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Chapter7
Student:___________________________________________________________________________
1.
Thekeyindicatorofacountry'slivingstandardandeconomicwell-beingis:
A.
theinterestrate.
B.
nominalGDPperperson.
C.
realGDP.
D.
realGDPperperson.
2.
ComparedtothelevelofrealGDPperpersonin1870,by2010,realGDPintheU.Swas______timeslarger,whilerealGDPperpersoninJapanwas_______.
A.
12;smaller
B.
12;12timeslarger
C.
12;30timeslarger
D.
30;12timeslarger
3.
Overtheperiodfrom1870to2010,thegrowthofrealGDPpercapitatendedtobemorerapidbetween_____,particularlyfor_____.
A.
1870-1950;Japan
B.
1870-1950;theUnitedStates
C.
1870-1950;Canada
D.
1950-2010;Japan
4.
Overtheperiodfrom1950to2010,whichcountryexperiencedthefastestaverageannualgrowthrateofrealGDPperperson?
A.
UnitedStates
B.
Japan
C.
China
D.
Canada
5.
GrowthinrealGDPpercapitahas:
A.
beensteadyoverthecourseofhumanhistory.
B.
slowedsincethemid-nineteenthcenturycomparedtobefore.
C.
beenmorerapidsincethemid-nineteenthcenturythaneverbefore.
D.
increasedoverthelast150yearsonlyintheUnitedStatesandCanada.
6.
Theriseinaveragelivingstandardsexperiencedbymostindustrializedcountries:
A.
hasbeencontinuousoverthecourseofhumanhistory.
B.
wasmorerapidbefore1870thanafter1870.
C.
hasbeenmorerapidsince1950thanbefore1950.
D.
hasresultedprimarilyfromanincreaseinpopulationworldwide.
7.
Thelong-runaverageannualgrowthofrealGDPperpersonistheUnitedStatesisapproximately______percent.
A.
one
B.
two
C.
five
D.
seven
8.
Compoundinterestis:
A.
thepaymentofinterestontheoriginaldeposit.
B.
theinterestrateadjustedfortherateofinflation.
C.
therealrateofinterestcompoundedbytherateofinflation.
D.
thepaymentofinterestonboththeoriginaldepositandallaccumulatedinterest.
9.
BankCpromisestopayacompoundannualinterestrateof6percent,whileBankSpaysa10percentsimpleannualinterestrateondeposits.Ifyoudeposit$1,000ineachbank,after10years,yourdepositinBankCequals_____,whileyourdepositinBankSequals______.
A.
$1,060;$1,100
B.
$1,600;$2,000
C.
$1,600;$2,594
D.
$1,791;$2,000
10.
BankCpromisestopayacompoundannualinterestrateof6percent,whileBankSpaysan8percentsimpleannualinterestrateondeposits.Ifyoudeposit$1,000ineachbank,after10years,yourdepositinBankCequals_____,whileyourdepositinBankSequals______.
A.
$1,060;$1,800
B.
$1,600;$1,800
C.
$1,600;$2,159
D.
$1,791;$1,800
11.
Ifyouleft$2,500ondepositwithabankpromisingtopayyoua6percentcompoundannualrateofinterest,thenafter50yearsyourdepositwouldbeworthapproximately:
A.
$2,800
B.
$18,420
C.
$46,050
D.
$250,750
12.
Supposewhenyouare21yearsold,youdeposit$1,000intoabankaccountthatpaysannualcompoundinterest,andyoudonotwithdrawfromtheaccountuntilyourretirementattheageof65,44yearslater.Howmuchmorewillbeinyouraccountiftheinterestrateis6percentratherthan5percent?
A.
$440
B.
$1,549
C.
$4,428
D.
$8,557
13.
Supposewhenyouare21yearsold,youdeposit$1,000intoabankaccountthatpaysannualcompoundinterest,andyoudonotwithdrawfromtheaccountuntilyourretirementattheageof65,44yearslater.Howmuchmorewillbeinyouraccountiftheinterestrateis6percentratherthan4percent?
A.
$880
B.
$2,390
C.
$5,617
D.
$7,369
14.
SmalldifferencesinannualgrowthratesofrealGDPgeneratelargedifferencesinrealGDPovertimebecauseofthe:
A.
importanceofaveragelaborproductivity.
B.
powerofcompoundinterest.
C.
diminishingreturnstocapital.
D.
limitsofeconomicgrowth.
15.
Ifaneconomymaintainsasmallrateofgrowthforalongperiodoftime,thenthesizeoftheeconomy:
A.
canonlyincreasebyasmallamount.
B.
canincreasebyalargeamount.
C.
canneverdouble.
D.
willstaynearlyconstant.
16.
IfrealGDPperpersonwereequalto$2,000in1900andgrewataonepercentannualrate,whatwouldbethevalueofrealGDPperperson100yearslater?
A.
$2,210
B.
$4,000
C.
$5,410
D.
$20,000
17.
RealGDPperpersoninbothAlphaandOmegaisequalto$2,000.Overthenext100years,realGDPperpersongrowsata1.5percentannualrateinAlphaandata2.5percentannualrateinOmega.After100years,realGDPperpersoninAlphais______smallerthanrealGDPperpersoninOmega.
A.
$2,000
B.
$5,410
C.
$8,864
D.
$14,763
18.
RealGDPperpersoninbothAlphaandOmegaisequalto$2,000.Overthenext100years,realGDPperpersongrowsata1percentannualrateinAlphaandata2percentannualrateinOmega.After100years,realGDPperpersoninAlphais______smallerthanrealGDPperpersoninOmega.
A.
$2,000
B.
$5,410
C.
$9,080
D.
$11,080
19.
Governmentpoliciesthatincreasethelong-termeconomicgrowthratebyasmallamountresultin______inaveragelivingstandards.
A.
largeincreases
B.
smallincreases
C.
smalldecreases
D.
nochange
20.
RealGDPperpersoninRichlandis$20,000,whilerealGDPperpersoninPoorlandis$10,000.However,Richland'srealGDPperpersonisgrowingat1percentperyear,andPoorland'srealGDPperpersonisgrowingat3percentperyear.After50years,realGDPperpersoninRichlandminusrealGDPinPoorlandis:
A.
positiveandgreaterthan$10,000.
B.
positivebutlessthan$10,000.
C.
zero.
D.
negative.
21.
RealGDPperpersoninRichlandis$20,000,whilerealGDPperpersoninPoorlandis$10,000.However,Richland'srealGDPperpersonisgrowingat1percentperyear,andPoorland'srealGDPperpersonisgrowingat2percentperyear.After50years,realGDPperpersoninRichlandminusrealGDPinPoorlandis:
A.
positiveandgreaterthan$10,000.
B.
positivebutlessthan$10,000.
C.
zero.
D.
negative.
22.
RealGDPperpersoninNorthlandis$30,000,whilerealGDPinSouthlandis$10,000,However,Northland'srealGDPperpersonisgrowingat1percentperyear,andSouthland'srealGDPperpersonisgrowingat3percentperyear.Ifthesegrowthratespersistindefinitely,then:
A.
Northland'srealGDPperpersonwilldeclineuntilitequalsSouthland's.
B.
Northland'srealGDPperpersonwillalwaysbebetween1and2percentgreaterthanSouthland's.
C.
Southland'srealGDPperpersonwillalwaysbeexactly2percentlessthanNorthland's.
D.
Southland'srealGDPperpersonwilleventuallybegreaterthanNorthland's.
23.
RealGDPperpersoninWestlandis$30,000,whilerealGDPinEastlandis$10,000,Westland'srealGDPperpersonisgrowingat3percentperyearandEastland'srealGDPperpersonisgrowingat3percentperyear.Ifthesegrowthratespersistindefinitely,then:
A.
Eastland'srealGDPperpersonwillriseuntilitequalsWestland'srealGDPperperson.
B.
Westland'srealGDPperpersonwillalwaysbeatleast$20,000greaterthanEastland's.
C.
Eastland'srealGDPperpersonwillalwaysbeexactly$20,000lessthanWestland's.
D.
Eastland'srealGDPperpersonwilleventuallybegreaterthanWestland's.
24.
RealGDPperpersonintheUnitedStateswas$9,864in1950.Overthenext48years,itgrewatacompoundannualrateof2.0%.If,instead,realGDPperpersonhadgrownatanaveragecompoundannualrate2.5%,thenrealGDPpercapitaintheUnitedStatesin1998wouldhavebeenapproximately______larger.
A.
$2,370
B.
$6,751
C.
$12,530
D.
$25,520
25.
RealGDPperpersonintheCanadawas$7,377in1950.Overthenext48yearsitgrewatacompoundannualrateof2.0%.IfinsteadrealGDPperpersonhadgrownatanaveragecompoundannualrate2.5%,thenrealGDPpercapitaintheCanadain1998wouldhavebeenapproximately______larger.
A.
$1,770
B.
$5,049
C.
$9,370
D.
$24,130
26.
Thekeyvariableindeterminingchangesinacountry'sstandardoflivingisthe:
A.
interestrate.
B.
inflationrate.
C.
unemploymentrate.
D.
long-runrateofeconomicgrowth.
27.
RealGDPperpersonequalsaveragelaborproductivity:
A.
timesoneminustheunemploymentrate.
B.
minustheshareofpopulationemployed.
C.
timesthelaborforceparticipationrate.
D.
timestheshareofpopulationemployed.
28.
Averagelaborproductivitytimestheproportionofthepopulationemployedequals:
A.
realGDP.
B.
realGDPperperson.
C.
realGDPperworker.
D.
outputperworker.
29.
GrowthofrealGDPperpersonistotallydeterminedbythegrowthofaverage:
A.
laborproductivityandtheproportionofthepopulationemployed.
B.
laborproductivityandtheproportionofthepopulationinthelaborforce.
C.
laborforceparticipationandtheshareofincomegoingtocapital.
D.
laborforceparticipationandtheshareofthepopulationemployed.
30.
InsymbolictermswhereYequalsrealGDP,POPequalstotalpopulation,andNequalsthenumberofemployedworkers,Y/POPmustequal:
A.
Y/N×N/POP.
B.
N/Y×POP/N.
C.
Y/POP×N/POP
D.
N/Y×N/POP
31.
RealGDPperpersoncanincrease:
A.
onlyiftheshareofthepopulationemployedincreases.
B.
onlyiftheshareofthepopulationemployeddecreases.
C.
onlyifaveragelaborproductivityincreases.
D.
iftheshareofpopulationemployedand/oraveragelaborproductivityincreases.
32.
Anation'sstandardofliving,asmeasuredbyrealGDPperperson,increases:
A.
onlyifaveragelaborproductivityincreases.
B.
onlyiftheshareofpopulationemployedincreases.
C.
onlyifbothaveragelaborproductivityandtheshareofpopulationemployedincrease.
D.
ifeitheraveragelaborproductivityand/ortheshareofpopulationemployedincrease.
33.
Iftheshareofpopulationemployedintwocountriesisthesame,averagelivingstandardswillbehigherinthecountrywith:
A.
thesmallerpopulation.
B.
thelargerpopulation.
C.
higheraveragelaborproductivity.
D.
loweraveragelaborproductivity.
34.
Ifaveragelaborproductivityintwocountriesisthesame,averagelivingstandardswillbelowerinthecountrywith:
A.
thesmallerpopulation.
B.
thelargerpopulation.
C.
thehighershareofpopulationemployed
D.
thelowershareofpopulationemployed.
35.
Ifaveragelaborproductivityintwocountriesisthesame,averagelivingstandardswillbehigherinthecountrywith:
A.
thesmallerpopulation.
B.
thelargerpopulation.
C.
thehighershareofpopulationemployed
D.
thelowershareofpopulationemployed.
36.
If50percentofthepopulationinacountryisemployedandaveragelaborproductivityequals$30,000,thenrealGDPperpersonequals:
A.
$15,000.
B.
$30,000.
C.
$50,000.
D.
$60,000.
37.
IfrealGDPperpersoninacountryequals$40,000and60percentofthepopulationisemployed,thenaveragelaborproductivityequals:
A.
$24,000.
B.
$40,000.
C.
$60,000.
D.
$66,667.
38.
IfrealGDPperpersoninacountryequals$20,000and40percentofthepopulationisemployed,thenaveragelaborproductivityequals:
A.
$8,000.
B.
$20,000.
C.
$40,000.
D.
$50,000.
39.
ThepopulationofAlphatotalsonemillionpeople,40percentofwhomareemployed.AverageoutputperworkerinAlphais$20,000.RealGDPperpersoninAlphatotals:
A.
$8,000.
B.
$12,000.
C.
$20,000.
D.
$50,000.
40.
ThepopulationofOmegatotalsonemillionpeople,30percentofwhomareemployed.AverageoutputperworkerinAlphais$30,000.RealGDPperpersoninAlphatotals:
A.
$9,000.
B.
$21,000.
C.
$30,000.
D.
$100,000.
41.
InEconland,500,000ofthe2millionpeopleinthecountryareemployed.AveragelaborproductivityinEconlandis$15,000perworker.RealGDPperpersoninEconlandtotals:
A.
$1,250.
B.
$3,750.
C.
$11,250.
D.
$60,000.
42.
InMacroland,500,000ofthe1millionpeopleinthecountryareemployed.AveragelaborproductivityinMacrolandis$20,000perworker.RealGDPperpersoninMacrolandtotals:
A.
$1,000.
B.
$10,000.
C.
$15,000.
D.
$40,000.
43.
ThegrowthofrealGDPperpersonintheUnitedStatesbetween1960and2013wastheresultof:
A.
growthinaveragelaborproductivityonly.
B.
growthintheshareofpopulationemployedonly.
C.
growthinbothaveragelaborproductivityandtheshareofpopulationemployed.
D.
neitherthegrowthinaveragelaborproductivitynortheshareofpopulationemployed.
44.
Assumethattheshareofpopulationemployedinallcountriesis50percent.Basedontheinformationinthetable,whichcountryhasthehighestrealGDPpercapita?
Country
Population(millions)
AverageLaborProductivity($)
A
100
2,000
B
150
10,000
C
75
25,000
D
250
50,000
E
95
60,000
A.
CountryA
B.
CountryB
C.
CountryD
D.
CountryE
45.
Assumethattheshareofpopulationemployedinallcountriesis50percent.Basedontheinformationinthetable,whichcountryhasthesmallestrealGDPpercapita?
Country
Population(millions)
AverageLaborProductivity($)
A
100
2,000
B
150
10,000
C
75
25,000
D
250
50,000
E
95
60,000
A.
CountryA
B.
CountryB
C.
CountryD
D.
CountryE
46.
SupposethattheshareofpopulationemployedinCountryCis50percent,andthatCountriesCandDhavethesamerealGDPpercapita.Basedontheinformationinthetable,whatshareofCountryD’spopulationmustbeemployed?
Country
Population(millions)
AverageLaborProductivity($)
A
100
2,000
B
150
10,000
C
75
25,000
D
250
50,000
E
95
60,000
A.
12.5percent
B.
25.0percent
C.
75.0percent
D.
100.0percent
47.
SupposethattheshareofpopulationemployedinCountryBis50percent,andthatCountriesBandChavethesamerealGDPpercapita.Basedontheinformationinthetable,whatshareofCountryC’spopulationmustbeemployed?
Country
Population(millions)
AverageLaborProductivity($)
A
100
2,000
B
150
10,000
C
75
25,000
D
250
50,000
E
95
60,000
A.
5.0percent
B.
20.0percent
C.
40.0percent
D.
50.0percent
48.
Ifaveragelaborproductivityincreases,realGDPperperson:
A.
increases.
B.
decreases.
C.
remainsconstant.
D.
mayincreaseordecreasedependingonthechangeintheshareofpopulationemployed.
49.
Assumethataveragelaborproductivityisthesameineachcountry.Basedontheinformationinthetable,whichcountryhasthehighestrealGDPpercapita?
Country
Population(millions)
ShareofPopulationEmployed(%)
A
100
60
B
150
55
C
75
50
D
250
45
E
95
40
A.
CountryA
B.
CountryB
C.
CountryC
D.
CountryD
50.
Assumethataveragelaborproductivityisthesameineachcountry.Basedontheinformationinthetable,whichcountryhasthesmallestrealGDPpercapita?
Country
Population(millions)
ShareofPopulationEmployed(%)
A
100
60
B
150
55
C
75
50
D
250
45
E
95
40
A.
CountryA
B.
CountryB
C.
CountryD
D.
CountryE
51.
SupposethataveragelaborproductivityinCountryCis$5,000,andthatCountriesCandEhavethesamerealGDPpercapita.Basedontheinformationinthetable,whatmustbetheaveragelaborproductivityinCountryE?
Country
Population(millions)
ShareofPopulationEmployed(%)
A
100
60
B
150
55
C
75
50
D
250
45
E
95
40
A.
$1,000
B.
$1,500
C.
$4,500
D.
$6,250
52.
SupposethataveragelaborproductivityinCountryCis$6,000,andthatCountriesCandAhavethesamerealGDPpercapita.Basedontheinformationinthetable,whatmustbetheaveragelaborproductivityinCountryA?
Country
Population(millions)
ShareofPopulationEmployed(%)
A
100
60
B
150
55
C
75
50
D
250
45
E
95
40
A.
$1,800
B.
$2,400
C.
$5,000
D.
$7,200
53.
OnefactorthatcontributedtothegrowthintheshareofpopulationemployedintheUnitedStatesbetween1960and2010wasincreased:
A.
laborunionparticipation.
B.
femalelaborforceparticipation.
C.
malelaborforceparticipation.
D.
minimumwages.
54.
Inthelongrun,increasesinoutputperpersonariseprimarilyfrom:
A.
increasesinfemalelaborforceparticipation.
B.
increasesinmalelaborforceparticipation.
C.
anincreasingproportionofthepopulationretiring
D.
increasesinaveragelaborproductivity.
55.
Long-runincreasesinlivingstandards,asmeasuredbyrealGDPperperson,areprimarilytheresultofincreasesin:
A.
population.
B.
themoneysupply.
C.
governmentbudgetsurpluses.
D.
averagelaborproductivity.
56.
MikeandTomdebonechickenbreastsforTed'sChickenCo.Mikeisnewandcanonlydebone60chickenbreastsperhour,whileTom'sexperienceallowshimtodebone120chickenbreastsperhour.BothMikeandTomwork40hoursperweek.Theiraveragehourlyproductivityasateamis______chickenbreasts.
A.
60
B.
75
C.
90
D.
100
57.
MikeandTomdebonechickenbreastsforTed'sChickenCo.Mikeisnewandcanonlydebone30chickenbreastsperhour,whileTom'sexperienceallowshimtodebone60chickenbreastsperhour.BothMikeandTomwork40hoursperweek.Theiraveragehourlyproductivityasateamis______chickenbreasts.
A.
30
B.
45
C.
60
D.
90
58.
FredandBarneyfilleggcartonswitheggs.Fredjuststartedthejobandcanfillonly25cartonsanhour.Barneyhassignificanton-the-jobexperienceandcanfill50cartonsanhour.BothFredandBarneywork50hoursaweek.Fred'saverageweeklyproductivityis______cartons;Barney'saverageweeklyproductivityis______cartons;andasateamtheiraverageweeklyproductivityis______cartons.
A.
25;50;75
B.
25;50;37.5
C.
1,000;2,000;1,500
D.
1,250;2,500;1,875
59.
FredandBarneyfilleggcartonswitheggs.Fredjuststartedthejobandcanfillonly20cartonsanhour.Barneyhassignificanton-the-jobexperienceandcanfill40cartonsanhour.BothFredandBarneywork40hoursaweek.Fred'saverageweeklyproductivityis______cartons;Barney'saverageweeklyproductivityis______cartons;andasateamtheiraverageweeklyproductivityis______cartons.
A.
20;40;60
B.
20;40;30
C.
800;2,000;1,600
D.
800;1,600;1,200
60.
Humancapitalis:
A.
thefactoriesandmachineryusedbyhumansintheproductionprocess.
B.
thetalents,training,andeducationofworkers.
C.
thefinancialresourcesavailabletohumansforinvestment.
D.
thefactoriesandmachinerymadebyworkers.
61.
Economistsrefertothetalents,training,andeducationofworkersas:
A.
humancapital.
B.
physicalcapital.
C.
averagelaborproductivity.
D.
laborsupply.
62.
Workersshouldinvestinadditionalhumancapitalaslongasthe:
A.
marginalbenefitexceedsthemarginalcost.
B.
marginalcostexceedsthemarginalbenefit.
C.
opportunitycostexceedsthemarginalbenefit.
D.
opportunitycostiszero.
63.
Whichofthefollowingisanexampleofaninvestmentinhumancapital?
A.
Afirmreplacesmanuallycontrolledproductionwithacomputercontrolledprocedure.
B.
Afirmpaysforworkerstotakecollegeclasses.
C.
Achemicalfirmsupportsresearchtodevelopnewchemicals.
D.
Afirmpurchasesnewequipmentforamanufacturingprocess.
64.
Thepredictionthatworkersgetadditionaltrainingonlywhentherewardsfromthetrainingareexpectedtoexceedthecostsofthetraining(includingtheopportunitycosts)isbasedonthe:
A.
principleofcomparativeadvantage.
B.
principleofdiminishingreturnstocapital.
C.
scarcityprinciple.
D.
cost-benefitprinciple.
65.
Gettingacollegedegreeisanexampleofinvestingin:
A.
humancapital.
B.
physicalcapital.
C.
technology.
D.
researchanddevelopment.
66.
Providingworkerswithon-the-jobtrainingwillincrease:
A.
averagelaborproductivity.
B.
theshareofthepopulationemployed.
C.
theunemploymentrate.
D.
thelaborforceparticipationrate.
67.
Whenafirmbuildsanewfactory,thisisanexampleofaninvestmentin:
A.
humancapital.
B.
physicalcapital.
C.
themarket.
D.
researchanddevelopment.
68.
Whichofthefollowingisanexampleofaninvestmentinphysicalcapital?
A.
Afirmtrainsworkerstooperatenewmachinery.
B.
Afirmpaysforworkerstotakecollegeclasses.
C.
Achemicalfirmemployschemiststodevelopnewchemicals.
D.
Afirmpurchasesnewequipmentforamanufacturingprocess.
69.
MikeandTomdebonechickenbreastsforTed'sChickenCo.Mikeisnewandcanonlydebone60chickenbreastsperhourbyhand,whileTom'sexperienceallowshimtodebone120chickenbreastsperhourbyhand.Tedbuysonenewmachinethatcandebone100chickenbreastsperhour.BothMikeandTomworkthesame40hoursperweek,butoneofthemisassignedtooperatethemachineinsteadofdeboningthechickenbreastsbyhand.Toobtainmaximumaveragehourlyproductivity,______isassignedtousethemachineandtheircombinedaveragehourlyproductivityasateamis______chickenbreasts.
A.
Mike;80
B.
Mike;110
C.
Tom;80
D.
Tom;110
70.
MikeandTomdebonechickenbreastsforTed'sChickenCo.Mikeisnewandcanonlydebone30chickenbreastsperhourbyhand,whileTom'sexperienceallowshimtodebone60chickenbreastsperhourbyhand.Tedbuysonenewmachinethatcandebone100chickenbreastsperhour.BothMikeandTomworkthesame40hoursperweek,butoneofthemisassignedtooperatethemachineinsteadofdeboningthechickenbreastsbyhand.Toobtainmaximumaveragehourlyproductivity,______isassignedtousethemachineandtheircombinedaveragehourlyproductivityasateamis______chickenbreasts
A.
Mike;65
B.
Mike;80
C.
Tom;65
D.
Tom;80
71.
Physicalcapitalis:
A.
thefactoriesandmachineryusedtoproduceothergoodsandservices.
B.
thetalents,training,andeducationofworkers.
C.
thefinancialresourcesavailableforinvestment.
D.
thephysicallaborofworkers.
72.
JimandFredaretheonlytwocashiersemployedataretailstore.Eachofthemworksthesame40hoursperweekandeachcancheckout30customersperhourbymanuallyenteringthepriceofeachproductpurchasedintothecashregister.Thestoreownerreplacestheoldcashregisterswithnewonesthatautomaticallyscanproductpricesintotheregister.Withthenewcashregisters,JimandFredcaneachcheckout60customersperhour.Theiraveragelaborproductivityasateambeforethenewcashregisterswereintroducedwas______customersperhourand______customersperhourafterthenewmachineswereinstalled.
A.
30;60
B.
30;120
C.
60;120
D.
1,200;2,400
73.
BettyandWilmaaretheonlytwocashiersemployedataretailstore.Eachofthemworksthesame40hoursperweek.Bymanuallyenteringthepriceofeachproductpurchasedintothecashregister,Bettycancheckout20customersandWilmacancheckout30customersperhour.Thestoreownerreplacestheoldcashregisterswithnewonesthatautomaticallyscanproductpricesintotheregister.Withthenewcashregisters,BettyandWilmacaneachcheckout60customersperhour.Theiraveragelaborproductivityasateambeforethenewcashregisterswereintroducedwas______customersperhourand______customersperhourafterthenewmachineswereinstalled.
A.
25;60
B.
50;120
C.
50;60
D.
1,000;2,400
74.
Countrieswithsmallamountsofcapitalperworkertendtohave______levelsofrealGDPperpersonand______levelsofaveragelaborproductivity.
A.
high;high
B.
high;low
C.
low;low
D.
low;average
75.
Theprincipleofdiminishingreturnstocapitalstatesthatiftheamountoflaborandotherinputsemployedisheldconstant,thenthegreatertheamountofcapitalinusethe:
A.
lessisproduced.
B.
lessproductioniswasted.
C.
themoreanadditionalunitofcapitaladdstoproduction.
D.
thelessanadditionalunitofcapitaladdstoproduction.
76.
Theprinciplethatiftheamountoflaborandotherinputsisheldconstant,thenthegreatertheamountofcapitalinuse,thelessanadditionalunitofcapitaladdstoproductioniscalledtheprincipleof:
A.
increasingaveragecapitalproductivity.
B.
diminishingreturnstocapital.
C.
increasingreturnstocapital.
D.
decreasingoutputperunitofcapital.
77.
Increasingthecapitalavailabletotheworkforce,holdingotherfactorsconstant,tendsto______totaloutputwhile______averagelaborproductivity.
A.
increase;decreasing
B.
increase;increasing
C.
increase;notchanging
D.
decrease;increasing
78.
Alphahas$40,000ofcapitalperworker,whileBetahas$5,000ofcapitalperworker.Inallotherrespects,thetwocountriesarethesame.Accordingtotheprincipleofdiminishingreturnstocapital,anadditionalunitofcapitalwillincreaseoutput______inAlphacomparedtoBeta,holdingotherfactorsconstant.
A.
more
B.
less
C.
notatall
D.
bythesameamount
79.
Gammahas$30,000ofcapitalperworker,whileOmegahas$7,500ofcapitalperworker.Inallotherrespects,thetwocountriesarethesame.Accordingtotheprincipleofdiminishingreturnstocapital,anadditionalunitofcapitalwillincreaseoutput______inGammacomparedtoOmega,holdingotherfactorsconstant.
A.
more
B.
less
C.
notatall
D.
bythesameamount
80.
Basedonthetablebelowandtheprincipleofdiminishingreturnstocapital,thentotalpackageswrappedwhenafourthmachineisinstalledmustbelessthan______packages.
Numberof(Identical)Machines
TotalPackagesWrapped
1
10,000
2
13,000
3
15,000
A.
2,000
B.
15,000
C.
16,000
D.
17,000
81.
Basedonthetablebelowandtheprincipleofdiminishingreturnstocapital,thentotalpackageswrappedwhenafourthmachineisinstalledmustbelessthan______packages.
Numberof(Ident
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