Question 1

Which of the following represents the technology used in a classroom?

Accepted Answer

Technology refers to the use of tools and methods to improve performance, efficiency, and effectiveness. While pencils, pens, markers, and erasers are tools used in a classroom, they do not necessarily represent the technology used in a classroom. Desks and chairs, the building in which the classroom is located, and lockers and storage cabinets are also not considered technology. The instructional methods the teacher uses, however, can be considered a form of technology as they are tools and methods that are used to improve the learning experience for students.

Question 2

Steve owns a bike shop.He wants to increase the number of bikes he sells each week,and he wants to use a technological advance to do so.________ would represent a technological advance at his bike shop.

Accepted Answer

Utilizing an online ordering system would not only increase Steve's reach beyond his local community, but also allow for easier and more efficient transactions for his customers. This technological advance could lead to a significant increase in the number of bikes sold each week. The other options do not necessarily represent a technological advance and may not directly lead to an increase in bike sales.

Question 3

Lauren owns a bakery.She wants to increase her daily production of baked goods,and she wants to use a technological advance to do so.________ would represent a technological advance at her bakery.

Accepted Answer

Installing a convection oven that can bake bread in half the time would allow Lauren to increase her daily production of baked goods without requiring more employees or ingredients. This technological advance would allow for faster and more efficient baking, ultimately increasing the amount of output without sacrificing quality.

Question 4

Liberia,a very poor nation in West Africa,is relatively abundant in resources such as mahogany and rubber tree forests,iron-ore deposits,and diamonds.If Liberia is so rich in valuable resources,why is it still so impoverished?

Accepted Answer

The lack of institutions necessary to make productive use of those resources is the main reason why Liberia is still impoverished. This includes corrupt governance, a weak legal system, inadequate infrastructure, and limited education opportunities. These factors make it difficult for businesses and investors to operate effectively, resulting in a lack of economic growth and development. While the other options may have some impact, they do not address the underlying issue of institutional weakness.

Question 5

In economics,"technology" is defined as

Accepted Answer

In economics, "technology" refers to the knowledge, techniques, and processes used to produce goods and services, which are available for use in production. It includes both physical equipment and machinery as well as knowledge and skills used by labor.

Question 6

All countries have some resources and technology available to them.The ones that grow fastest are the ones that

Accepted Answer

Countries that have institutions in place to fully exploit their resources are better equipped to grow and develop at a faster pace. This can include things like well-functioning markets, property rights, and regulatory frameworks that encourage investment and innovation. Hoarding resources or relying on other countries to extract them can limit growth, while invading other countries is not a sustainable or ethical approach. Collective ownership of resources can also create challenges in terms of decision-making and resource allocation.

Question 7

In 1950,residents in Liberia were wealthier than those in Taiwan.Today,per capita gross domestic product (GDP)in Taiwan is more than 20 times that of Liberia.Which of the following best explains why Taiwan is now so much wealthier than Liberia?

Accepted Answer

Institutions that promote growth, such as strong property rights, rule of law, and free markets, play a critical role in economic development. Taiwan has developed such institutions, while Liberia has struggled with weak institutions and political instability. This has contributed to Taiwan's much higher GDP per capita relative to Liberia.

Question 8

Between 2006 and 2010,per capita real gross domestic product (GDP)in India grew at an average rate of 7.11 percent per year.Which of the following factors would have contributed most to this rapid escalation in growth?

Accepted Answer

Advances in technology would have contributed most to the rapid escalation in growth. Improved technology allows for increased productivity, innovation, and efficiency in production and distribution, leading to economic growth. Increases in government regulations, decreases in education standards, significant increase in taxes, and restrictions on immigration would have a negative impact on economic growth.

Question 9

An increase in human capital would tend to

Accepted Answer

Human capital refers to the knowledge, skills, and abilities that workers possess. Therefore, an increase in human capital would enhance the productivity of workers. They would be able to perform their jobs better and more efficiently, resulting in a higher output per worker.

Question 10

Krista owns a hair salon.She wants to increase the number of clients she serves each month,so she knows she needs to acquire more resources.Which of the following actions would represent an increase in the human capital resource at her hair salon?

Accepted Answer

Increasing the amount of training for her stylists would lead to a better skilled workforce, increasing the human capital resource of her salon. The other options relate to physical resources and product quality, but don't directly impact the human capital resource.

Question 11

"Living standards" refer to the well-being of the residents of a country.Generally speaking,higher economic growth leads to higher living standards.But higher living standards today can further contribute to economic growth in the future.Which of the following aspects of higher living standards would contribute most to future economic growth?

Accepted Answer

Improved education for young people contributes to the development of a more skilled workforce that can engage in higher-value economic activities, which can lead to economic growth in the future. Access to more and better consumer goods, greater access to the Internet, more cell phones per person, and more automobiles per person are all important aspects of higher living standards, but do not inherently contribute to future economic growth in the same way education does.

Question 12

Krista owns a hair salon.She wants to increase the number of clients she serves each month,and she wants to use a technological advance to do so.________ would represent a technological advance at her hair salon.

Accepted Answer

Installing a new hair dryer that can dry hair in half the time, with less damage to the hair, would enhance the salon's service delivery and improve customer satisfaction, leading to an increase in the number of clients. The other options listed may be helpful but are not necessarily technological advances.

Question 13

In what way did Henry Ford's use of the assembly line method of production represent an advance in technology in automobile manufacturing?

Accepted Answer

By using the assembly line method of production, workers were able to specialize in specific tasks, which made them more efficient and productive. This led to faster and more efficient production of automobiles at a lower cost, making it possible for Ford to sell cars at a lower price than his competitors.

Question 14

An advance in technology allows a firm to produce ________ output with ________ resources.

Accepted Answer

An advance in technology allows a firm to produce more output with the same resources. This is because technology enables firms to use their resources more efficiently or to introduce new and improved production methods, leading to higher productivity and output levels.

Question 15

Technological advances

Accepted Answer

Technological advances often introduce new techniques or methods for firms to produce more with less, thus leading to an increase in productivity. It doesn't always involve buying expensive equipment and not all firms adopt these advances at the same time or with the same level of effort. While private sector innovation plays a significant role, technological advancements can also come from government-funded research or other sources.

Question 16

Steve owns a bike shop.He wants to increase the number of bikes he sells each month,so he knows he needs to acquire more resources.Which of the following actions would represent an increase in the human capital resource at his bike shop?

Accepted Answer

Increasing the training for his employees would improve their skills and knowledge, making them more valuable human capital resources for the bike shop. Purchasing more bikes, increasing hours of operation, and increasing the size of the shop would all be considered an increase in physical resources. Buying more bike-repair equipment would be an increase in technological resources.

Question 17

As they relate to economic growth,institutions are

Accepted Answer

Institutions refer to significant practices, relationships, or organizations in a society that influence economic behavior and outcomes. Strong institutions, such as secure property rights, rule of law, and a stable government, can lead to increased economic growth and development. On the other hand, weak institutions can hinder economic growth and lead to instability. Therefore, institutions are important factors to consider when discussing economic growth.

Question 18

Nathan owns a coffee shop.He wants to increase the weekly number of coffee drinks he sells,and he wants to use a technological advance to do so.________ would represent a technological advance at his coffee shop.

Accepted Answer

Acquiring a new espresso machine that can prepare coffee drinks faster than his current model would be a technological advance as it would increase the efficiency of the coffee-making process, allowing Nathan to serve more customers in a shorter amount of time, thereby increasing the number of coffee drinks sold per week. The other options listed are not technological advances and would not necessarily lead to an increase in the number of coffee drinks sold.

Question 19

Krista owns a hair salon.She wants to increase the number of clients she serves each month,so she knows she needs to acquire more resources.Which of the following actions would represent an increase in the human capital resource at her hair salon?

Accepted Answer

Hiring more stylists would increase the number of workers and the human capital at the salon, as each stylist represents a unique set of skills and knowledge. The other choices would represent an increase in physical capital or a change in salon location, which would not necessarily increase the number of clients served.

Question 20

A firm's human capital would increase with

Accepted Answer

On-the-job training would increase the knowledge and skills of employees, thus increasing the firm's human capital.

Quiz 24: Economic Growth and the Wealth of Nations

Which of the following represents the technology used in a classroom?

Steve owns a bike shop.He wants to increase the number of bikes he sells each week,and he wants to use a technological advance to do so.________ would represent a technological advance at his bike shop.

Lauren owns a bakery.She wants to increase her daily production of baked goods,and she wants to use a technological advance to do so.________ would represent a technological advance at her bakery.

Liberia,a very poor nation in West Africa,is relatively abundant in resources such as mahogany and rubber tree forests,iron-ore deposits,and diamonds.If Liberia is so rich in valuable resources,why is it still so impoverished?

In economics,"technology" is defined as

All countries have some resources and technology available to them.The ones that grow fastest are the ones that

In 1950,residents in Liberia were wealthier than those in Taiwan.Today,per capita gross domestic product (GDP) in Taiwan is more than 20 times that of Liberia.Which of the following best explains why Taiwan is now so much wealthier than Liberia?

Between 2006 and 2010,per capita real gross domestic product (GDP) in India grew at an average rate of 7.11 percent per year.Which of the following factors would have contributed most to this rapid escalation in growth?

An increase in human capital would tend to

Krista owns a hair salon.She wants to increase the number of clients she serves each month,so she knows she needs to acquire more resources.Which of the following actions would represent an increase in the human capital resource at her hair salon?

Krista owns a hair salon.She wants to increase the number of clients she serves each month,and she wants to use a technological advance to do so.________ would represent a technological advance at her hair salon.

In what way did Henry Ford's use of the assembly line method of production represent an advance in technology in automobile manufacturing?

An advance in technology allows a firm to produce output with resources.

Technological advances

Steve owns a bike shop.He wants to increase the number of bikes he sells each month,so he knows he needs to acquire more resources.Which of the following actions would represent an increase in the human capital resource at his bike shop?

As they relate to economic growth,institutions are

Nathan owns a coffee shop.He wants to increase the weekly number of coffee drinks he sells,and he wants to use a technological advance to do so.________ would represent a technological advance at his coffee shop.

Krista owns a hair salon.She wants to increase the number of clients she serves each month,so she knows she needs to acquire more resources.Which of the following actions would represent an increase in the human capital resource at her hair salon?

A firm's human capital would increase with