Question 1

What is the distinction between foreign direct investment and foreign portfolio investment?

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Question 2

In what sense is it likely that geography has an effect on a country's rate of economic growth?

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Question 3

How does the phenomenon of diminishing returns to capital explain the catch-up effect?

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Question 4

The people of Country X save 10 percent of their income,and the people of Country Y save 25 percent of their income.If these respective saving rates persist forever,will one country or the other enjoy a higher rate of income growth forever? Explain.

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Question 5

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 6

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 7

What are the long-run effects on productivity and income of an increase in the saving rate?

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Question 8

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 9

"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 10

Studies have found that there is a relationship between height and productivity.Briefly explain.

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Question 11

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 12

Because of __________,an increase in the saving rate leads to higher growth of income and productivity only for a while.

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Question 13

In what sense is capital accumulation costly to a society?

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Question 14

What are inward-oriented policies? Do most economists recommend these types of policies to poor countries?

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Question 15

Which well-known economist from the past asserted that "the power of population is infinitely greater than the power in the earth to produce subsistence for man?"

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Question 16

List the four determinants of an economy's productivity.

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Question 17

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

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Quiz 25: Production and Growth