Question

1) Which of the following is not true?

Select all that apply:

a) Advances in technology are only possible in advanced economies.

b) Advances in technology have no impact on worker productivity

c) Advances in technology increase worker productivity

d) Technological change is a combination of invention and innovation.

2) A common measure of productivity used to track growth of GDP per capita is ________________

Select the correct answer below:

a) quantity of labor used in production

b) dollar value of wages paid to workers

c) dollar value of output per worker hour

d) quantity of output per year

3) Which of the following are examples of property rights?

Select the correct answer below:

a) The owner of a house is the only party that is able to enter into a contract selling that house.

b) If you have money in your pocket, you have the right to use that money any way you want.

c) You trained as an engineer, and you are free to work for any person or group who wants to hire you to work as an engineer.

d) All of above are examples of property rights.

4) The production function function is _____________.

Select the correct answer below:

a) the relationship between costs and revenues

b) the technical relationship between inputs and outputs

c) the same as the supply function for a firm

d) the output of a firm as a function of the number of workers

5) Which of the following examples best illustrates labor productivity?

Select the correct answer below:

a) Ron has the time to work two jobs, whereas Leila can only work one.

b) Sheena works at a factory and can produce three components per hour, whereas Ed who is her colleague can produce two components per hour.

c) Ross is more outspoken that Lena and often in business meetings, his opinion prevails over Lena's.

d) Peter can answer a complicated accounting question, whereas John cannot, but John is a better marketer than Peter.

6) The "New Economy" controversy is about

Select all that apply:

a) whether the high productivity growth rates which started in the 1990s can be sustained in future decades

b) the spread of globalization and whether it benefits or hurts countries.

c) whether labor productivity has grown or decreased in recent decades

d) the use of fiscal and monetary policy to help the economy during hard times

7) Which of the following is an example of a violation of contractual rights?

Select the correct answer below:

a) The government of South Africa seized the farms owned by foreigners.

b) Failure to pay an employee who performs services agreed upon

c) There are countries in which women are not allowed to vote.

d) none of the above illustrates a violation of contractual rights.

Answer 1

1) a) Advances in technology are only possible in advanced economies.
b) Advances in technology have no impact on worker productivity.
(Advances in technology are possible in developing economies also and it increases worker productivity)

2) c) dollar value of output per worker hour
(Growth of GDP per capita is measured by dollar value of output per worker hour)

3) d) All of above are examples of property rights.
(All the given options are examples of property rights)

4) b) the technical relationship between inputs and outputs
(The production function explains relationship between inputs and output in an economy)

5) b) Sheena works at a factory and can produce three components per hour, whereas Ed who is her colleague can produce two components per hour.
(Labor productivity means how much output can be produced by different workers in an hour)

Note: Post four multiple choice question at a time.