revision questions chapter 22 pt1 Flashcards

1
Q

According to neoclassical growth theory, the productivity curve shifts upward if…

A

technological progress occurs

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2
Q

If the quantity of capital per worker in the economy increases,

A

labour productivity increases.

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3
Q

Labour productivity is measured by…

A

real GDP per hour of labour

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4
Q

Human capital is, in part,

A

a worker’s stock of knowledge

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5
Q

fact

A

Real GDP per person in Hong Kong and Singapore are approaching that in the United States.

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6
Q

Which of the following directly creates growth in labour productivity?
I. Growth in capital per hour of labour.
II. Technological change.
III. Population growth.

A

I&II

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7
Q

Convergence of the income gap has been most dramatic between

A

Hong Kong and the big four countries of Europe.

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8
Q

Economics became known as the “Dismal Science” because of the…

A

classical growth theory prediction (population growth) forecasting low wages in the future

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9
Q

labour productivity=

A

Y (output) / L (labour)

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10
Q

Which of the following are necessary for economic growth?
I. Incentive systems.
II. Established and enforced rights to own physical properties.
III. Liberal democracies

A

I & II

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