1. Of the following countries, which grew the slowest over the last 100 years?
a. Brazil. b. Mexico. c. Singapore. d. United States.
ANSWER: D POINTS:
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2. On average, each year of schooling raises a person's wage in Canada by about
a. 3 percent. b. 10 percent. c. 15 percent. d. 25 percent.
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3. The primary reason that Canadian living standards are higher today than they were a century
ago is that
a. more productive natural resources have been discovered. b. physical capital per worker has increased. c. technological knowledge has increased. d. human capital has increased.
ANSWER: C POINTS:
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4. Many countries in Africa have low growth rates. This is partly due to
a. few natural resources b. high trade barriers.
c. low incomes, making it very difficult for them to grow. d. All of the above are correct.
ANSWER: B POINTS:
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5. A government can encourage growth and, in the long run, raise the economy’s standard of
living by encouraging a. population growth. b. consumption spending. c. saving and investment. d. trade restrictions.
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ANSWER: C POINTS:
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6. Diminishing returns is the notion that
a. as the stock of capital ages, the extra output produced decreases
b. as the stock of capital is increased, the extra output produced from an additional unit of
capital falls
c. as resources are used to produce capital goods, fewer additional capital goods can be
produced
d. you always get what you pay for
ANSWER: B POINTS:
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7. Compared with richer countries, poorer countries are generally characterized by
a. high real GDP per person b. political stability c. rapid population growth d. strongly enforced property rights
ANSWER: C POINTS:
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8. Which one of the following countries would most likely be considered a poorer nation, using
real GDP/person? a. Canada b. Germany c. Japan d. India
ANSWER: D POINTS:
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9. Which of the following factors would be most likely to encourage capital formation in a
poorer nation?
a. the expectation of sustained high rates of inflation in the future b. the expectation that property rights will remain secure
c. the expectation that a struggle between capitalist and socialist forces will lead to major
structural change in the economy
d. an increase in corporate taxes in order to finance an expanded government welfare
program
ANSWER: B
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POINTS: 0 / 1
Which of the following is most likely to cause the productivity of labour to increase? 10.
a. higher money wage rates
b. a higher rate of investment in human and physical capital c. more flexible working hours and improved retirement plans d. none of the above
ANSWER: B POINTS:
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11. Suppose that factory output rose from 50,000 units to 55,000 units while labour hours
rose from 1100 to 1200. Which of the following is true? a. Labour productivity remained unchanged. b. Labour productivity increased slightly. c. Labour productivity decreased slightly. d. Labour productivity increased sharply.
ANSWER: B POINTS:
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12. Which of the following would be most likely to cause the real income per person of poorer
countries to rise?
a. a more rapid population growth b. a rapid rate of inflation
c. an international minimum-wage law
d. an increase in foreign investment that enhanced the productivity of the labour force
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13. If a production function has constant returns to scale, then:
a. doubling inputs will double output. b. doubling inputs will triple output.
c. doubling inputs will cause output to increase, but the increase in output will be less
than the increase in inputs. d. doubling inputs will decrease output.
ANSWER: A POINTS:
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14. The most important source of rising living standards over time is:
a. the increase in the size of the labour force. b. the increase in the labour force participation rate.
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c. the increase in productivity.
d. the increase in human capital—the skills embodied in the work force.
ANSWER: C POINTS:
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Short Answer
1. What is productivity and why is it important?
RESPONSE:
ANSWER: Productivity is the amount of goods and services produced from each hour of a
worker’s time. It is the major determinant of the standard of living of a country.
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2. How is productivity determined?
RESPONSE:
ANSWER: Productivity is determined by a country’s physical capital, human capital, natural
resources and technological knowledge.
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3. What is the World Bank and what are its functions?
RESPONSE:
ANSWER: The World Bank is an international organization that among other things
encourages the flow of capital to poor countries. It obtains funds from the world’s advance counties and loans them to less developed countries so that they can invest in capital infrastructure. The World Bank offers advice to developing countries on how the funds might best be used.
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4. What are property rights? What role does property rights play in economic growth?
RESPONSE:
ANSWER: Property rights refer to the ability of people to exercise authority over the resources
they own. There must be an economy-wide respect for property rights for the price system or the free market to work. Lack of respect for property rights or the enforcement of property rights would not only cause political instability but would also discourage savings and investment. These are necessary for economic growth.
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5. Differentiate between inward-oriented policies and outward-oriented policies.
RESPONSE:
ANSWER: Inward-oriented policies are aimed at raising productivity and living standards within
a county by avoiding interaction with the rest of the world. This approach involves the protection of domestic industries to allow them to develop and grow without competition from foreign firms. Outward-oriented policies are designed to integrate countries into the world economy as international trade is considered to be a factor in generating economic growth.
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CHAPTER 26: SAVING, INVESTMENT, AND THE FINANCIAL SYSTEM
True/False
Indicate whether the statement is true or false.
1. Private savings are the tax revenue that the government has left after paying for its
spending; and public savings is the income that households have left after paying for taxes and consumption.
ANSWER: F POINTS:
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2. A budget deficit is an excess of tax revenue over government spending; and a budget surplus
is a shortfall of tax revenue from government spending.
ANSWER: F POINTS:
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3. A budget surplus decreases the supply of loanable funds, increases the interest rate,
and stimulates investment.
ANSWER: F POINTS:
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4. The financial system is the group of institutions in the economy that help to match one
person’s savings with another person’s investment.
ANSWER: T POINTS:
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5. A mutual fund is an institution that sells shares to the public and uses the proceeds to
buy a selection, or portfolio, of various types of stocks, bonds, or both stocks and bonds.
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