Question 1

Which of the following countries benefited a lot from the catch-up effect in the last half of the twentieth century?

Accepted Answer

A)  Ethiopia
B)  Saudi Arabia
C)  South Korea
D)  GermanyE) A) and C)
F) None of the above

Question 2

Constant returns to scale is the point on a production function where increasing inputs will no longer increase output.

Accepted Answer

A) True 
 B)False

Question 3

Suppose that Poland undertakes policy to increase its saving rate. Which of the following will this policy most likely do?

Accepted Answer

A)  It will have no impact on GDP growth.
B)  It will lead to somewhat higher GDP growth for a few years.
C)  It will lead to substantially higher GDP growth for a period of several decades.
D)  It will lead to a permanently higher growth rate.E) C) and D)
F) A) and D)

Question 4

A management professor discovers a way for corporate management to operate more efficiently. He publishes his findings in a journal. How are his findings best defined?

Accepted Answer

A)  proprietary and common knowledge
B)  neither proprietary nor common knowledge
C)  proprietary, but not common, knowledge
D)  common, but not proprietary, knowledgeE) B) and C)
F) A) and B)

Question 5

Which of the following measures a nation's standard of living?

Accepted Answer

A)  real GDP
B)  real GDP per person
C)  nominal GDP
D)  nominal GDP per personE) A) and B)
F) None of the above

Exam 7: Production and Growth

Constant returns to scale is the point on a production function where increasing inputs will no longer increase output.

Correct Answer
verified

Suppose that Poland undertakes policy to increase its saving rate. Which of the following will this policy most likely do?

Correct Answer
verified

Which of the following countries benefited a lot from the catch-up effect in the last half of the twentieth century?

Correct Answer
verified

Which of the following measures a nation's standard of living?

Correct Answer
verified

A management professor discovers a way for corporate management to operate more efficiently. He publishes his findings in a journal. How are his findings best defined?

Correct Answer
verified

Exam 7: Production and Growth

Constant returns to scale is the point on a production function where increasing inputs will no longer increase output.

Correct AnswerverifiedShow Answer

Suppose that Poland undertakes policy to increase its saving rate. Which of the following will this policy most likely do?

Correct AnswerverifiedShow Answer

Which of the following countries benefited a lot from the catch-up effect in the last half of the twentieth century?

Correct AnswerverifiedShow Answer

Which of the following measures a nation's standard of living?

Correct AnswerverifiedShow Answer

A management professor discovers a way for corporate management to operate more efficiently. He publishes his findings in a journal. How are his findings best defined?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified