a country produces in a year. D} the ratio of output produced to the amount of input. 5. If a eoumry*s population growth is less than the annual growth in real GDP, A} per capita real GDP will rise. E} real GDP will fall. C} nominal output will fall. D} per capita real GDP will fall. 6. Since the late 1950s, economists have performed growth accounting studies in the United States. These have determined that is typically the most important contributor to [1.3. economic growth. A} human capital B} physical capital (3} technology D} a market orientation 7. Country Able and Country Baker initially have the same real GDP per capita. Country Able experiences no economic growth, while Country Baker grows at a sustained rate of 7 percent. In 1 1 years, Country Able's GDP will be approximately that of Country Baker. A) triple B) double C) one-half D) one-fourth 8. Which of the following factors contribute to economic growth? A) an increase in the average wage rate paid to workers B) an increase in the standard of living C) a decrease in the productivity of labor D) an increase in the proportion of the population that is college educated 9. Physical capital refers to the skills and education of workers. A) True B) False 10. Capital deepening describes when an economy has a higher average level of physical and/or human capital per person. A) True B) False 11. Convergence refers to when economies with low per capita incomes are growing faster than economies with high per capita incomes. A) True B) False 12. Consumer spending is a determinant of economic growth. A) True B) FalseStep by Step Solution
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