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Economics

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1) Which of the following is an example of a measure of labor productivity?

a. Autos get 30 gallons to the mile.
b. The growth rate of per capita real GDP is 3.5 percent per year.
c. Farm workers produce 30 bushels of wheat per worker per day.
d. Wages increase by 3.5 percent per year
for 5 years.

2) Labor productivity increases when

a. the unemployment rate decreases.
b. the average output produced per worker during a specified time period decreases.
c. the average number of hours people work goes up.
d. the average output produced per worker during a specified time period increases.

3) To consume more in the future, a society must

a. plan carefully.
b. have low tax rates on consumption.
c. maintain low inflation.
d. consume less today.

4) Which of the following statements is not true about economic growth?

a. Growth represents an increase in a nation's productive capacity.
b. Growth generally means that overall the members of the nation are better off materially.
c. Growth is measured as the overall level of real GDP.
d. When growth occurs the production possibilities curve shifts outward.

5) A system of private property rights

a. discourages economic growth by discouraging the development of new ideas and ways of doing things.
b. encourages investment but discourages entrepreneurial activity, so the effect on economic growth is uncertain.
c. reduces the efficiency of government, which reduces the growth rate of the economy over time.
d. encourages economic growth by creating incentives to invest in capital and to be innovative.

6) Economic growth occurs when

a. there is an increase in the amount of capital.
b. we discover a sleeping worker who is forced to go back to work.
c. there is an increase in the inflation rate.
d. there is a decrease in the unemployment rate.

  • Economics -

    1. c

    I'll be glad to check your answers for the other questions.

  • Economics -

    2) d
    3)a
    4)b
    5)c
    6)a

  • Economics -

    I agree with all of your answers except 5. Doesn't private property rights encourage economic growth? Check your text materials.

  • Economics -

    so is it b for # 5?

  • Economics -

    never mind its d

  • Economics -

    Yes, d is correct for # 5.

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