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Bonus Quiz #5 (2D03)

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Department
Economics
Course
ECON 2D03
Professor
Rashid Khan
Semester
Winter

Description
Bonus Quiz #5 Economic Issues 2D03 Thursday November 7, 2013 There are 16 True-False Questions. Read the questions carefully. If a part of a statement is false, then the whole statement is false. Use scan sheet to circle A if the statement is true (T) and circle B if the statement is false (F). Answer Questions #1- 2 on the basis of the following production function in an economy. 1/21/2 Y = L K , where Y is total output, L is labour and K is capital We can re-write labour-productivity function as: y = k , where y is the output per labour and k is the capital labour ratio. 1. If L increases by 2 percent and K increases by 4 percent, then Y increases by 3 percent 2. If L increases by 2 percent and K increases by 4 percent, then labour productivity increases by 1%. 3. Canada’s total factor productivity is less the total factor productivity in USA, but Canada’s capital-productivity is higher than that in USA. 4. In comparison to USA, Canada’s innovation gap is manifested by lower R&D spending. 5. In comparison to USA, Canada has higher human capital per labour. 6. Increasing returns to scale leading to larger economies of scale and highly developed high-tech sector are hallmarks of Canada’s production function. 7. While USA ranks number one in
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