Question 1

If a production function has the property called , then doubling all inputs causes the amount of output to double as well.

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Question 2

What do we mean when we say that some technological knowledge is not proprietary?

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Question 3

Which one of the factors of production originates as an output from the production process, and is subsequently used as an input into the production process?

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Question 4

In the production function Y = AF(L,K,H,N), Y represents the quantity of output; L represents the quantity of labor; K represents the quantity of physical capital; and H represents the quantity of human capital. What does N represent?

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Question 5

"Market prices give no reason to believe that natural resources are a limit to economic growth." Explain this statement.

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Question 6

Is coal a produced factor of production?

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Question 7

Explain the distinction between technological knowledge and human capital.

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Question 8

Consider the nations of China, Japan, and the United States. Over the past century, which of these nations has progressed, in an economic sense, more rapidly than the other two nations?

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Question 9

What word do we use to refer to the amount of goods and services produced for each hour of a worker's time?

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Question 10

List the four determinants of an economy's productivity.

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Question 11

Why do we refer to physical capital as a produced factor of production?

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Question 12

Consider the nations of Canada, the United Kingdom, and the United States. Since 1870, which of these nations has progressed, in an economic sense, more slowly than the other two nations?

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Question 13

What term do we use to refer to the understanding of the best ways to produce goods and services?

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Question 14

Susan and Calvin paint houses. Susan consistently paints about 400 square feet of a house's exterior per hour, while Calvin consistently paints about 300 square feet per hour. Susan's exceeds that of Calvin.

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Question 15

John and Miguel are fishermen. When they go fishing, John consistently catches 2 or 3 fish per hour, while Miguel consistently catches 5 or 6 fish per hour. Miguel's exceeds that of John.

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Question 16

Because of its vast oil reserves, Saudi Arabia is a rich country. Saudi Arabia exemplifies the general fact that differences in are responsible for some of the differences in standards of living around the world.

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Question 17

"When workers acquire tools, they become more productive." This statement reflects the general fact that is a determinant of productivity.

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Question 18

Does a country have to be blessed with large quantities of natural resources in order to enjoy a high standard of living? Briefly explain.

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Question 19

Consider the nations of Brazil, Mexico, and Pakistan. Over the past century, which of these three nations has experienced, by far, slower economic growth than the other two nations?

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Question 20

Is physical capital a produced factor of production? Is human capital a produced factor of production?

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Quiz 25: Production and Growth