ECON 2301 Week 6 Quiz

ECON 2301 Week 6 Quiz | Assignment Help |  Central Texas College

Quiz 6

 Question 1

In order to promote growth in living standards, policymakers must

• maintain political stability.

• encourage the accumulation of factors of production.

• protect property rights.

• All of the above

Question 2

Japan is

• a middle-income country, and over the past century its rate of economic growth has been lower than that of the United States.

• a middle-income country, and over the past century its rate of economic growth has been higher than that of the United States.

• an advanced economy, and over the past century its rate of economic growth has been higher than that of the United States.

• an advanced economy, and over the past century its rate of economic growth has been lower than that of the United States.

Question 3

An increase in a country’s population may contribute to the rate of technological progress because a larger population

• brings with it more favorable recognition from other countries.

• forces natural resources to be spread more thinly.

• brings with it more scientists, inventors, and engineers.

• forces the capital stock to be spread more thinly.

Question 4

Economists differ in their views of the role of the government in promoting economic growth. At the very least, the government should

• lend support to the invisible hand by maintaining property rights and political stability.

• subsidize key industries.

• impose trade restrictions to protect the interests of domestic producers and consumers.

• limit foreign investment to industries that don't already exist in the country.

Question 5

Adam and Doug both build birdhouses. Adam works 30 hours a week and produces 15 bird houses. Doug works 20 hours a week and produces 12 bird houses. Which of the following is correct?

• Doug’s production and productivity are higher than Adam’s.

• Adam’s production and productivity are higher than Doug’s.

• Doug’s production is higher than Adam’s, but Adam’s productivity is higher than Doug’s.

• Adam’s production is higher than Doug’s, but Doug’s productivity is higher than Adam’s.

Question 6

In 1870, the richest country in the world was

• Germany.

• Japan

• the United Kingdom.

• the United States.

Question 7

A rapid increase in the number of workers, other things the same, is likely in the short term to

• raise real GDP per person, but decrease real GDP.

• raise real GDP, but decrease real GDP per person.

• raise both real GDP and real GDP per person.

• decrease both real GDP and real GDP per person.

Question 8

Some poor countries appear to be falling behind rather than catching up with rich countries. Which of the following could explain the failure of a poor country to catch up?

• The poor country has a health epidemic such as the Zika virus

• The poor country imposes heavy tariffs to protect infant industries

• The poor country has many corrupt officials All of the above

Question 9

A country with a relatively low level of real GDP per person is considering adopting two policies to promote economic growth. The first is to decrease barriers to trade. The second is to restrict foreign portfolio investment. Which of these policies do most economists say promote growth?

• neither the first nor the second

• both the first and the second

• the first but not the second

• the second but not the first

Question 10

A barber shop produces 192 haircuts a day. Each barber in the shop works 8 hours per day and produces the same number of haircuts per hour. If the shop’s productivity is 2 haircuts per hour of labor, then how many barbers does the shop employ?

• 8

• 16

• 12

• None of the above is correct.