Question 1

Critics of the recent rapid advances in new technology say that:

Accepted Answer

The answer of Critics of the recent rapid advances in...

Question 2

The slowdown of a nation's rate of productivity growth may:

Accepted Answer

The rate of productivity growth is strongly correlated with a nation's standard of living, and a slowdown in productivity growth would likely slow the growth of the standard of living.

Question 3

Show me a pastoral society with an untouched environment, an abundance of leisure, and nonsecular values, and I will show you an underdeveloped, poverty-ridden country.This statement is most likely to be made by a(n):

Accepted Answer

The statement implies that an untouched environment and nonsecular values are not enough to create a prosperous society, and that economic growth is necessary. Therefore, the most likely person to make this statement is a proponent of economic growth.

Question 4

In 1998, the average living standards in Canada were approximately how many times higher than those in Africa?

Accepted Answer

The answer of In 1998, the average living standards in...

Question 5

Which of the following is an effect of economic growth on the production possibilities curve?

Accepted Answer

Economic growth leads to an increase in the production capacity of an economy. As a result, the production possibilities curve shifts outward, indicating that more goods and services can be produced at every level of resource utilization.

Question 6

The case against economic growth is often made using which of the following arguments?

Accepted Answer

The answer of The case against economic growth is often...

Question 7

A skeptic of the recent rapid advances in new technology would argue that the phenomenon is:

Accepted Answer

A skeptic of recent rapid advances in new technology would argue that it's a short-run trend, meaning that it won't have long-lasting effects and will eventually run its course. This skepticism might be due to a belief that these technological advancements aren't sustainable or that they're merely a fad that will soon be replaced by the next big thing.

Question 8

Using Image 8.1 Global Perspective, which of the following nations is the most competitive nation in the world according to the global competitiveness index calculated for 2016-2017?

Accepted Answer

Switzerland was ranked as the most competitive nation in the world according to the Global Competitiveness Index for 2016-2017.

Question 9

In Canada, the highest increase in the average annual rates of productivity growth was observed during the period of:

Accepted Answer

The period from 1946 to 1973 is often referred to as the "Golden Age" of economic growth in many advanced economies, including Canada. During this time, countries experienced high levels of productivity growth due to reconstruction efforts post-World War II, technological advancements, and significant investments in infrastructure and industry.

Question 10

In 2017, the standard workweek in Canada was about:

Accepted Answer

The answer of In 2017, the standard workweek in Canada...

Question 11

By how many times was the richest area in the world richer than the poorest area in the world in 1820?

Accepted Answer

The answer of By how many times was the richest...

Question 12

A major argument for economic growth is that it:

Accepted Answer

Economic growth is often associated with an increase in the standard of living. As the economy grows, there is often more opportunity for jobs and higher wages, leading to greater access to goods and services. However, this is not always distributed equally, which means that inequality may also increase with economic growth. Protecting common property resources is important, but it is a separate issue from economic growth. Reducing the amount of taxation may be a possible outcome of economic growth, but it is not a definitive result.

Question 13

A decline in a nation's rate of productivity growth will:

Accepted Answer

A decline in productivity growth means that less output is being produced per unit of input, which ultimately slows the growth of the economy. This, in turn, slows the growth of the standard of living since people will, on average, have less access to goods and services than they otherwise would.

Question 14

In Canada, the lowest increase in the average annual rates of productivity growth was observed during the period of:

Accepted Answer

The answer of In Canada, the lowest increase in the...

Question 15

Do the recent high technological advances and productivity rates mean that the business cycle is dead?

Accepted Answer

While recent technological advances and higher productivity rates have certainly boosted economic growth, it does not necessarily mean the end of economic cycles. Even with faster growth rates, there can still be economic downturns caused by external factors such as natural disasters, geopolitical events, and financial crises. The trend line for economic growth may be steeper, but the potential for economic downturns still exists.

Question 16

An anti-growth view would be that there may be a significant trade-off between productivity and:

Accepted Answer

An anti-growth view suggests that prioritizing economic growth at all costs can have negative impacts on the quality of life, such as damaging the environment, increasing social inequalities, and neglecting social and cultural values. Therefore, there may be a significant trade-off between productivity and the quality of life.

Question 17

Which of the following is an effect of economic growth on the burden of scarcity?

Accepted Answer

Economic growth implies an increase in the production of goods and services. This increase in production reduces scarcity and makes goods and services more available, hence reducing the burden of scarcity.

Question 18

One of the basic economic defences of economic growth rests on the conclusion that:

Accepted Answer

Economic growth is often seen as a way to alleviate the problem of scarcity, as it leads to an increase in the production of goods and services, thereby reducing the gap between unlimited wants and scarce resources. This can lead to an improvement in living standards and an increase in the overall well-being of society. While growth may not necessarily make workers more secure in employment, it can create new job opportunities and lead to an expansion of the economy. The reduction of cost to society of "common property" resources may also be a potential benefit of growth, but it is not as fundamental as the reduction of scarcity. A "work and look to the future" attitude may be associated with growth-oriented societies, but this is not a direct economic defence of growth.

Question 19

One of the main arguments against further growth for industrialized nations focuses on the problem of:

Accepted Answer

The main argument against further growth for industrialized nations is the problem of environmental quality. As nations continue to grow and produce more goods, the environment is often negatively impacted by pollution and overuse of natural resources. This has led to concerns about the sustainability of current levels of growth and the need to transition towards more environmentally sustainable practices.

Question 20

According to some studies in Canada, the productivity advance related to the information technology:

Accepted Answer

The question states that "some studies in Canada" have shown that productivity advances related to information technology have spread to industries. Option A suggests that it has spread only to a few industries, which contradicts with the idea of the question. Option B states that it has not spread to other industries, which does not provide any useful information. Option C suggests that it has spread to a wide range of industries but not services, which is also incorrect. The correct answer is D, which states that the productivity advance related to information technology has spread to a wide range of industries, including services.

Quiz 8: Part B: Economic Growth