Economics

15. Long-run economic growth depends almost entirely on:
A) labor productivity growth.
B) population growth.
C) agricultural production growth.
D) the number of hours worked.
16. Productivity is equal to:
A) real GDP divided by the number of workers.
B) real GDP divided by the population.
C) the number of workers per machine.
D) the total output produced.
17. The term human capital describes:
A) improvement made possible by better machines and the equipment available.
B) improvement in the technology available to the work force.
C) improvement in a worker’s skills made possible by education, training and knowledge.
D) improvement in the robotics technology that can substitute for a human worker.
18. Which of the following will NOT increase the productivity of labor?
A) technological improvements
B) an increase in the capital stock
C) improvements in education
D) an increase in the size of the labor force
19. For developed countries, which of the following would be considered the most important driver in productivity growth?
A) the level of educational attainment
B) the amount of physical capital
C) technological progress
D) the abundance of natural resources
20. An example of physical capital would be:
A) a truck a company purchases for work.
B) a worker who physically learns to work on a truck his company buys.
C) a truck a worker buys for personal use like hunting, going to work, or going to the beach.
D) a truck a company purchases for work, a worker who physically learns to work on a truck his company buys, or a truck a worker buys for personal use like hunting, going to work, or going to the beach.
21. Workers now are more productive than in the past because workers today:
A) have more natural resources to use.
B) work four-day weeks.
C) are better educated and so have more human capital.
D) are physically larger than their parents.
22. According to the text, productivity is driven by all of the following EXCEPT:
A) physical capital.
B) human capital.
C) technological progress.
D) natural resources.
23. Investment in human capital shifts the aggregate production function:
A) downward.
B) leftward.
C) upward.
D) rightward.
24. All of the following are sources of federal tax revenue EXCEPT:
A) the personal income tax.
B) sales taxes.
C) social insurance taxes.
D) the corporate profits tax.
25. The federal government’s largest source of tax revenue is:
A) property taxes.
B) personal income and corporate profit taxes.
C) sales taxes.
D) social insurance taxes.
26 Government payments to households for which no good or service is provided in return are called:
A) transfer payments.
B) government purchases.
C) consumption expenditures.
D) investment expenditures.
27. In the basic equation of national income accounting, the government directly controls _____ and influences ______.
A) G; C and I
B) TG and C
C) CX and M
D) IG and T
28. A change in taxes or a change in government transfers affects consumption through a change in:
A) autonomous consumption.
B) the marginal propensity to save.
C) disposable income.
D) government spending.

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