Question 1

Monopolists can dictate the price or the quantity of the product they produce, but not both.

Accepted Answer

A) True 
 B)False

Question 2

Economic growth

Accepted Answer

A)   Is an increase in output or real GDP.
B)   Causes a contraction in the production possibilities curve.
C)   Involves reduced capacity in the short run.
D)   None of the choices are correct.

Question 3

As of 2013, to be in the top quintile for income distribution in the United States, a family needed in income at least

Accepted Answer

A)   $52,000.
B)   $85,000.
C)   $106,000.
D)   $140,000.

Question 4

Which of the following will increase the level of human capital in an economy?

Accepted Answer

A)   An increase in land mass.
B)   An increase in literacy rates.
C)   An increase in factory capacity.
D)   A decrease in the population.

Question 5

Production processes that use a high ratio of capital to labor inputs are referred to as

Accepted Answer

A)   Labor-intensive.
B)   Production-intensive.
C)   Capital-intensive.
D)   Factor-intensive.

Question 6

To an economist, the four factors of production are

Accepted Answer

A)   Labor, workers, profit, and services.
B)   Land, labor, capital, and entrepreneurship.
C)   Entrepreneurship, machinery, workers, and profit.
D)   None of the choices are correct.

Question 7

On average, since 1900 U.S.output has grown by roughly ____ percent per year.

Accepted Answer

A)   9
B)   6
C)   3
D)   1

Question 8

A country that increased its literacy rate and thereby its average human capital would probably

Accepted Answer

A)  Decrease GDP.
B)  Increase GDP.
C)  Have not impact on GDP.

Question 9

When economists describe a production process as capital-intensive, they mean that the

Accepted Answer

A)   Process uses a high ratio of machinery and other capital to labor.
B)   Process needs a greater emphasis on labor in order to increase productivity.
C)   Capital used in the process reflects the most advanced technology.
D)   Capital used in the process tends to wear out (depreciate)  very rapidly.

Question 10

As of the year 2000, services accounted for what percentage of total U.S.output?

Accepted Answer

A)   25 percent.
B)   50 percent.
C)   80 percent.
D)   90 percent.

Question 11

What factors contribute to the high level of productivity of the American worker?

Accepted Answer

Productivity is affected by th...

Question 12

Per capita GDP will definitely rise if

Accepted Answer

A)   The population falls and GDP does not fall.
B)   The rate of economic growth falls.
C)   The rate of economic growth is less than the rate of population growth.
D)   There is a decrease in the size of the working population.

Exam 2: The Useconomy: a Global View

Monopolists can dictate the price or the quantity of the product they produce, but not both.

Correct Answer
verified

A country that increased its literacy rate and thereby its average human capital would probably

Correct Answer
verified

As of the year 2000, services accounted for what percentage of total U.S.output?

Correct Answer
verified

On average, since 1900 U.S.output has grown by roughly ____ percent per year.

Correct Answer
verified

Production processes that use a high ratio of capital to labor inputs are referred to as

Correct Answer
verified

What factors contribute to the high level of productivity of the American worker?

Correct Answer
verified
Productivity is affected by th...
View Answer

When economists describe a production process as capital-intensive, they mean that the

Correct Answer
verified

Economic growth

Correct Answer
verified

As of 2013, to be in the top quintile for income distribution in the United States, a family needed in income at least

Correct Answer
verified

Per capita GDP will definitely rise if

Correct Answer
verified

Which of the following will increase the level of human capital in an economy?

Correct Answer
verified

To an economist, the four factors of production are

Correct Answer
verified

Exam 2: The Useconomy: a Global View

Monopolists can dictate the price or the quantity of the product they produce, but not both.

Correct AnswerverifiedShow Answer

A country that increased its literacy rate and thereby its average human capital would probably

Correct AnswerverifiedShow Answer

As of the year 2000, services accounted for what percentage of total U.S.output?

Correct AnswerverifiedShow Answer

On average, since 1900 U.S.output has grown by roughly ____ percent per year.

Correct AnswerverifiedShow Answer

Production processes that use a high ratio of capital to labor inputs are referred to as

Correct AnswerverifiedShow Answer

What factors contribute to the high level of productivity of the American worker?

Correct AnswerverifiedProductivity is affected by th...View AnswerShow Answer

When economists describe a production process as capital-intensive, they mean that the

Correct AnswerverifiedShow Answer

Economic growth

Correct AnswerverifiedShow Answer

As of 2013, to be in the top quintile for income distribution in the United States, a family needed in income at least

Correct AnswerverifiedShow Answer

Per capita GDP will definitely rise if

Correct AnswerverifiedShow Answer

Which of the following will increase the level of human capital in an economy?

Correct AnswerverifiedShow Answer

To an economist, the four factors of production are

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Productivity is affected by th...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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