ECON 1000 Chapter Notes - Chapter 7: Opportunity Cost, Private Good, Woodworking

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fuchsiacrocodile923

26 Apr 2018

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In canada over the past century, average income as measured by real gep per person has grown by about 2 percent per year. Economic growth around the world: the data on real gdp per person show that living standards vary widely from country to country, growth rate measures how rapidly real gdp per person grew in the typical year. Human capital per worker: human capital: knowledge and skills that workers acquire through education, training, and experience. Japan is one of the richest countries in the world, despite having few natural resources. I(cid:374)te(cid:396)(cid:374)atio(cid:374)al t(cid:396)ade (cid:373)akes japa(cid:374)"s su(cid:272)(cid:272)ess possible, japan imports the natural resources it needs, and exports manufactured goods to economies rich in natural resources. Investment from abroad is one way for poor countries to learn the state-of-the-art technologies developed and used in richer countries. Education: education, investment in human capital, is as important as investment in physical capital for a count(cid:396)(cid:455)"s lo(cid:374)g-run economic success.

Related Questions

6. U.S. Workers World's Most Productive
American workers stay longer in the office, at the factory, or onthe farm than their counterparts in Europe and most other richnations, and they produce more per person over the year...
Productivity...is found by dividing the country's gross domesticproduct by the number of people employed...
Only part of the U.S. productivity growth,...can be explained bythe longer hours Americans are putting in...[The U.S.] also beatsall 27 nations in the European Union, Japan, and Switzerland in theamounts of wealth created per hour of work...
The U.S. employee put in an average 1,804 hours of work in2006...compared with 1,407.1 hours for the Norwegian worker and1,564.4 for the French. It pales, however, in comparison with theannual hours worked per person in Asia, where seven economies -South Korea, Bangladesh, Sri Lanka, Hong Kong, China, Malaysia andThailand - surpassed 2,200 average hours per worker. But thosecountries had lower productivity rates...CBS News, September 3,2007

a. What is the difference between productivity in this article andper capita real GDP?

b. Identify and correct a confusion between levels and growth ratesof productivity in the news article.

c. If workers in developing Asian economies work more hours thanAmericans, why are they not the world's most productive?

taneel463

Chapter 12: production, and growth.

5. Which of the following is human capital?

A. a student loan

B. understanding how to use a company's accounting software

C. training videos for new corporate employees

D. All of the above are correct.

6. One of the Ten Principles of Economics in Chapter 1 is that people face tradeoffs. The growth that arises from capital accumulation is not a free lunch. It requires that society

A. conserve resources for future generations.

B. sacrifice consumption of goods and services now in order to enjoy more consumption in the future.

C. recycle resources so that future generations can produce goods and services with the accumulated capital.

D. None of the above is correct.

7. Other things the same, a country that increases its savings rate will have

A. higher future capital and higher future real GDP per person.

B. higher future capital but not higher future real GDP per person.

C. higher future real GDP per person but not higher future capital.

D. neither higher future capital nor higher future real GDP per person.

limelouse103

1) Which of the following things would increase the value of Total Factor Productivity (TFP)?

a. A new production method that can produce smaller, more efficient microchips.

b. None of the other answers.

c. A company hires a large amount of workers after building a brand new factory.

d. Foreign investors invest in physical capital.

2) The country of Rupertopia has one factory for all its workers in 2011 and 2012. There were 100 workers in 2011 and 150 workers in 2012. Additionally, there were 200 people living in Rupertopia in 2011 and 1,000 people in 2012. Real GDP was one million dollars in 2011 and two million dollars in 2012. Which of the following statements regarding labor productivity is true:

a. Labor productivity in Rupertopia exhibits constant returns.

b. Labor productivity in Rupertopia exhibits increasing returns.

c. Labor productivity in Rupertopia exhibits diminishing returns.

d. More information is needed to determine whether labor productivity in Rupertopia exhibits diminishing, constant, or increasing returns.

3) Which of the following changes would help to improve a country's productivity level?

a. Improvements in the health of workers

b. None of the other answers.

c. Tuition increases at local Universities

d. A lower birth rate

4) When workers already have a large quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity only slightly. This statement:

a. is an assertion that capital is subject to increasing returns.

b. is made under the assumption that the quantities of human capital, natural resources, and technology are being held constant.

c. represents an unconventional view of the production process.

d. All of the other answers are correct.

5) Economic growth can be influenced by government policies. Which of the following can influence the economy's growth rate?

a. All of the other answers are correct

b. Promoting research and development of technologies

c. Fostering education

d. Maintaining property rights

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ECON 1000 Chapter Notes - Chapter 7: Opportunity Cost, Private Good, Woodworking

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